1. 2017: Smart Contract + ICO Institutional Bull Market
2. 2020: Liquidity mining + DeFi scientists bull market
3. 2023: Ordinals Protocol + Inscription Retail Bull Market
Various second-layer development protocols for Bitcoin have been around for a long time. Why have they been tepid for so many years? Until the emergence of inscriptions. It is because inscriptions have brought users to the Bitcoin ecosystem. The logic is that developers should go where users are, not where developers are. Developers serve users. If there were no inscriptions, the Bitcoin ecosystem would not explode in the future. If there were no inscriptions, Bitcoin L2 would copy the coin issuance model of Ethereum L2, and it is estimated that few retail investors would buy it. Therefore, inscriptions are the foundation of the entire Bitcoin ecosystem, and it is inscriptions that have created the Bitcoin ecosystem. In the future, Bitcoin ecosystem L2 projects can only issue coins in the form of inscriptions, and Ethereum's coin issuance model is no longer applicable.
In addition, L2 of the Bitcoin ecosystem is used to carry various applications, while various inscription protocols L1 are used to carry users, because most L1s are memes, which are purer, more decentralized, and restore the essence of Bitcoin, especially community-based projects (such as $RATS $SATS). The wealth-creating effect can bring users and lay the foundation for the subsequent explosion of the Bitcoin ecosystem.
