Summary of Bitcoin DApp in the Third Quarter of 2023
Source: Web3CN
In comparison to Ethereum, the developer-oriented Bitcoin ecosystem has long been dormant. Despite multiple attempts to build on the Bitcoin L1, the technological gap compared to Ethereum is significant. Ethereum not only has smart contract functionality, but also boasts a diverse range of DApps, L2 solutions, and Rollups.
As developers, it has been difficult to convince them to develop on Bitcoin in the past, as the infrastructure for development experience is far inferior to that of smart contract chains when building applications. Bridging Bitcoin to another blockchain and building applications there has been much easier, as demonstrated by projects like Stacks or Trustless Computer. Unlike Polygon and Arbitrum, Bitcoin lacks a large development ecosystem to drive its growth, and even Ethereum took several years to establish a strong developer base. However, all of this may change with the launch of the Ordinals protocol earlier this year, as developers and projects are beginning to pay attention to the Bitcoin ecosystem.
The Bitcoin Ordinals protocol is a method of writing data to various Satoshis on the Bitcoin network. While it was initially used to mint images as NFTs, users have realized that they can use text-based inscriptions to create fungible tokens, similar to the way ERC-20 tokens are minted on the Ethereum network. BRC-20 is an experimental fungible token standard that uses ordinal inscriptions on the Bitcoin network, but unlike ERC-20, BRC-20 tokens do not use smart contracts. It leverages ordinal inscriptions of JSON data to deploy, mint, and transfer tokens. This innovation meets the demand for fungible tokens on the Bitcoin network, which was previously lacking, but it also has its limitations. This is where developers are building protocols on top of ordinals to further improve its infrastructure.
For example, regular ordinals can only accommodate 4MB of data, which has led to the recent development of "recursive inscriptions," some of which are referred to as Bitcoin cloud computing. Essentially, recursive inscriptions call data from previous inscriptions. It can be an image or some scripts, which can save a significant amount of data and costs. This is interesting because once data appears on the blockchain, it can be referenced time and time again. Therefore, users can write a very large codebase at once, and other developers can reference that library at runtime without having to write it.
These advancements are enough to speculate on the possibilities of DeFi and decentralized storage on Bitcoin, which may rival IPFS in the future. Although still in the early stages, many projects have attempted to build on the first layer of Bitcoin, and the following summarizes the latest projects in the Bitcoin ecosystem.
Bitcoin DeFi
Liquidium
Utilizes P2P ordinary lending solutions with DLC and PSBT. Unlike existing protocols that rely on bridging Ordinals to other blockchains, Liquidium allows users to borrow and lend native Ordinals as collateral in trustless and non-custodial solutions.
BadgerDAO
A decentralized builder collective supporting community-driven Bitcoin DeFi growth.
Sovryn
A decentralized trading and lending platform based on Bitcoin, developed on Rootstock (RSK). Essentially, it is a DAO built on the RSK Bitcoin sidechain for DeFi operations on Bitcoin.
DLC.Link
Implements Discreet Log Contracts (DLC). Their platform locks Bitcoin on-chain, which can be controlled by Ethereum and other smart contract chains. This enables possibilities such as lending, trading, and derivatives.
Atomic Finance
A platform that allows users to earn self-custodied Bitcoin income using DLC. Using DLC can make the product almost trustless and eliminate counterparty risk.
Alex
Short for Automated Liquidity Exchange, it is a DeFi platform for Bitcoin built using Stacks smart contracts.
LNSwap
A decentralized exchange protocol that provides a fast and private way to exchange Bitcoin and digital assets on the Stacks layer, and vice versa. LNSwap supports all on-chain and off-chain Bitcoin wallets.
BSwap
A decentralized DEX built on the BTC L2 network BEVM, allowing users to securely and decentralizedly cross-chain assets such as BTC and BRC20 to BEVM, and achieve low gas, high-speed transaction experience similar to erc20 tokens in BSwap.
Portal Finance
With the help of the portal ecosystem tools, users and autonomous agents ("AIGENT") can participate in cross-blockchain economic activities quickly, with low transaction fees and securely. Products include DEX, AIGENT, Swap SDK, Portal Wallet, and payment channels.
Zest Protocol
A Bitcoin-native lending protocol operated by smart contracts protected by the Stacks layer. For borrowers, Zest Protocol offers on-chain BTC loans and BTC collateral loans, with custody through Stacks.
Hydranet
A DEX based on the Lightning Network. It does not require KYC and claims to allow cross-chain coin transfers between Bitcoin and the Ethereum chain through Layer 3 solutions, without the need for any bridges.
Stackswap
A permissionless DEX and token project launchpad built on the Stacks network for Bitcoin. Stackswap is both an AMM and an incubator for projects seeking to create tokenized projects.
Deep Lake
Deep Lake is an API designed to interact and simplify powerful Bitcoin primitives (including DLC and PSBT), allowing developers to create trust-minimized and non-custodial smart contract applications directly on L1 without any sidechains, wrapping, or bridging.
Bitflow
A DEX that allows users to trade and earn with Bitcoin without relying on central failure points, using PSBT, atomic swaps, Layer 2 smart contracts, sBTC, and decentralized liquidity pools instead of intermediaries.
Stroom
A liquid staking protocol in the Bitcoin Lightning Network. Stroom aims to bridge the Lightning Network and DeFi ecosystem between all EVM/compatible chains, starting from Ethereum. The project aims to integrate InBTC (an ERC-20 token that can be exchanged 1:1 with BTC) into the entire ecosystem's blue-chip DeFi protocols.
Fuji Money
The protocol allows the issuance and destruction of synthetic assets backed by Bitcoin collateral and tracks the price of reference indices. It is non-custodial, meaning there are no intermediaries or custodians, and once the debt is repaid, the collateral can be redeemed at any time.
Kollider
Claims to be the first instant settlement DEX built on the Bitcoin Lightning Network. The company is also working on developing Bitcoin-backed synthetic stablecoins and a Bitcoin wallet that supports the Lightning Network.
LN Markets
The first Lightning-native Bitcoin derivatives trading platform. It allows traders to minimize counterparty risk, as users can conduct instant and almost cost-free trades directly from a Lightning wallet.
Lava
The Lava wallet aims to provide users with a sovereign, simple, and secure experience. The Lava lending protocol allows users to borrow against Bitcoin collateral without taking on counterparty risk.
Infrastructure
Stacks
A Bitcoin L2 protocol that enhances Bitcoin's capabilities through the execution of smart contracts without the need for Bitcoin forks. Additionally, Stacks brings DApp and smart contract functionality to Bitcoin without changing any of Bitcoin's features.
BEVM: A decentralized BTC L2 that uses BTC as gas and is compatible with EVM. Its core goal is to expand the smart contract scene of Bitcoin, allowing BTC to be used as native gas for decentralized applications in the EVM ecosystem.
Mintlayer: A PoS L2 protocol that brings smart contract programmability to the Bitcoin blockchain. It aims to address Bitcoin's scalability issues and improve functionality by enhancing DeFi applications, DEXs, stablecoins, and tokenization on the Bitcoin network.
Spiral: An independent entity within the Block company ecosystem, focused on Bitcoin. It builds and funds free open-source projects to enhance Bitcoin's privacy, security, user experience, and scalability.
Liquid Network: A Bitcoin L2 solution for fast, confidential settlement and issuance of digital assets on the Bitcoin chain, such as stablecoins, security tokens, and other financial instruments.
Fedi: A company building global Bitcoin adoption technology. The Fedi mobile app is its main product, designed to help billions of people use Bitcoin securely, privately, and at scale.
Rootstock: An independent blockchain attached to the Bitcoin blockchain using two-way pegging. It aims to address Ethereum's shortcomings by leveraging Bitcoin's unparalleled stability, security, and economic strength.
Ordinals Protocol: A protocol that allows unique identifiers to be assigned to various Satoshis (SAT) on the Bitcoin blockchain and enables trading with additional data. Developed by developer Casey Rodarmor, the protocol effectively allows the creation of NFTs directly on the Bitcoin blockchain. Bitcoin NFTs can also be referred to as ordinal NFTs.
Interlay: A modular, programmable layer between the Bitcoin and multi-chain ecosystems, unlocking DeFi use cases for BTC. Its DeFi hub offers BTC swaps, lending, and staking services.
Babylon: Extracts security from the Bitcoin chain and shares it with various PoS chains such as Cosmos, Binance Smart Chain, Polkadot, Polygon, and others. The project's vision is to expand Bitcoin's security to ensure the safety of the decentralized world.
Botanix: Equivalent to Ethereum's L2 virtual machine, built on top of Bitcoin. It aims to combine Bitcoin's market value with Ethereum's dApp ecosystem.
Bison Labs: Completely changing DeFi with native Bitcoin zk-rollups, providing unparalleled transaction speed and security.
Alpen Labs: The company's platform aims to build infrastructure to allow broader adoption, enabling customers to easily access Bitcoin.
Ark: An L2 protocol for cheap, anonymous, off-chain Bitcoin payments. It allows recipients to receive payments without acquiring incoming liquidity, while protecting the recipient's privacy.
RGB: An intelligent contract layer and off-chain protocol built on the Bitcoin blockchain, allowing the minting and issuance of Bitcoin-based digital assets. With RGB, users will be able to issue stablecoins, tokens, non-fungible tokens (NFTs), and create client-validated confidential smart contracts on Bitcoin.
Taproot Assets: A new Taproot-supported protocol for issuing assets on the Bitcoin blockchain, enabling instant, high-capacity, low-cost transactions via the Lightning Network. Taproot Assets leverages the security and stability of the Bitcoin network and the speed, scalability, and low fees of the Lightning Network.
NFT/Game
On Chain Monkey/Osura Market: Metagood has been a pioneer in the NFT space and continues to lead the industry with its understanding of Ordinals and the Bitcoin ecosystem. As the company behind one of the most successful NFT series on BTC and ETH, On-Chain Monkey, Metagood is currently working on launching the high-end digital artifact marketplace Osura.
Neoswap AI: An AI-driven economic engine that provides users with a personalized, efficient, and accessible trading experience using blockchain technology. Its current products include smart swaps, smart auctions, and AI trading.
Magic Eden: Originally a Solana-based NFT trading platform, Magic Eden has expanded its support to other blockchain networks such as Bitcoin, Polygon, and Ethereum. With the continuous development of Ordinals, Magic Eden positions itself as one of the largest cross-chain NFT platforms.
OKX: The first multi-chain wallet that supports the Lightning Network, enabling cheaper and faster Bitcoin transactions. It is a new Ordinals market launched in May 2023, supporting the minting and trading of Ordinals and BRC-20 tokens.
Binance: As the world's largest centralized cryptocurrency exchange, Binance announced in May 2023 that its NFT marketplace will start supporting Ordinals. This development allows customers to trade ordinals directly without the need for a separate Bitcoin wallet. The exchange also recently announced the launch of Ordinals inscription services, making it easier for users to directly inscribe data onto their personal Satoshis.
Gamma.io: A Bitcoin ordinal market that allows users to easily create and trade ordinal inscriptions, similar to non-Bitcoin platforms such as OpenSea with MetaMask.
Ordinals Market: A market for trading inscriptions. It facilitates the trading of Bitcoin inscriptions, allowing transactions on Bitcoin using browsers like Xverse and inscribing Bitcoin inscriptions on the Ethereum blockchain using "storage" technology developed by Emblem Vault, which includes encrypted private keys of Bitcoin addresses with inscriptions.
Emblem Vault: A Bitcoin network NFT platform that allows users to exchange NFTs and digital assets on any blockchain compatible with Ethereum and EVM.
Ordinex: A secure, trustless, and transparent environment for Bitcoin Ordinals trading, providing a user-friendly interface.
OrdinalHub: A platform that helps users track all popular and trending inscriptions and provides users with advantages for new minted coins through its data-rich tools.
Ordswap: A trustless Ordinals market built on Bitcoin. It allows users to register, buy, sell, and auction NFTs.
Ord.io: An application/browser that provides inscription services for GIFs, text, videos, games, and more, and recently started supporting recursive inscriptions.
OpenOrdex: An open-source, zero-fee, trustless Bitcoin NFT market based on partially signed Bitcoin transactions (PSBT).
Ordiscan: Allows users to explore ordinals and inscriptions on Bitcoin, as well as search for inscriptions and addresses.
Ordzaar: A decentralized Ordinals market that allows users to buy and sell Ordinals inscriptions with 0 platform fees. Ordzaar is also the organizer of the 2023 Singapore Ordinals Summit.
Scarce.City: An online marketplace for Bitcoin collectibles and Bitcoin NFTs.
OrdinalsBot: Allows users to easily register Ordinals, and has registered many collections in the space since its launch.
Luminex: A launchpad that brings high-quality, attractive Bitcoin ordinal and BRC20 projects into the Bitcoin ecosystem. Services also include image optimization, creating various whitelist levels, and marketing support.
Quadkey: An inscription project for Bitcoin ordinals, demonstrating several new underlying technologies using a geospatial indexing standard.
Deezy: Deezy has a wide range of ordinal and inscription tools. Deezy Marketplace is an open-source and fully decentralized ordinal market.
Taproot Wizards: This series consists of 2,121 unique wizard-themed ordinals, co-created by Mavensbot, who uploaded a rough drawing of a Bitcoin-wielding wizard to Reddit's r/Bitcoin on February 18, 2013.
Ordinals Maxi Biz (OMB): One of the most well-known Ordinals series, with a floor price exceeding 0.2 BTC and a total trading volume of over 400 BTC on Magic Eden.
Sating.io: A decentralized marketplace for users to search, collect, and share rare Satoshis (Sats).
Magisat.io: Magisat is the first P2P rare satellite marketplace. It is based on PSBT, similar to Magic Eden, and includes a set of specialized filters and rare satellite sorting.
Wallets
Xverse: A non-KYC Bitcoin wallet that supports Bitcoin and layers built on top of Bitcoin, such as Stacks, Lightning, and Ordinals.
XDEFI Wallet: A multi-chain wallet that allows users to exchange and bridge blockchains within the application. It has its own $XDEFI token.
imToken: A multi-chain wallet that supports popular Layer1 and Layer2 networks and provides a built-in DApp browser. They also have their own hardware wallet.
Exodus: Designed to make cryptocurrency easy for everyone by eliminating geek requirements. It provides strong support to attract new users.
Sparrow Wallet: A tab-based desktop wallet, but not browser-based. Its transaction viewer also serves as a blockchain explorer, providing users with a complete history of charts and transactions.
Ordinals Wallet: Launched in February this year, it supports various operations related to Ordinals, such as transfers, sending, registration, buying, and selling.
UniSat Wallet: An open-source Chrome extension for storing and transferring Ordinals NFTs and BRC-20 tokens. Users can also inscribe anytime, anywhere without running a full node. It is also the official Ordinal Protocol wallet.
Leather (Hiro Wallet): One of the most popular Bitcoin Ordinals wallets. It is a Bitcoin wallet that allows users to put their Bitcoin-collateralized assets to use, supporting Ordinals, Stacks, DLC, Stamps, BNS, BRC-20, and more.
Bitmask: BitMask is a browser extension that allows access to decentralized applications on the Bitcoin blockchain using protocols like RGB.
Others
Bitcoin Startup Lab: The first pre-accelerator on Bitcoin. The rigorous Bitcoin startup bootcamp program is designed for those who want to push their limits and develop championship capabilities to build investable startups on Bitcoin.
Hoseki: An application that allows users to add Bitcoin accounts in a way that proves ownership without granting custody of funds to the platform. It is building a world based on Bitcoin as a standard or currency, and proving reserves are safe and easy.
OpenNode: Easy-to-use Bitcoin payment processing for any business. With OpenNode, businesses can choose to automatically convert to receive local currency and always receive instant (Lightning Network) or near-instant (on-chain) final settlement.
Neutronpay: Provides Lightning Network infrastructure APIs for global remittances, payments, expenses, and payouts. Through a simple setup process, Neutronpay allows users to send, receive, and pay globally instantly.
Ordspace: An insight and analytics platform for Ordinals, recalculating the rankings of all BRC-20 tokens using multidimensional data.
BestinSlot.xyz: An ordinal aggregator and browser that allows users to explore, collect, and trade ordinals.
Sustainable Bitcoin Protocol: This protocol creates a new environmental commodity that can incentivize clean energy Bitcoin miners and allow investors to achieve their ESG goals while holding Bitcoin.
Layer One Foundation: Embraces root innovation, builds open-source tools, paves the way for efficient upgrades and interoperable standards, and aims to bridge the gap between indexing and governance.
IBEX: A Bitcoin infrastructure company specializing in Lightning Network (LN) enterprise solutions.
BRC-20.io: Provides real-time price tracking for various BRC-20 tokens, allowing users to stay informed about the latest market trends.
Rare and Exotic Sats: As the name suggests, the rare and exotic Satoshis purchased on this website are fresh and un-inscribed.
Bitmap: A platform aiming to leverage the Bitcoin blockchain for metaverse standards, indexing, and platforms.
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