Viewpoint: Bitcoin ecological tracks and representative projects worthy of attention in 2024
Written by:defioasis
Editor: Colin Wu
With the headexchange Binance and OKX list ORDI, SATS and RATS (contract) mainstream assets, and other inscription assets are still difficult to take the lead. Bitcoin Inscription is inexchangeThe internal launch has also gradually entered a vacuum period. With the passage of the BTC ETF and the hype for the ETH ETF, the ETH/BTC exchange rate continues to strengthen, and some funds are gradually being transferred from BTC to ETH, and from the BTC ecosystem to the ETH ecosystem. The Bitcoin ecosystem may enter a quiet Build phase.
This article will analyze the Bitcoin ecological track based on personal understanding and take stock of the track's representative projects. It is worth noting that the Bitcoin ecosystem is still in its infancy and the risks are high, so investors need to make rational judgments.
Launchpad Launchpad
BRC-20 provides a convenient way to issue assets on the Bitcoin network. While providing counterattack opportunities for the grassroots, it also allows various inscription projects of worrying quality to occupy network space and distract users' attention. Adhering to the original intention of selecting high-quality projects for users, Launchpad came into being. Launchpad is one of the most mature tracks in the current Bitcoin ecosystem. It not only provides users with the first investment pathSafetyBarrier can also continuously empower its own platform currency.
However, as the number of staking users increases, the winning rate and share will become increasingly larger; and in order to continue to maintain the value of the platform currency, Launchpad needs to continuously launch new projects. In this process, especially when more users When relying on Launchpad, Launchpad is prone to intentionally or unintentionally putting inferior assets online due to the interests behind it. Even for high-quality assets, if the returns do not meet expectations, it is easy for early users to complain.
TurtSat
TurtSat is one of the mainstream launchers on Bitcoin Ordinals and has established partners with OKX, Galxe, UniSat and DWF Labs. Most of the projects incubated/launched by TurtSat have achieved good returns, including CHAX Bitcoin and MultiBit, etc. However, there are also doubts such as the Dova project's serious lack of control and its cooperation with the suspected backdoor project Copycat.
Bounce
The core of Bounce's product is a decentralized auction platform for users to create and participate inTokenand NFT auctions. Before entering Bitcoin Ordinals, Bounce’s AUCTION TokenIt has been listed on mainstream exchanges such as Binance, OKX and Coinbase; its projects launched on Bitcoin include Bitcoin stablecoin protocol BitStable and Ordinals DID protocol BDID.
Bounce smartcontractAn audit of Salus Security, an investment company by Binance Labs, has been completed.
DeFi
Before being launched on the centralized exchange, the trading method of Mingwen assets was the same as the earlier NFT pending order transaction, and instant transactions could not be achieved. Since there is no intelligence on the Bitcoin networkcontract, which makes it very difficult to implement DeFi functions such as Ethereum DEX and lending on Bitcoin. There are currently several ways to achieve similar functions indirectly or through third-party solutions: using third-party protocols, and BitcoinBlockchainExecute smart contracts on parallel side chains; cross-chain technology; Atomic Swaps; Lightning Network L2 wait.
ALEX
ALEX is an integrated crypto-asset trading platform that uses Bitcoin as the settlement layer and Stacks as the smart contract layer. Currently, ALEX has launched the B20 (Orderbook) swap function, allowing users to trade BRC-20 assets through AMM.
ALEX has raised $8.3 million in cumulative funding and received an undisclosed amount of strategic financing in December last year.
BendDAO
BendDAO It is an old lending project on Ethereum NFT. In December last year, it announced its embrace of the BTC ecosystem, will provide BTC NFT lending business, and will support the wBTC liquidity pool as a loanable asset. We are currently exploring the seamless interaction between BTC NFT and BendDAO. Solutions include relying on third-party cross-chain bridges and multi-signaturewalletCross-chain bridge.
BitStable
Bitstable 是由 Bounce 孵化的 Bitcoin 网络稳定币协议。Bitstable 在设计上颇为巧妙，其允许用户通过 BRC-20 资产 ORDI、MUBI（MultiBit）和 BSSB（平台代币）作为抵押物在 Bitcoin 网络上铸造稳定币 DAII, and can be destroyed and exchanged for ETH D through the cross-chain bridge MultiBitAII; due to the lack of smart contracts, the decision-making ability of the Bitstable governance system is very important, and the parameters of minting, destruction and staking can be manually adjusted. Additionally, Bitstable is DAII have built a staking function on the Bitcoin network. By staking DAII, you can get the platform token BSSB.
Bitstable also supports providing collateral from Ethereum, with USDT serving as DAII collateral primarily. Official website data shows that the current supply of DAII is approximately 21.73 million, of which ERC-20 DAII reaches 21.64 million. The collateral includes 18.63 million USDT and 3 million FDUSD in ERC-20, as well as 6,479 ORDI, 1.33 million MUBI and 9 in BRC-20. Thousand BSSB.
Bitstable has completed a Salus Security audit.
BitFlow
BitFlow provides users with a Bitcoin open source platform that can use BTC to trade and earn income. It utilizes technologies such as Partially Signed Bitcoin Transaction (PSBT), Atomic Swaps and Stacks Bitcoin (sBTC). Its core functions include stablecoin trading. , Bitcoin trading, one-sided liquidity and revenue mining. BitFlow plans to launch BTC Atomic Swaps in the fourth quarter of 2023 in its roadmap, but it is not yet online.
BitFlow has received investments/donations from the Stacks Foundation and Bitcoin Startup Lab, etc., and has completed audits by Coinfabrik and StrataLabs.
Cross-chain bridge
Bitcoin's cross-chain bridge may be much more important than the cross-chain bridge between EVMs. It not only carries the migration of Bitcoin network assets, but is also an important way for Bitcoin to access more complex financial systems. But precisely because of the value and influence of Bitcoin, its cross-chain bridgeSafetySex is especially important, anySafetyVulnerabilities may cause significant economic losses and market impact. The design and implementation of cross-chain bridges require rigorous considerationSafety性和去中心化，而且这样的安全性不仅体现在预防黑客潜在攻击上，还需要具备在当某些资产出现索引共识分化危机后的应对解决方案。
MultiBit
MultBit is the first BRC-20 cross-chain bridge project between Bitcoin and EVM networks incubated by TurtSat. It uses multi-sign contracts to realize the transmission of tokens on different networks and relies on listening nodes to monitor the transaction status of Bitcoin and EVM networks. . Since its launch, MultiBit Bridge has completed more than $490 million in cross-chain transaction volume. In addition, MultiBit also supports cross-chain NFT from Bitcoin to Ethereum, and will expand to functions such as staking, mining, and trading in the future.
MultBit has completed a Salus Security audit.
Layer 2
There is still a lot of debate about the necessity of Bitcoin Layer2. This mainly depends on the understanding of the current performance, future development goals and market demand of the Bitcoin network. For example, when BRC-20 is hot, it will bring about a significant increase in network transaction fees. I hope there will be L2 解决方案可以通过在主链之上批量处理交易以此来降低交易成本，但任何 L2 都需要在提高效率的同时保持网络的安全性和去中心化；用户对于更快、更便宜的 Bitcoin L2 是否有足够的强烈需求，L2 可能导致 Bitcoin 生态系统出现不同的层级，离开了高昂的 Bitcoin 主网的资产是否还属于 Bitcoin 网络本身等。无论争论如何，赞成派已经在往 Bitcoin Layer 2 的道路上前进。
Bitfinity Network
Bitfinity is an EVM-compatible L2 network built on ICP as an L2 network for Bitcoin and on-chain assets. It uses a threshold encryption scheme called Chain-Key to create a decentralized cross-chain bridge between Bitfinity and the Bitcoin mainnet. , the Chain-key private key is regularly regenerated every 11 minutes through "moon-math". Bitfinity has launched the test network and is expected to launch the main network in January-February, and will have Bitfinity's native token BFT.
Bitfinity completed $7 million in token financing in January this year, with investments from Polychain Capital and ParaFi Capital, and its latest valuation reached $130 million.
Nubit
Nubit is a Bitcoin-native data availability layer launched by Riema Labs, dedicated to changing the way Bitcoin network transactions are processed, making it more cost-effective and efficient. In addition, Riema is also studying the Bitcoin native data availability standard BRC-1310, including BTC staking, data availability sampling technology, data proof directly on the Bitcoin network, and decentralized bridges, which will reduce trust requirements, increase data throughput, and reduce cost and improved data accessibility.
Riema Labs completed an undisclosed amount of angel round financing in January this year, with investments from Bounce Finance, BRC-20 founder domo and others.
NFT
From the perspective of data being completely stored on the chain and immutable, it may be more appropriate to store art collections as NFTs on Bitcoin than on Ethereum, includingXiaobai NavigationIn the early days, Casey's original intention of creating Ordinals was also to store something on the Bitcoin network that would never change. Although Bitcoin NFT is still in its early days, excellent projects such as Bitcoin Frog and NodeMonkes have emerged, as well as some early explorations to implement financial leverage operations based on Bitcoin NFT.
Liquidium
Liduidium is a peer-to-peer lending platform built on the Bitcoin network. Users can use Bitcoin Ordinals NFT assets or BRC-20 assets as collateral for BTC lending. This process is through partially signed Bitcoin transactions (PSBT) and discrete logs. contract (DLC).
Liquidium completed $1.25 million in pre-seed financing in December last year, with investors including Bitcoin Frontier Fund and Side Door Ventures.
The article comes from the Internet:Viewpoint: Bitcoin ecological tracks and representative projects worthy of attention in 2024
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