Bitcoin's ecosystem thrives despite corrections and declines
ĐĂNG KÝ TÀI KHOẢN BINANCE GIẢM 10% PHÍ GIAO DỊCH TẠI ĐÂY
The Bitcoin decentralized application (DApp) ecosystem is experiencing a resurgence with the emergence of new protocols, such as the SolvBTC protocol. SolvBTC has accumulated a total value locked (TVL) of up to 700 million USD from Bitcoin used to mint profits on chains such as Arbitrum, Merlin and BNB. After launch, SolvBTC attracted more than 92,000 participants and surpassed 10,000 BTC wagered.
Ryan Chow, founder of SolvBTC, highlights Bitcoin's liquidity revolution and predicts the boom of BTCFi (Bitcoin Finance). SolvBTC intends to expand and connect to additional networks to optimize user experience and BTC protocol integration.
SolvBTC uses BTC as collateral and leverages DeFi yield from blockchains such as Ethereum, Arbitrum, Merlin, and BNB Chain. This protocol is estimated to be able to generate annual profits of 5% to 10% for users.
Similarly, Bitcoin Decentralized Order Exchange (DEX) and sidechain MicroVisionChain announced their 2024 roadmap on April 29. Specifically, Bitcoin DEX, among other items, will integrate with Web3 wallet of “two major exchanges” and building a Bitcoin NFT token market.
Previously, Order Exchange completed an integration with the Bitcoin Runes protocol to enable the issuance of fungible tokens on the native network and built a Bitcoin asset bridge with MicroVisionChain that allows for the interchange of BRC-20 tokens.
Despite the market sell-off, the Bitcoin Ordinals market has expanded to $2.3 billion at the time of writing, due in part to ecosystem growth, memecoin fever, and listings on major exchanges like Binance.
BRC-20 tokens previously hit the $1 billion market capitalization milestone on May 9, 2023, just days after they went live.
