Bitcoin DeFi ecosystem thrives despite market correction
The Bitcoin DApp ecosystem has been reinvigorated by the invention of native protocols such as Ordinals and Inscriptions last year.
The Bitcoin decentralized application (DApp) ecosystem has been experiencing a revival with the introduction of native protocols since the creation of Ordinals and Inscriptions.
One such project, omnichain yield-generating protocol SolvBTC, has accumulated a total value locked (TVL) of $700 million from its yield-bearing Bitcoin minted on Arbitrum, Merlin, and BNB Chains. In a statement to Cointelegraph, SolvBTC developers claim that the protocol has recently surpassed 10,000 BTC staked and attracted “over 92,000 participants” shortly after its launch earlier this month.
“The liquidity revolution of Bitcoin is a necessary prerequisite for the true explosion of BTCFi,” commented SolvBTC founder Ryan Chow. “In the near future, SolvBTC will be launched on and bridged to additional networks, effectively connecting BTC users, chains, and protocols.”
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Author: Zhiyuan Sun
