2024-05-14
The Bitcoin protocol has become an integral part of the Bitcoin ecosystem, along with Ordinals and BRC-20 tokens.
OKX, a cryptocurrency exchange, currently dominates the daily trading volume of Bitcoin Runes through its Web3 marketplace, accounting for 51.08% of the share.
Since April, other platforms like UniSat and MagicEden have experienced a decline in trading activity for Runes, collectively holding a market share of 48.83%.
These three firms and their platforms concentrate the majority of Bitcoin Runes' trading activity.
Runes is a recently introduced protocol that enables the issuance of fungible tokens on the Bitcoin network. Since its launch on April 20, the protocol has generated an impressive transaction fee of 2,287 BTC ($143.6 million).
It has quickly established itself as a crucial element of the Bitcoin DeFi ecosystem, alongside Ordinals and BRC-20 tokens.
The growth within the ecosystem extends beyond Bitcoin Runes. SolvBTC, an Omnichain yield-generating protocol, has accumulated a total value locked of $920.62 million since its launch in April.
Users can earn yields on their Bitcoin through minted derivatives on Arbitrum, Merlin, and BNB Smart Chain.
Currently, the protocol has over 12,000 BTC staked among 30,000 participants, offering annual returns of 5% to 10% on BTC deposits.
Moreover, SolvBTC has joined forces with Babylon to introduce re-staking yields for users' Bitcoin, enabling them to earn rewards by verifying transactions on proof-of-stake networks.
MicroVisionChain, a Bitcoin smart contract developer, intends to incentivize ecosystem developers to build Bitcoin interchain asset bridges, decentralized exchanges, wallets, and support for BRC-20 assets on the protocol through a Proof of Build model.
Under this proposed model, developers would receive 65% of its native SPACE token based on their contributions.
Currently, the project has a diluted market cap of $166 million.
On May 6, the Bitcoin blockchain reached a milestone by surpassing 1 billion transactions, with an average of 178,475 daily transactions over its 5,603-day existence.
Ethereum, Bitcoin's main competitor, has processed well over two billion transactions since its launch in July 2015.
