Bitcoin DeFi Thrives Amid Market Correction

The Bitcoin decentralized application (DApp) ecosystem is seeing a resurgence with the introduction of native protocols like Ordinals and Inscriptions. One notable project, SolvBTC, a yield-generating protocol, has locked in a total value of $700 million by leveraging Bitcoin on platforms such as Arbitrum, Merlin, and BNB Chains. SolvBTC has attracted over 92,000 participants and surpassed 10,000 BTC staked since its launch.

SolvBTC founder Ryan Chow believes that the liquidity revolution of Bitcoin is crucial for the expansion of BTCFi (Bitcoin Finance). In the future, SolvBTC plans to launch on additional networks to connect BTC users, chains, and protocols. The protocol utilizes BTC as collateral and combines staking and DeFi yields from various blockchains.

Another Bitcoin layer-2 solution, BEVM, received an investment from Chinese Bitcoin mining rig manufacturer Mitmain. BEVM’s core-builder, Gavin Guo, stated that the platform will explore the application of Bitcoin hash rate and proof-of-work ecosystem on BEVM. This could lead to the migration of hash rate assets and a significant amount of Bitcoin to BEVM. Since its mainnet launch, BEVM has attracted over 700,000 user addresses and hosts more than 30 ecosystem projects.

Orders Exchange, a Bitcoin decentralized exchange (DEX), and sidechain MicroVisionChain have revealed their 2024 roadmap. The DEX plans to integrate with the Web3 wallets of two major exchanges and establish a marketplace for Bitcoin non-fungible tokens. Previously, Orders Exchange integrated with the Bitcoin Runes protocol and built a Bitcoin asset bridge with MicroVisionChain.

Despite a market sell-off, the Bitcoin Ordinals market has grown to $2.3 billion, thanks to ecosystem development, memecoin enthusiasm, and listings on major exchanges like Binance. BRC-20 tokens, which are tokens on the Bitcoin network, reached a market capitalization of $1 billion shortly after their invention in May 2023.