SolvBTC and BEVM Drive Revival in Bitcoin DApp Space Amid Market Volatility
Summary:
The Bitcoin decentralized application (DApp) domain is seeing resurgence, with projects like SolvBTC gathering a total value locked of $700 million shortly after its launch earlier this month. Bitcoin layer-2 solution BEVM announced an undisclosed investment from Bitmain and has over 700,000 user addresses since its mainnet launch in March. BEVM, like the Bitcoin decentralized exchange Orders Exchange, uses BTC to power its platforms. Despite market volatility, the Bitcoin Ordinals market has grown to $2.3 billion, partially owing to ecosystem development and listings on major exchanges like Binance.
The Bitcoin decentralized application (DApp) space has seen a resurgence with the advent of foundational protocols beginning with the development of Ordinals and Inscriptions. They’ve given rise to projects like SolvBTC, an omnichain yield-producing protocol, which has amassed a $700 million total value locked (TVL) through interest-earning Bitcoin minted on networks such as BNB Chain, Arbitrum, and Merlin. SolvBTC developers informed Cointelegraph that their protocol recently exceeded 10,000 BTC staked and attracted “over 92,000 participants” shortly after launching earlier this month. “For the Bitcoin liquidity revolution to truly explode into BTCFi, it's necessitated,” said SolvBTC creator Ryan Chow. “SolvBTC aims to launch on multiple networks soon, effectively linking BTC chains, users, and protocols.” SolvBTC accepts BTC as collateral, sourcing DeFi and staking yields from blockchains such as Ethereum, Arbitrum, Merlin, and BNB Chain. The protocol predicts its strategy could generate a 5% to 10% annual return on BTC deposits.
Additionally, on April 30, Bitcoin layer-2 solution BEVM announced an undisclosed investment from Chinese Bitcoin mining equipment producer Mitmain. “BEVM will further scrutinize Bitcoin’s hash rate and the application of the PoW ecosystem on BEVM, facilitating the transition of a significant amount of PoW hash rate assets and a vast sum of $BTC to BEVM," BEVM central builder Gavin Guo stated.
Since launching its mainnet on March 28, BEVM has boasted over 700,000 user addresses and now houses over 30 ecosystem projects. Utilizing BTC as gas fees, BEVM operates on the Taproot consensus to power its Bitcoin cross-chain and liquidity provision platforms—it’s currently valued at $200 million.
In a similar vein, Bitcoin decentralized exchange (DEX) Orders Exchange and sidechain MicroVisionChain revealed their plans up to 2024 on April 29. Among other activities, the Bitcoin DEX will collaborate with "two significant exchanges" concerning Web3 wallets and establish a marketplace for Bitcoin non-fungible tokens.
Earlier, the Orders Exchange finalized an integration with the Bitcoin Runes protocol for fungible token issuance on the home network and built a Bitcoin asset bridge with MicroVisionChain enabling BRC-20 token swaps.
Despite the market downturn, the Bitcoin Ordinals market has spiked to $2.3 billion as of now, partly due to memecoin mania, ecosystem expansion, and listings on key exchanges such as Binance. BRC-20 tokens saw a milestone market cap of $1 billion on May 9, 2023, shortly after their conceptualization.
Published At
4/30/2024 10:30:00 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.