The Bitcoin decentralized application (DApp) ecosystem has experienced a resurgence with the introduction of native protocols following the creation of Ordinals and Inscriptions.
One such project, SolvBTC, an omnichain monetization protocol, has amassed $700 million in total value locked (TVL) in monetized Bitcoin issued on the Arbitrum, Merlin, and BNB chains. In a statement to Cointelegraph, SolvBTC developers claim that the protocol recently surpassed 10,000 BTC staking and attracted “over 92,000 participants” shortly after launching earlier this month.
“Bitcoin’s liquidity revolution is a necessary prerequisite for a true explosion of BTCFi,” said SolvBTC founder Ryan Chow. “In the near future, SolvBTC will be launched and connected to additional networks, effectively connecting BTC users, chains, and protocols.”
SolvBTC utilizes BTC as collateral and source staking, along with DeFi yields from blockchains such as Ethereum, Arbitrum, Merlin, and BNB Chain. The protocol estimates that the mechanism can generate returns of 5% to 10% per year on users’ BTC deposits.
Meanwhile, Bitcoin layer-2 solution BEVM announced an undisclosed investment from Chinese Bitcoin mining equipment manufacturer Mitmain on April 30. “Next, BEVM will explore Bitcoin hashrate and PoW ecosystem applications on BEVM, which can help drive PoW migration. We provide hashrate assets and a significant amount of $BTC to BEVM,” said BEVM core builder Gavin Guo.
Since its mainnet launch on March 28, BEVM boasts over 700,000 user addresses and currently hosts over 30 ecosystem projects. Founded on the Taproot consensus, BEVM leverages BTC as a gas fee to power the Bitcoin cross-chain and liquidity provision platform. The platform is currently valued at $200 million.
Likewise, Bitcoin decentralized exchange (DEX) order clearinghouse and sidechain MicroVisionChain unveiled its 2024 roadmap on April 29. Specifically, the Bitcoin DEX will integrate with the Web3 wallets of “two major exchanges,” among other items, to establish a marketplace for Bitcoin non-fungible tokens. .
Previously, Orders Exchange completed an integration with the Bitcoin Runes protocol to allow for the issuance of fungible tokens on the native network and built a Bitcoin asset bridge using MicroVisionChain that allows BRC-20 tokens to be swapped between each other.
Despite the market sell-off, the Bitcoin ordinal market has expanded to $2.3 billion at the time of publication, due in part to ecosystem development, the memecoin craze, and listings on major exchanges such as Binance. The BRC-20 token achieved the milestone of $1 billion market capitalization on May 9, 2023, shortly after its invention.
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