STX leads the way, is the summer of Bitcoin's ecosystem coming?

Author: 0x711, 0x214, BlockBeats

Recently, Bitcoin, which has always been "conservative", seems to have become "fashionable" again. Not only have people started Bitcoin NFT through the Ordinals protocol, but even the previously tepid Bitcoin DeFi and Layer2 have recently been frequently discussed, and related tokens have also seen significant gains. People can't help but wonder, is the summer of Bitcoin's ecosystem coming? This article will sort out several projects related to Bitcoin DeFi/Layer2.

WBTC

WBTC is an ERC-20 Token on the Ethereum blockchain, which maintains a 1:1 ratio with the price of Bitcoin and is backed by an equivalent amount of Bitcoin held in custody by a digital vault. WBTC was initially created by BitGo, Ren, and Kyber, and is now maintained and managed by WBTC DAO.

For more detailed information, please refer to:

《wBTC 会暴雷吗？》 translates to "Will wBTC explode?"

《Why WETH cannot collapse? What is the difference between WETH and WBTC?》

Ren VM

Ren VM is a feature-rich decentralized custody solution with trustlessness and permissionlessness, which can wrap cryptocurrencies including Bitcoin and send them to other blockchains using RenBridge. RenBTC used to be a mainstream form of Bitcoin on the Ethereum chain, but its market share has dropped significantly due to insufficient use cases. According to Dune Analytics data, the current market share of renBTC is only 0.18%.

It is worth noting that Alameda acquired the Ren development team in February 2021. However, due to Alameda's bankruptcy, the Ren development team was severely affected and faced a shortage of development funds. Currently, the team is looking for new investors to ensure the launch of Ren 2.0 and establish an independent Ren Foundation to facilitate the smooth transition of the protocol to community governance.

For more detailed information, please refer to:

《Distributed Dark Pool: What Can RenVM Virtual Machine Offer?》

"A Comprehensive Guide to the Working Principles of RenVM, an Ethereum Cross-Chain DeFi Project"

According to CoinGecko data, REN is currently trading at $0.0957 with a 24-hour gain of 2.3%.

RSK

RSK is a Bitcoin sidechain developed and launched by Rootstock Labs in January 2018. It is an EVM-compatible smart contract platform written in Solidity language, aiming to give BTC programmability. On top of that, RSK's parent company IOV Labs has established the RIF (RSK Infrastructure Framework) Lab to help RSK achieve wider interoperability and faster deployment time, bridging the gap between blockchain technology and its mass market adoption. Currently, the lab has developed an open operating system RIFOS and a suite of tools (wallets, relays, domain name services, etc.) based on RSK.

According to CoinGecko data, RSK Infrastructure Framework Token RIF is currently trading at $0.1553 with a 24-hour gain of 7.7%.

ChainX

ChainX was launched in May 2019 and is an inter-chain encrypted asset financial blockchain in the Web3 Polkadot ecosystem. ChainX completed the development of BTC bridging and DEX as early as 2019. According to its latest roadmap plan, ChainX will improve the OmniBTC lending function in Q2/Q3 of this year, such as supporting xBTC collateral on ChainX/PSC and borrowing other EVM/Move chain assets. In addition, ChainX will also support xBTC cross-chain to the Sui blockchain.

According to CoinGecko data, ChainX Token PCX is currently trading at $0.506 with a 24-hour decrease of 2.1%.

BadgerDAO

BadgerDAO is a protocol aimed at bringing Bitcoin into DeFi. Recently, BadgerDAO announced that it is developing a Bitcoin soft-anchoring token eBTC based on the Ethereum staking layer. It does not require bridging native BTC to Ethereum, so users can always determine the solvency of the assets they borrow/hold.

eBTC essentially provides a way to long ETH and short BTC.

It is worth noting that in December 2021, Badger DAO was attacked and suffered losses including approximately 2,100 BTC and 151 ETH (valued at approximately $120.3 million).

According to CoinGecko data, BADGER (Badger DAO) is currently trading at $3.64, with a 24-hour increase of 9.9%. The official website shows that the current TVL of the protocol is $44,110,493.

Stacks

Stacks is an open-source project initiated by Bitcoin developers, which is a Bitcoin Layer 2 that can use smart contracts. Anything that can be built on Ethereum or Solana can be built on Stacks L2s. Previously, Stacks founder Muneeb stated on his social media platform that the contracts on Stacks L2 have locked in $250 million and have already distributed 2,200 bitcoins as rewards to users. The next version of Stacks, which will be released later this year, will add a decentralized BTC anchor, making it easy to transfer BTC in and out of Stacks L2.

According to CoinGecko data, Stacks Token STX is currently trading at $0.9251, with a 24-hour increase of 21.74%.

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