Original author: 0x711, 0x 214, BlockBeats
Recently, Bitcoin, which has always been "old-fashioned", seems to be "fashionable" again. Not only has someone created Bitcoin NFT through the Ordinals protocol, but even Bitcoin DeFi and Layer 2, which have been tepid, have recently attracted frequent attention, and related Tokens have also increased significantly. People can't help but ask, is the ecological Summer belonging to Bitcoin coming? This article will sort out several projects related to Bitcoin DeFi/Layer 2.
WBTC
WBTC is an ERC-20 Token on the Ethereum blockchain, which maintains a 1:1 ratio with Bitcoin prices and is backed by an equal amount of Bitcoins held in digital vaults. WBTC was originally created by BitGo, Ren and Kyber, and is now maintained and managed by WBTC DAO.
Ren VM
Ren VM is a feature-rich decentralized custodian that is trust-free and permission-free. It can wrap cryptocurrencies including Bitcoin and send them to other blockchains using RenBridge. renBTC used to exist in the market as a mainstream form of Bitcoin on the Ethereum chain, but due to insufficient usage scenarios and other reasons, its market share has dropped sharply.According to Dune Analytics data, the current market share of renBTC is only 0.18%.
It's worth pointing out that Alameda acquired the Ren development team in February 2021. Later, due to the bankruptcy of Alameda, the Ren development team was also severely affected, and its development funds were insufficient. The team is currently looking for new investors to ensure the launch of Ren 2.0, and to establish an independent Ren Foundation to enable the smooth transition of the agreement to community governance.
According to CoinGecko data, REN is currently trading at $0.0957, a 2.3% increase in 24 hours.
RSK
RSK is a Bitcoin sidechain developed and launched by Rootstock Labs in January 2018. It is an EVM-compatible smart contract platform written in Solidity language and aims to give BTC programmability. On top of this, RSK parent company IOV Labs established the RIF (RSK Infrastructure Framework) laboratory, aiming to help RSK achieve wider interoperability and faster deployment time, complementing blockchain technology and its large-scale market adoption gap between. At present, the laboratory has developed the open operating system RIFOS and a series of suites (wallet, relay, domain name service, etc.) based on RSK.
According to CoinGecko data, RSK Infrastructure Framework Token RIF is currently trading at $0.1553, a 24-hour increase of 7.7%.
ChainX
Launched in May 2019, ChainX is an inter-chain encrypted asset financial blockchain in the Web3 Polkadot ecosystem. ChainX completed the development of BTC bridge and DEX as early as 2019.According to its latest roadmap plans, ChainX will improve the OmniBTC lending function in Q2/Q3 this year, such as supporting xBTC collateral on ChainX/PSC, and borrowing other EVM/Move chain assets. In addition, ChainX will also support xBTC cross-chain to Sui blockchain.
According to data from CoinGecko, ChainX Token PCX is currently trading at $0.506, a 24-hour drop of 2.1%.
BadgerDAO
BadgerDAO is a protocol designed to bring Bitcoin to DeFi. Recently, BadgerDAO announced that it is developing eBTC, a Bitcoin soft anchor Token based on the Ethereum pledge layer. It does not need to bridge native BTC to Ethereum, so users can always determine the solvency of their borrowed/held assets. eBTC essentially provides a solution to long ETH and short BTC.
It is worth noting that in December 2021, Badger DAO was attacked, and the losses included approximately 2,100 BTC and 151 ETH (worth approximately $120.3 million).
According to data from CoinGecko, BADGER (Badger DAO) is currently trading at $3.64, an increase of 9.9% in 24 hours. According to the official website data, the current agreement TVL is 44,110,493 US dollars.
Stacks
Stacks is an open source project initiated by Bitcoin builders, and it is a Bitcoin Layer 2 that can use smart contracts. Anything that can be built on Ethereum, Solana, can be built on Stacks L2s. PreviouslyStacks founder Muneeb said on his social platform, currently $250 million has been locked in the contract on Stacks L2, and 2,200 bitcoins have been issued to users as rewards. The next version of Stacks, which will be launched this year, will add a decentralized BTC anchor, which can easily transfer BTC into or out of Stacks L2.
According to CoinGecko data, Stacks Token STX is currently trading at $0.9251, an increase of 21.74% in 24 hours.
