The recent performance of various tracks in the Bitcoin ecosystem is extremely impressive. The Ordinals protocol has brought unprecedented exposure and liquidity to the Bitcoin ecosystem. Inscriptions (inscriptions) have made it possible for the Bitcoin network NFT. The market is heading for a new climax, and Bitcoin network congestion and high handling fees have also become hot topics recently.
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DeFiChain
DeFiChain is an innovative DeFi platform dedicated to providing fast, smart and transparent DeFi services. The platform aims to fully integrate DeFi functionality into the Bitcoin ecosystem. DeFiChain itself is a hard fork of Bitcoin, and most of its programming code is similar to Bitcoin, using the Bitcoin consensus mechanism to protect its network. DeFiChain provides a variety of DeFi services, including decentralized lending, decentralized trading platforms, and decentralized asset management.
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Rootstock
Rootstock is a smart contract platform guaranteed by Bitcoin miners and is currently the most secure workload-based smart contract network. As a Bitcoin sidechain, it enhances the value of the Bitcoin ecosystem by expanding the use of Bitcoin currency, and also has good compatibility with Ethereum in terms of EVM. Decentralized applications can be written using the Solidity compiler and the Web3 standard library, enabling Ethereum compatibility. Additionally, it can scale Bitcoin payments with more on-chain space and off-chain transactions provided by the RIF Lumino payment channel network. The native Token of the Rootstock sidechain is RBTC.
The current TVL of Rootstock is about 88.5 million US dollars, of which the TVL of the lending agreement MoneyOnChain is about 44.25 million US dollars, and the TVL of Sovryn is about 22.5 million US dollars.
MoneyOnChain is a bitcoin-backed stablecoin protocol that allows users to mint the dollar-pegged stablecoin DOC by staking bitcoins. DOC can be used for transactions and loans on the MoneyOnChain platform.
Sovryn allows users to lend, borrow, trade Bitcoin and earn interest without the need for a centralized institution. Sovryn is open source and license-free, allowing anyone to participate in its ecosystem.
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BadgerDAO
BadgerDAO is a project focused on building a bridge between Bitcoin and DeFi in the Ethereum ecosystem. BadgerDAO aims to provide Bitcoin holders with more tools and services, by enabling Bitcoin to be used as collateral for DeFi applications, allowing users to easily bring their assets to the DeFi field and earn income from it.
As a community-driven project, BadgerDAO allows users who hold its governance token Badger to participate in the governance and decision-making of the project. At the same time, BadgerDAO also provides developers with an incentive plan to encourage them to contribute code and innovation to the project. Innovative products and services facilitate the growth of Bitcoin in DeFi.
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Stacks
Stacks are Layer 2 of the Bitcoin network, bringing smart contract functionality to Bitcoin without modifying Bitcoin itself. Stacks take a pyramid approach with a base settlement layer at the bottom (Bitcoin), then add smart contracts and programmability on top of that (Stacks), and then layers on top of that for scalability and speed (Hiro's sub net).
By taking this layered approach, it is possible to have all the same features as Ethereum etc. As a Layer 2 of Bitcoin, Stacks has some unique properties, such as having its own Token, as an incentive mechanism to maintain a historical ledger of all its transactions, and operating with its own security budget.
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Mintlayer
Mintlayer is a Tokenization layer built on top of Bitcoin, which supports interaction with BTC's Layer 1 and Layer 2 lightning networks. As a layer 2 solution built on the Bitcoin network, Mintlayer eliminates the need for wrapped Tokens or Token Bridges (the main attack vector for DeFi hackers), and instead uses atomic swaps from native BTC to the Mintlayer blockchain 1: 1 transaction of Token.
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Inscribe Finance
Inscribe Finance is a recently built DeFi platform based on BRC-20, aiming to bring together all the protocols and technologies of the ecosystem into the platform, democratize Bitcoin DeFi, and provide the best user experience. is currently in the very early stages ofINSFIt is the native token of the platform and will be used as a governance token to allow interaction with future collaborators of the platform, etc. According to official data,INSFIt went on public sale on May 13 and sold out within 15 minutes of going live.
