While browsing in bn square, I read an insightful article about the Bitcoin ecosystem and felt its importance deeply. I hope all friends who are committed to the BTC ecosystem can read it; this is undoubtedly where our consensus lies!

As 2024 approaches its end, I would like to share some of my observations on the Bitcoin ecosystem. In 2023, the Bitcoin ecosystem shone brightly, but as we enter 2024, it has faced many challenges, such as strategic deviations, the dispersion of liquidity, and the fragmentation of protocols. However, I firmly believe that 2025 may bring a new turning point.

Major Players and a Brief History

In the Bitcoin ecosystem, numerous protocols and wallet services constitute its core players. For example, the Ordinals protocol led a competition in data and image inscription at the beginning of 2023, and subsequently, the BRC20 protocol launched the fungible token ORDI.

These events greatly propelled the market's development but were also accompanied by severe price fluctuations and the trials of a bear market. Despite the ups and downs, assets like ORDI and $DOG still maintain a presence in the market.

The Hierarchical Structure of the Ecosystem

A healthy ecosystem needs to have core assets to attract liquidity and drive the rise of other assets. In the Bitcoin ecosystem, $ORDI plays such a role.

However, if the ecosystem loses its leadership or liquidity becomes fragmented, the entire ecosystem may stagnate. Currently, we are looking forward to a new leader to guide the development of the Bitcoin ecosystem.

Strategic Missteps

Strategic missteps, such as overly praising SATS tokens while neglecting the market leadership of $ORDI and the failure of token issuance in L2 protocols, have led to the dispersion of liquidity and losses for investors. Additionally, the user experience of some L2 protocols, such as pizza exchange, has been less than satisfactory, causing considerable inconvenience for users.

Capital Entry Channels

Currently, capital can enter the Bitcoin ecosystem in various ways, including direct purchases of assets like ORDI and SATS on exchanges, as well as trading through wallet services like Runes' MagicEden. However, the market remains quite fragmented, with differences in the platforms used in the East and West.

Pointy Avatar live, bull market does not leave empty