OKX Dominates Bitcoin Runes' Trade Activity; SolvBTC's Total Locked Value Nears $1bn
Summary:
OKX, a digital currency exchange, now manages over half of Bitcoin Runes' daily trading volume. Trading platforms UniSat and MagicEden have witnessed a steady decline in Runes' trading activity. The yield-generating protocol SolvBTC has accumulated over $920.62 million in locked value, yielding an annual return rate of 5-10% on Bitcoin deposits since its launch in April. Bitcoin blockchain's daily transactions average 178,475 and Ethereum has clocked well over two billion transactions since its inception in 2015.
Digital currency marketplace, OKX, currently oversees over half (51.08%) of the daily trade activity for Bitcoin Runes via its Web3 platform, according to statistics from analytics firm GeniiData. The activity for Runes trading on other service platforms, including UniSat and MagicEden, has been consistently dropping since April, now only accounting for less than half (48.83%) of the market. Almost all the trading activity for Bitcoin Runes is operated through these aforementioned three companies with their respective platforms. Runes is a newly introduced system for distributing exchangeable tokens on the Bitcoin network. It was launched on April 20, during the Bitcoin halving event. In less than a month following its launch, the system has successfully generated an astounding 2,287 BTC ($143.6 million) in transaction fees and currently serves as the foundation of Bitcoin's DeFi ecosystem, alongside Ordinals and BRC-20 tokens, introduced the previous year. But it’s not only Bitcoin Runes that’s making waves in the ecosystem. Since its April debut, the Omnichain yield-generating protocol, SolvBTC, which enables users to grow their Bitcoin through derivatives minted on Arbitrum, Merlin and BNB Smart Chain, has reached a total locked value of $920.62 million. Presently, the protocol has over 12,000 BTC staked across 30,000 participants, yielding an annual return rate between 5% and 10% on Bitcoin deposits. On April 30 it was declared that Babylon would be partnering with the company to introduce re-staking returns for its users’ Bitcoin. The Babylon scheme enables users to hold their own idle Bitcoin securely and earn rewards by utilizing the inherent Bitcoin to validate transactions on proof-of-stake networks. Babylon co-founder, Fisher Yu, expressed his desire for Bitcoin to evolve from simply being a storage of worth to a “dynamic, secure yield source” within DeFi. In line with this, Bitcoin smart contract developer MicroVisionChain has outlined plans to incentivize ecosystem developers to build Bitcoin interchain asset bridges, Bitcoin decentralized exchanges, wallets, and support for BRC-20 assets on the protocol through a Proof of Build model. Under the proposal, 65% of the native SPACE token would be distributed to contributors according to their respective involvement. The project currently has a diluted market value of $166 million. As of May 6, the Bitcoin blockchain has surpassed one billion transactions. During its lifespan of 5,603 days, Bitcoin clocked an average of 178,475 daily transactions. However, Bitcoin’s chief competitor, Ethereum, has handled well over two billion transactions since it was launched in July 2015.
Published At
5/13/2024 6:43:49 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.