Bitcoin DApps Experience Resurgence: SolvBTC, BEVM, and DeFi Innovation Spearhead the Movement
The decentralized application (DApps) ecosystem of Bitcoin is experiencing a revival thanks to the emergence of native protocols like Ordinals and Inscriptions. In the midst of this resurgence, the omnichain yield-generating protocol SolvBTC has made significant progress.
SolvBTC has managed to secure a total value locked (TVL) of $700 million by offering yield-bearing Bitcoin opportunities on Arbitrum, Merlin, and BNB Chains, which have caught the attention of the market. Developers of SolvBTC have recently achieved a milestone by staking over 10,000 BTC and attracting more than 92,000 participants shortly after its launch this month.
Founder of SolvBTC, Ryan Chow, emphasized the protocol’s role in the wider Bitcoin financial ecosystem, stating that enhancing liquidity is crucial for the sector’s growth. He also revealed plans to expand SolvBTC’s reach by launching on additional networks and creating connections between Bitcoin users, chains, and protocols.
The protocol utilizes Bitcoin as collateral to generate staking and decentralized finance (DeFi) yields from various blockchains, including Ethereum and BNB Chain. It projects annual returns of 5% to 10% for its users.
BEVM, a Layer-2 Solution that was launched in March 2024, has garnered significant attention. Since its launch, BEVM has accumulated over 700,000 user addresses and is home to more than 30 ecosystem projects. It recently received an investment from the Chinese Bitcoin mining rig manufacturer Mitmain.
Gavin Guo, a core builder at BEVM, announced plans to explore Bitcoin’s hash rate and proof of work (PoW) ecosystem applications on BEVM. This initiative aims to facilitate the migration of PoW hash rate assets and a substantial amount of Bitcoin to the platform. BEVM, built on the Taproot consensus, uses Bitcoin for gas fees and powers its cross-chain and liquidity provision platforms, currently valued at $200 million.
At the same time, the Bitcoin decentralized exchange (DEX), Orders Exchange, and sidechain MicroVisionChain have revealed their roadmap for 2024. This includes integration with Web3 wallets from two major exchanges and the development of a marketplace for Bitcoin non-fungible tokens. Orders Exchange has also integrated with the Bitcoin Runes protocol to support the issuance of fungible tokens and has built a Bitcoin asset bridge with MicroVisionChain, enabling the swapping of BRC-20 tokens.
Despite recent market downturns, the Bitcoin Ordinals market has expanded to a valuation of $2.3 billion. This growth can be attributed to ecosystem developments, increased interest in memecoins, and listings on major exchanges like Binance. Notably, BRC-20 tokens reached a market capitalization of $1 billion shortly after their creation on May 9, 2023, highlighting the vibrant growth within the Bitcoin DApp sector.
