BTC Ecosystem and the Emergence of Ordinals
The BTC ecosystem has finally come into the spotlight with the emergence of Ordinals. The total minting of BRC20 has exceeded 36 million, with minting fees alone surpassing 2600 BTC, leading to high media attention and search volume.
Following the launch of Ordinals on Binance, BRC20 has seen a widespread surge, attracting a large number of developers and communities to shift their focus to the BTC ecosystem. Whether it's the integration of the OKX Web3 wallet or the rising popularity of RGB narratives, the subsequent on-chain applications revolving around the value of BTC are just beginning.
Let's take stock of the current most promising and influential applications that will lead to the continuous development of the BTC ecosystem and accelerate the arrival of a super bull market.
BTC-EVM Defi Protocol - Dova Protocol
The Dova Protocol is a leading lending protocol on the Bitcoin chain, aiming to strengthen the liquidity connection between the Bitcoin chain and the EVM chain. The protocol, created by seasoned cryptocurrency professionals, is dedicated to driving the decentralized financial construction of the Bitcoin ecosystem.
Key features of the Dova Protocol include:
- Seamless cross-chain bridging between Bitcoin and EVM chains
- Through a strategic partnership with Multibit, Dova utilizes Multibit's cross-chain bridge to seamlessly connect the Bitcoin network and EVM network, allowing users to freely transfer BRC20 assets between the two public chains.
- Dova lending protocol
- Users can utilize the Dova protocol to borrow cryptocurrencies by collateralizing BRC20 assets, providing algorithmic and transparent lending services.
- Unique Dova collateralization model
- Dova allows users to collateralize the protocol by providing liquidity, earning platform tokens and a portion of lending interest, and receiving rewards in BRC-30s tokens. This incentive mechanism can attract more users to provide liquidity and value to the ecosystem.
Dova bridges the connection between BRC20 and the EVM ecosystem, introducing Defi applications into the BTC ecosystem, which will be a revolutionary and creative protocol.
Users can collateralize BRC20 assets and extract liquidity value, whether for trading, minting, or investing in other BRC20, ERC20, and other assets, opening up significant capital pools and liquidity channels to attract more investors.
Simultaneously, this will significantly increase the application scenarios for BTC. As digital gold, BTC will not only hold value but will also be used for the development of its internal ecosystem assets, leveraging BTC's high-value properties to incubate assets and Defi ecosystems belonging to the BTC ecosystem. Dova is a pioneer in clearing the obstacles to financial applications of BTC asset liquidity, similar to Uniswap in the ETH ecosystem.
The total supply of DOVE tokens is 2,100,000,000, serving as the core protocol token of Dova. With its decentralized attributes in the BTC ecosystem, 10% of the tokens are allocated for IDO launch, and 60% of the tokens will be produced by mining users in the BTC ecosystem to attract more BRC20 users and drive decentralized value to the highest level.
Currently, the total market value of BRC20 is over $2.7 billion, with a trading volume exceeding $5 million. Dova will lock in at least 10% of the value of BRC20, and the TVL will be over $270 million. Compared to other Defi protocols, its market value will be estimated at around $5-10 billion, and the price of a single DOVE token will be above $0.24.
As of now:
UXUY has launched the Universe service for Taproot Assets, becoming the second global provider to offer this service after Lightning Labs. This is an important part of UXUY's "struck by lightning" plan to explore and promote the Bitcoin ecosystem.
The launch of the UXUY Universe service enables Taproot Assets to enter a "multiverse mode," allowing multiple Universe servers to form an alliance for synchronization. Even if the issuer's server is offline, this can provide redundant data sources for asset information and proof.
UXUY has also launched the Taproot block explorer and plans to upgrade it to TaprootScan.io to become a key infrastructure provider for Bitcoin.
The emergence of Taproot Assets has made it possible to issue new encrypted assets in a decentralized manner on Bitcoin, ushering in the "era of diversified assets." UXUY is actively positioning itself to provide key infrastructure for this thriving ecosystem.
By building Bitcoin infrastructure, UXUY also plans to connect the Bitcoin/Lightning network with the Ethereum and BNB chains, achieving seamless cross-chain interoperability and unlocking new use cases.
With the strong advantage of POW consensus but limited current applications, the Bitcoin ecosystem has tremendous growth potential, which is what UXUY aims to drive. UXUY sees this as an opportunity and is ready to embrace the challenge.
Conclusion
The BTC ecosystem has gradually extended from the outbreak of BRC20 and is poised to become a high-value capture ecosystem parallel to the ETH ecosystem. The current BTC ecosystem has already initiated diversified development based on the popularity and liquidity of BRC20, driving early ecosystem value while bringing more investment tracks and opportunities.
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