jakiro
Author: Joyce, vernacular blockchain
From Ai Western Europe in 2017, to Defi Summer in 2020, and the NFT explosion in 2021, each round of bull market was driven by new narrative.If you want to say the main narrative of a new round of bull market, the inscription boom of the representative of the BRC20 cannot be ignored.
Standing in early 2024, the whole year of 2023, the Bitcoin ecology from the historic moment of “spot ETF passed” earlier this year to the BRC20 agreement, Bitcoin NFT, Layer2, ecological infrastructure, etc., are indeed full of flowers and shine.
01Bitcoin spot ETF passes
To say that the moment the encrypted industry has been loaded in recent years, it is the US SEC approved Bitcoin spot ETF on January 10 this year.
The Bitcoin spot ETF, which has been boiled for several years, has finally settled in the dust, and has since opened a new era of Bitcoin to truly integrate with traditional funds.Bitcoin ETF was launched for three days, and the transaction volume was nearly 10 billion US dollars, becoming one of the best ETFs in history.
List of the relevant data 3 days before the launch of Bitcoin spot ETF, data source: blockberg
Although with the landing of Bitcoin spot ETF, the price of Bitcoin was adjusted from 48000usdt to more than 38,000 USDT, and the market was full of comments such as “favorable landing is the sky” and “gray Bitcoin ETF” and other remarks.However, the net inflow data of ETF’s funds shows that the passing of Bitcoin spot ETF will become a major channel injecting outside funds in the encryption market. Moreover, the value effect of this capital channel will become more and more obvious in the future.
Moreover, the passing of Bitcoin ETF means that Bitcoin is no longer a niche asset in a small circle, but is formally connected with the global capital market like gold.Outdoor funds may make the price of Bitcoin no longer as much as ever before.At the same time, the Bitcoin ecology and even the entire encryption industry benefit from this, reducing the withdrawal of each big bear market talent and funds, and make the entire industry develop more benign.
02Ordinals protocol detonate new narrative
In addition to the Bitcoin spot ETF, the most important incident in the Bitcoin ecosystem in the past year is the release of the Ordinals protocol.
Subsequently, the BRC20 protocol and Bitcoin NFT were based on the Ordinals protocol. It can be said that without the Ordinals protocol developed by Casey Rodarmor, there is no series of Bitcoin underlying ecology driven by the BRC20 protocol.
The Ordinals Agreement was released in January 2023. It is a Bitcoin -based asset issue agreement.
There is no complete smart contract on the Bitcoin, unlike Ethereum, which can directly issue token or NFT, Bitcoin’s Segwit and Taproot upgrades, so that any data storage (less than 4MB) in the Bitcoin block is possible.The Ordinals Agreement founder Casey gave Bitcoin’s smallest unit Cong, and wrote pictures, text, audio, and even videos into Satoshi with a number on it, allowing Bitcoin to distribute NFT or even issue token.
Since the release of the Ordinals protocol in January 2023, as of now, the number of inscriptions cast through the Ordinals protocol has exceeded 55 million, and the handling fee created to Bitcoin block generator has exceeded 5700 BTCs.Today, the production of Bitcoin is getting less and less,The emergence of Ordinal’s inscription has brought new incentives to the increasingly reduced Bitcoin block generator. For the security and prosperity of the entire Bitcoin ecosystem, it is undoubtedly a great benefit.
Ordinals inscriptions and trend of transaction fees, data sources: dune @dgtl_aasets
Although there have been various new protocols such as Atomicals, Runes, PIPE and other new protocols in the Bitcoin ecosystem, the Ordinals protocol is the vanguard of this wave of Bitcoin ecological assets.Agreement.
It can be said that the Ordinals protocol has detonated this round of Bitcoin ecological boom, or in other words, the Ordinals protocol starts this round of bull market.
03BRC20 outbreak
It is the “inscription” in 2023 Bitcoin ecology.
Although the real meaning of “inscription” refers to the NFT or Token cast by the Ordinals protocol,But in this wave of circles “Inscription“In the upsurge, most of the inscriptions refer to the token on the BRC20 protocol.
At the beginning of the birth of the Ordinals protocol, NFT was mainly issued. Until two months later, the anonymous programmer Domo believed that the Ordinals protocol could not only issue NFT, but also to issue homogeneous token:When the inscription is MINT according to a unified protocol standard, the homogenization Token can be generated. This token generated is called the BRC20 Token.
From March last year to now, the BRC20 Token has gone through a big explosion stage. The market value of the entire BRC20 track has exceeded 3.3 billion US dollars.TOP 60.
From the unknown MEME to the darling of capital, the wave of BRC20 is really the same.
04Bitcoin NFT beyond Ethereum NFT
Bitcoin NFT has a long history, but it was not until the birth of the Ordinals protocol that Bitcoin NFT began to get angry.
Of course, the degree of “fire” is relative to Ethereum and other ecological NFTs.The former Bitcoin NFT is also limited to a small circle. It is not like the real circle of Ethereum NFT in the previous round, attracting a lot of external funds and talents.
At present, the NFT track is in a relatively deserted state as a whole. Since the last round of the market, Ethereum Blue -chip NFT has begun to fall into a slump, and the price has continued to fall. Until now,The entire Ethereum NFT track does not have much heat. Occasionally, there are projects to provoke a little water flower, but none of them really ignite the NFT track.
According to CryptOSLAM data, the trading volume of Bitcoin NFT in the past 30 days has far exceeded the Ethereum and other public chains NFT, and even the transaction volume of Bitcoin NFT has reached more than twice the Ethereum NFT.Moreover, Bitcoin Frogs, Bitmap and other explosive models appeared in the Bitcoin ecological NFT, which has a trend of impacting the blue chip NFT.
Data source: cryptoslam.io
In just one year, Bitcoin NFT surpassed the Ethereum NFT and reached such a scale. Although it was not like the Ethereum NFT in 2021, it was not an exaggeration to describe it with “hot”.
05ARC20 and other agreements
Any new thing is always incomplete, whether it is Ordinals or the BRC20 protocol.After the ORDINALS protocol broke out, a large number of new protocols emerged from the Bitcoin ecosystem., Including Atomicals, Runes, PIPE, Stamps, BITVM protocols, etc.The vast majority of the banner of improving the Ordinals protocol shows the lively scenes of all flowers.
Compared to the Ordinals protocol, the Atomicals protocol does not rely on third -party sorters in terms of asset transaction sorting, which is more decentralized.In the early stage, because the Atomicals protocol was more difficult to technology, and there were fewer supporting institutions, which was not very popular compared to Ordinals.However, with the support of Unisats and the support of a large platform, Atomicals has a significant heat growth trend.
Runes protocolCasy, founder of the Ordinals Agreement, proposed that it aims to solve the efficiency of the existence of the BRC20,However, the current development is still slow, and it does not form its own ecology like the Ordinals or Atomicals protocol.Based on the idea of the Runes protocol, the Bitcoin ecological programmer Benny developed the PIPE protocol, which cleverly fused the advantages of the Ordinals and Runes protocols.
Compared with the ORDINALS protocol that brings a large amount of redundant data to Bitcoin blocks that may be deleted,The STAMPS protocol pays more attention to the reliability of data and cannot be removed permanently from Bitcoin public ledger.Therefore, when the outbreak of the ORDINALS inscriptions brought data that could be removed, everyone settled the vision to the Stamps protocol.
But as far as the current situation is concerned, although the Bitcoin ecological protocol is full of pattern, the spotlight is still on the Ordinals protocol.Moreover, the current agreement between the Bitcoin ecosystem is not opened. Most of the different protocols use different wallets and trading markets. In addition, the transfers will be destroyed from time to time.high.
06The rise of Bitcoin smart contract layer
With the outbreak of the Ordinals protocol, the degree of congestion of the Bitcoin’s main network has increased, and the rate of rates continues to rise.Therefore, the Bitcoin smart contract layer, which aims to solve Bitcoin network congestion and reduce the fees, has also begun to take off.
目前比特币上的智能合约项目不少，但是，The strong consensus is Stacks and RSK.
As far as TVL is concerned, RSK’s TVL is hundreds of millions, which is the highest TVL project in the Bitcoin ecosystem.However, in this wave of Bitcoin ecology,The RSK ecology did not run out of many dazzling projects, and I didn’t see many big moves.
Although Stacks’s TVL is not high, the project itself is more favorable, and ecological development is also good, so it can be called the most anticipated star project in the Bitcoin ecosystem.According to the latest official progress, before Bitcoin is halved, it is expected that NAKAMOTO upgrade will be completed to comprehensively improve the performance of the STACKS network. It will also release the BTC -linked stablecoin SBTC, which is expected to greatly increase the liquidity of BTC.Moreover, as the first SEC officially recognized compliance Token, Stacks does have a lot of highlights.
Of course, with the popularity of the Bitcoin ecology, a lot of Bitcoin smart contract projects have recently appeared. Whether it can run out is still to be observed.
07RGB protocol revival
The RGB protocol was first proposed in 2016, but it has not been much movement. Until April 2023, the RGB protocol released version 0.1, marking the official launch of the RGB agreement.
The release of the RGB protocol has brought a lot of major breakthroughs, including the restrictions on the development of smart contract development in the original version, the integration of the lightning network, and the support of the wallet.Volkswagen’s vision.Especially the integration of the Lightning Network allows many people to compare the RGB protocol with Taproot Assets. After all, the security of the Bitcoin main network can be used to directly use the advantages of the existing channel node of the Lightning Network.Good chess.
However, as of now, most of the RGB ecological projects are still in the development or internal test stage. How will the specific performance in the future be fermented.
08Lightning network promotes Bitcoin into the multi -asset era
The release of Lightning Network Taproot Assets means that Bitter coins have entered the era of multi -asset issuance like Ethereum.
Although the BRC20 and other protocols are currently very popular, the Bitcoin network is only passively recorded data. Once the issuance is issued, the project party may not have any operations such as the withdrawal, destruction, and repurchase of token.In other words, although the BRC20 and other protocols are more fair to the issuance of Token and more beneficial to retail investors, the two sides are the lack of the empowerment and operation of the centralized team, which is difficult to make a project really grow.
Through Taproot Assets, the team can issue and destroy assets, and the subsequent asset transaction will be directly compatible with the existing more than 14,000 global lightning network nodes.With both the safety of the Bitcoin main network and the high -speed and low -cost transaction characteristics of the Lightning Network, it seems to be a better Bitcoin ecological asset issuance plan.
The Nostra Assets platform announced in November 2023 that the Taproot Assets function was introduced. At present, the platform has 4 assets. Although the heat is not too high, the entire transaction experience is indeed comparable to a centralized payment experience, which is very smooth and smooth.
At present, the number of global lightning network nodes is 1,4658, and there are more than 4,900 Bitcoin locked in the Lightning Network. Among the bear markets in the past two years, the number of Bitcoin in the Lightning Network has not fluctuated sharply, but has grown slowly.
Lightning network has locked the number of BTC quantities since its release, source: bitcoinvisuals
However, in terms of the current situation, the Lightning Network is still small whether it is the number of nodes or the number of BTCs that is locked. Most of them are small transactions and have not been linked with other Bitcoin ecological assets.In the future, with the prosperity of Bitcoin ecological assets such as Taproot Assets and RGB protocols, I believe that it can give full play to the value of the Lightning Network.
09Bitvm triggers new hope for Bitcoin smart contract
Although Bitcoin’s positioning has been “digital gold” for many years, it has not stopped the exploration of Bitcoin’s programming.
In October 2023, the Bitvm white paper “BITVM: Compute Anything on Bitcoin” was released to propose a solution to achieve the Turing’s complete solution without changing the existing network consensus of Bitcoin, making it possible to run complex contracts on Bitcoin to become possible.Let people have new hope for Bitcoin smart contracts and ecology.
However, at present, BITVM is just conceived, and the real practice is expected to have a long way to go.
If Taproot Assets and RGB such as protocols+lightning networks can quickly land and meet expectations, maybe, this is a path that reaches Bitcoin ecological prosperity faster.
10Other ecological infrastructure emerges
In addition to these, in 2023, which broke out in Bitcoin, many other potential projects also appeared.
For example, ThorChain, which is deeply cultivated cross -chain, provides multi -chain asset cross -chain transactions including Bitcoin, and Bitcoin ecological new cross -chain star Multibit, provides cross -chain services from BRC20 to ETH/BNB networks, including IDO platform Bounter,BAKERY, TURTSAT, Bitcoin Ecological Stable Coin Platform BSSB, etc., are all Bitcoin ecological infrastructure projects that have performed well.
Of course, in the moment when Ethereum and other public chain ecology is becoming mature, there are many reference paths of the Bitcoin ecological project.Under the enthusiastic market emotions,It is easier to quickly condense consensus to take off the market value.
However, the rise of inscriptions such as BRC20 has actually attracted more funds and resources to build a Bitcoin underlying infrastructure together.
11summary
In 2023, regardless of the Bitcoin ecosystem or the entire encryption industry, it is a magnificent year, and it is also a year of waiting for the upcoming big bull market.
How will the Bitcoin ecosystem develop in 2024?After experiencing the stir -fry of MEME such as BRC20 and Bitcoin NFT, a large amount of funds and resources will be really settled into the ecological infrastructure.Copy the path of Ethereum’s ecological prosperity, or is it still a feathers after being lively?
Perhaps the probability is the former. After all, under the short term, we have seen the enthusiasm of the developer, the community, the investor’s enthusiasm for the Bitcoin ecosystem.
In this round of bull market, the probability of Bitcoin ecology is an indispensable important role.
