The infrastructure of the Bitcoin ecosystem has now diverged into two paths: the programmability layer of Bitcoin and the economic layer of Bitcoin.

Bitcoin programmability layer: Creating assets and issuing assets based on the security consensus and community consensus of Bitcoin. Representative projects include Bitcoin L1 asset protocols such as Ordinals, BRC20, and Runes, as well as Bitcoin L2 projects such as Merlin, CKB, BOB, B^2, and Bitlayer.

Bitcoin economic layer: Utilizing certain cryptographic mechanisms to abstract the economic security of Bitcoin as collateral for PoS sidechain nodes, thereby providing Bitcoin holders with some additional low-risk returns. Representative projects include Babylon and Mezo.

The Bitcoin programmability layer currently faces two problems: 1. The asset attributes and community characteristics are both NFT, which is not compatible with the DeFi service capabilities provided by the infrastructure; 2. The total scale of assets is only around $100 billion.

The Bitcoin economic layer has relatively easily found a product-market fit point. While ensuring the security of multi-signature treasuries, it can provide additional annual returns of 7% to 15%, which Bitcoin holders would certainly love.

Regardless of how the future evolves, the Bitcoin ecosystem will enter a rapid entropy increase stage, and various packaged versions of BTC will emerge like mushrooms after the rain. The brilliance of BTC lies in unifying various packaged versions of BTC into SolvBTC, and then providing SolvBTC with additional returns from a risk-neutral strategy.

In simple terms, Solv is somewhat like the Ethena of the Bitcoin ecosystem. Solv may be slightly weaker in terms of the thickness of the liquidity pool, but in terms of the structure of the asset side, Solv is much more friendly to the Bitcoin ecosystem.

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