Opening the Ordinals market on Magic Eden, we find that the Bitcoin ecosystem has performed quite well in terms of price over the past week:

Although the image above only shows 12 projects, it includes 3 of the main directions currently focused on by players in the Bitcoin ecosystem… Next, we will introduce what the Bitcoin ecosystem is currently engaging in, based on the performance of specific projects.

BRC 2.0

BRC 2.0 is the most highly regarded concept in the Chinese-speaking Bitcoin ecosystem recently. This is a "programmable module" for BRC20 released by the chief maintenance team Best in Slot, which essentially allows BRC20 to support smart contracts.

This update will officially activate on the Bitcoin mainnet at block height 909969 (estimated time is August 14).

This major update is supported by the Layer 1 Foundation (L1F) created under the leadership of BRC20 creator domo. From the technical architecture diagram below, we can see that BRC 2.0 supports smart contracts by using an off-chain "EVM executor." According to the workflow shown in this diagram, not only are smart contracts executed off-chain, but only the "initiating contract interaction" and "contract interaction results" are recorded on-chain, making the contract state and execution a "black box."

Despite some imperfections, BRC20 is undoubtedly the most solid asset protocol in the Chinese-speaking Bitcoin ecosystem, which has always been its greatest advantage. Adderrels, as the first BRC 2.0 NFT project, currently holds the title of the leading BRC 2.0 project in terms of floor price and trading volume, with a current floor price of 0.0143 BTC (approximately $1,687) and a trading volume exceeding 6 BTC (approximately $730,000) over the past 7 days.

The highlights of this project mainly include strong support from the Chinese-speaking community, being the first BRC 2.0 NFT project, and having a follow-up token distribution plan (a total of 55% will be allocated to holders and stakers). Its total supply is only 3,420, but currently, 2,029 have been staked, with a staking rate close to 60%. Additionally, there are only 225 listings on Magic Eden.

Due to its absolute advantage in price and trading volume, holders and stakers also believe that besides airdrops, they will receive more whitelist spots for new projects, hoping that this project will become the "golden shovel" of BRC 2.0.

As for the "pre-issue" tokens of BRC 2.0, the one with the highest trading volume is $LIQUID, which reached approximately 3.13 Bitcoin (about $370,000) in trading volume over the past week, with a current floor price corresponding to a market cap of about $450,000.

During the minting of $LIQUID, miner fees surged from ~3 sat/vB to over 30 sat/vB, with about $130,000 coming directly from these minting transactions.

For the Bitcoin ecosystem, which has been quiet for a long time, the vitality brought by BRC 2.0 is already commendable.

Established Bitcoin NFT Series

Let’s revisit the image at the beginning of the article:

The established Bitcoin NFT series has seen the most significant rise in this round with "NodeMonkes," which increased by nearly 80% over the past week, with a trading volume close to 18.5 Bitcoin (approximately $2.2 million). However, NodeMonkes did not have any particularly obvious positive news, only announcing on July 25 that it would launch a zero-fee trading market.

However, from the trading volume, we can see that the established Bitcoin NFT series still has appeal, and the leading tier has not changed much, still consisting of NodeMonkes, Bitcoin Puppets, Taproot Wizards, and OMB, the "four great kings." These projects are still far from their peaks, and this wave of recovery may benefit from Bitcoin's strength and the excellent performance of Ethereum NFT leaders like CryptoPunks in recent times.

In the more niche category of art projects, CENTS has risen by 70% over the past week, with a trading volume of about 1.8 Bitcoin (approximately $220,000), and a current floor price of 0.0112 Bitcoin (approximately $1,320). As a conceptual art project, this is CENTS' third time above 0.01 Bitcoin, gradually securing its position as the leading Bitcoin art NFT project over more than a year. Sadly, the project's artist, Rutherford Chang, passed away in February of this year, coinciding with the day Trump instructed the U.S. Treasury to stop minting new one-cent coins.

RIP Rutherford, your spirit will forever be transmitted through Bitcoin.

Runes

Although the most famous rune $DOG and its NFT Runestone have been declining over the past week, if we extend the timeline to 30 days, several runes have performed quite well. This includes $MIM from Bitcoin Wizard, $PUPS from Bitcoin Puppets, $BDC from "Billion Cats," and $GIZMO derived from Bitcoin Puppets.

Nevertheless, the biggest positive news for runes in the past month has come from $DOG. On June 27, Kraken listed $DOG. Yesterday, C2 Blockchain announced it had increased its holdings by 11.45 million $DOG (approximately $39,000), bringing its total holdings to about 145 million $DOG (approximately $490,000), with a target holding of 200 million $DOG.

Alkanes

The Alkanes ecosystem has recently received relatively little attention. However, yesterday, Oyl announced the completion of a snapshot for the Oyl Wallet XP. Everyone is looking forward to a potential $DIESEL or $OYL airdrop in the near future.

Conclusion

Although the Bitcoin ecosystem still has a long way to go before returning to its peak, and its price performance has been unsatisfactory for a long time, the community continues to develop quietly and gradually stabilize. Meanwhile, the Chinese-speaking community remains a backbone force in the Bitcoin ecosystem, which may be the most influential market for Chinese-speaking power in the crypto space.

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