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Author: Paul Veradittakit, partner at Pantera Capital; Translation: Bitchain Vision xiaozou
As the first and largest crypto asset with market value, Bitcoin remains one of the most influential assets in the entire liquid token market.However, despite the widespread use and recognition of Bitcoin as a decentralized global store of value, many people still criticize Bitcoin’s scalability, programmability, and ability to attract developers, especially in EthereumAfter the boom of smart contract platforms.
Mezo is an EVM-compatible Bitcoin economy layer, and its goal is to overcome the above obstacles.This article will explore the current state of Bitcoin, the ongoing innovations at Mezo, and its potential future impact on the cryptocurrency ecosystem.
1. Current situation
Bitcoin’s dominance in the cryptocurrency market is undeniable.Today, there are more than 100 million Bitcoin holders worldwide, and the market value of Bitcoin is about three times that of ETH, the second largest crypto asset.Despite this, Bitcoin is arguably rigid in terms of innovation and simplicity.Unlike Ethereum and other scalable smart contract platforms, Bitcoin’s core design has always limited its scalability and programmability.
Industry leaders like Thesis, a venture capital firm that incubates Mezo, are now looking for new ways to enhance Bitcoin’s capabilities with L2 solutions.These advances are crucial to implementing more complex features on the Bitcoin network—such as smart contracts and decentralized applications (dApps).
2. Progress and milestones
Mezo has made impressive progress in the process of the Bitcoin revolution so far.The project integrates all Thesis’s consumer-facing Bitcoin products into a highly cohesive ecosystem on the Mezo platform.Together, these projects create a more usable Bitcoin economy, all powered by Mezo.
Some key upgrades to the Bitcoin mainnet that promotes Bitcoin’s development have made Mezo possible.The most important developments in recent years are:
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Taproot upgrade (November 2021): Enhanced data storage capabilities of Bitcoin blocks.
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Ordinal Inscriptions (Organic Inscription, January 2023): Enable the metadata layer to achieve the irreplaceability of each sat.
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BRC-20 Tokens (March 2023): A standardized protocol is introduced through JSON code for deployment, coin minting and transfer functions.
These milestones highlight the growing potential of the Bitcoin network as a hub for decentralized financial applications (DeFi) and non-fungible tokens (NFT).
3. Attraction
In recent months, Mezo has demonstrated early market dominance in the Bitcoin L2 ecosystem.Currently, the team ranks among the top Bitcoin L2 in the total lock value (TVL) dimension.As the Mezo team begins launching its public testnet and attracting more and more developers to develop applications on Mezo, we expect this growth to continue.
4. Current and future impact
The progress of the basic layer of Bitcoin is of great significance.Mezo opens up new opportunities for financial innovation by expanding the programmability of Bitcoin, especially in regions with high Bitcoin adoption rates such as Latin America, Africa and Asia.The introduction of the Bitcoin DeFi ecosystem can be expanded rapidly.We believe this may promote the market capitalization of BTC DeFi to range from about $50 billion to $400 billion, depending on adoption rates.
In addition, macro trends in technological improvements and institutional adoption provide a strong impetus.The Bitcoin ETF application for large companies proves that the L2 solution has been accepted, institutional interest is increasing, and Bitcoin has a bright future beyond current restrictions.
5. Major participants and their contributions
At the heart of Mezo’s breakthrough vision involves several key figures who bring extensive experience and expertise.Charging ahead was Matt Luongo, CEO of Mezo, who was previously the co-founder of Thesis and served as Chief Technology Officer of Scholrly.Carolyn Reckhow is Mezo’s Chief Operating Officer with extensive experience in the global operations divisions of Consensys and Casa, responsible for ensuring the smooth execution of its operational strategies.Mezo’s CTO Antonio Salazar Cardozo uses his deep technical expertise during his time as technology director at Keep Network to drive technological innovation.Supported by a team of veteran professionals, these leaders work together to build scalable and innovative Bitcoin L2 solutions.
Pantera led the $21 million funding round from Mezo, and several other top investment companies were involved.
6. Conclusion
In short, Mezo represents a significant advancement in the Bitcoin ecosystem, solving long-standing issues of scalability and programmability.By building an EVM-compatible Bitcoin layer, Mezo will unleash new potential in DeFi and other areas.With a strong team, recent technological upgrades and growing institutional interest, Mezo has become an important force in shaping the future of Bitcoin expansion and Bitcoin applications.
