An article taking stock of the development of DApps in the Bitcoin ecosystem
Original title: Summary of Bitcoin DApps in the Third Quarter of 2023
Original source: Web3 CN
Compared to Ethereum, the Bitcoin ecosystem for developers has long been dormant. Although the project has tried many times to build on Bitcoin L1, the technology stack is far behind Ethereum. Ethereum not only has smart contract functions, but also has a platform full of different DApps, L2, Rollup, etc.
As developers, it has been difficult to convince them to develop on Bitcoin in the past because the infrastructure around the development experience when it comes to building applications is far inferior to smart contract chains. It is much easier to bridge Bitcoin to another blockchain and build applications there, like Stacks or Trustless Computer have done. Unlike Polygon and Arbitrum, there is no large development ecosystem behind Bitcoin to drive ecosystem development. Even Ethereum took several years to build a strong developer base. But all of this is subject to change, with the launch of the Ordinals protocol earlier this year making it easier for developers and projects to start paying attention to the Bitcoin ecosystem.
The Bitcoin Ordinals protocol is a method of writing data to various Satoshis on the Bitcoin network. Although it was originally used to mint images as NFTs, users began to realize that they could use text-based inscriptions to create fungible tokens, similar to how they were minted via the ERC-20 token standard on the Ethereum network. BRC-20 is an experimental fungible token standard that uses serial number inscriptions on the Bitcoin network, but unlike ERC-20, BRC-20 tokens do not use smart contracts. It utilizes ordinal inscriptions of JSON data to deploy, mint, and transfer tokens. This innovation fills a need for fungible tokens on the Bitcoin network that was previously lacking, but it also has its limitations. This is where developers build protocols on top of ordinal to further improve their infrastructure.
For example, ordinary ordinal numbers can only hold 4 MB of data, which has led to the recent development of recursive inscriptions, which some refer to as Bitcoin cloud computing. Basically, recursive inscriptions call data from previous inscriptions. It can be an image or some script, which can save a lot of data and money. This is interesting because once the data is on the blockchain, it can be referenced again and again. Therefore, users can write to a very large code base once and other developers can reference the library at runtime without writing to it.
These developments are enough to make people speculate on the possibility of DeFi and decentralized storage on Bitcoin, which may rival IPFS in the future. Although it is still in the early stages, there are already many projects trying to build on the first layer of Bitcoin. Here is a summary of the latest projects in the current Bitcoin ecosystem.
Bicoin DeFi
Liquidium: P2P general lending solution utilizing DLC and PSBT. Unlike existing protocols that rely on bridging Ordinals to other blockchains, Liquidium allows users to borrow and lend native Bitcoin with native Ordinals as collateral in a trust/minimal and custodial-free solution.
BadgerDAO: A decentralized collective of builders supporting community-driven DeFi Bitcoin growth.
Sovryn: A decentralized trading and lending platform based on Bitcoin, developed on Rootstock (RSK). Basically a DAO built on the RSK Bitcoin side chain, which can perform DeFi operations on Bitcoin.
DLC.Link: Implementing the Discreet Logging Contract (DLC). Their platform locks Bitcoin in on-chain escrow that can be controlled by Ethereum and other smart contract chains. This enables lending, trading, derivatives, and more.
Atomic Finance: A platform that enables users to earn Bitcoin self-custody earnings using DLC. Using DLC can make products virtually trustless and eliminate counterparty risk.
Alex: This project is the abbreviation of Automated Liquidity Exchange. It is a DeFi platform built for Bitcoin through Stacks smart contracts.
LNSwap: A decentralized exchange protocol that provides a fast and private way to exchange Bitcoin for digital assets and vice versa on the Stacks layer. LNSwap supports all on-chain and Lightning Bitcoin wallets.
BSwap: A decentralized DEX built on the BTC L2 network BEVM, allowing users to securely and decentralized cross-chain assets such as BTC and BRC 20 to BEVM, and achieve the same low gas as the erc 20 token in BSwap. High-speed trading experience.
Portal Finance: With portal ecosystem tools, users and autonomous agents (“AIGENTs”) 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 that runs through smart contracts protected by the Bitcoin blockchain through the Stacks layer. For borrowers, Zest Protocol offers on-chain BTC loans and BTC collateralized loans, while custody is via Stacks.
Hydranet: DEX based on Lightning Network. It requires no KYC, and with a Layer 3 solution, Hydranet claims to run Bitcoin and Ethereum chains together, allowing cross-chain coin transfers without the need for any bridges.
Stackswap: A launchpad for permissionless DEX and token projects built on Bitcoin via the Stacks network. Stackswap is both an AMM and an incubator for projects looking to create tokenized projects.
Deep Lake: Deep Lake is a set of APIs designed to interact with and simplify powerful Bitcoin primitives (including DLC and PSBT) so developers can create trust-minimized and non-custodial smart contract applications directly on L1 without the need for Any sidechains, wrappers or bridges.
Bitflow: A DEX that allows users to trade and earn money with Bitcoin without relying on a central point of failure, replacing the middleman with PSBT, atomic swaps, layer 2 smart contracts, sBTC, and decentralized liquidity pools.
Stroom: A liquid staking protocol in the Bitcoin Lightning Network. Strooms goal is to build a bridge between the Lightning Network and the DeFi ecosystem on all EVM/compatible chains, starting with Ethereum. The project aims to integrate InBTC, an ERC-20 token that can be exchanged for BTC 1:1, into blue-chip DeFi protocols across the ecosystem.
Fuji Money: This protocol allows the issuance and destruction of synthetic assets backed by Bitcoin collateral and tracks the price of a reference index. It is non-custodial, meaning there is no intermediary or custodian, and the collateral can be redeemed at any time once the debt is repaid.
Kollider: Claims to be the first instant settlement DEX built on the Bitcoin Lightning Network. The company is also working on developing a Bitcoin-backed synthetic stablecoin and a Lightning Network-enabled Bitcoin wallet.
LN Markets: The first lightning native Bitcoin derivatives trading platform. Enables traders to minimize counterparty risk as users can conduct instant and virtually cost-free transactions directly from Lightning wallets.
Lava: Lava wallet is designed to provide users with a sovereign, simple and secure experience. The Lava Lending Protocol enables users to borrow against Bitcoin without taking on counterparty risk.
infrastructure
Stacks: The Bitcoin L2 protocol improves the functionality of Bitcoin by automatically executing smart contracts without the need for Bitcoin forks. In addition, Stacks brings DApp and smart contract functionality to Bitcoin without changing any functionality of Bitcoin.
BEVM: A decentralized BTC L2 that uses BTC as gas and is compatible with EVM. Its core goal is to expand the smart contract scenario of Bitcoin so that BTC can build decentralized applications with BTC as native GAS on the EVM ecosystem.
Mintlayer: PoS L2 protocol brings smart contract programmability to the Bitcoin blockchain. It aims to solve Bitcoin’s scalability issues and improve functionality by enhancing DeFi applications, DEXs, stablecoins, and tokenization on the Bitcoin network.
Spiral: An independent, Bitcoin-focused entity within the Block corporate ecosystem. It builds and funds free, open source projects that improve Bitcoins privacy, security, user experience, and scalability.
Liquid Network: Bitcoin L2 solution that quickly and confidentially settles and issues digital assets such as stablecoins, security tokens and other financial instruments on the Bitcoin chain.
Fedi: The company building technology for global Bitcoin adoption. The Fedi mobile app is the companys primary product, designed to help billions of people use Bitcoin securely, privately and scalably.
Rootstock: An independent blockchain attached to the Bitcoin blockchain using a two-way peg. It aims to address Ethereum’s shortcomings by leveraging Bitcoin’s unparalleled stability, security, and economic power.
Ordinals Protocol: A protocol that allows individual Satoshis (SAT) in the Bitcoin blockchain to be assigned unique identifiers and transacted with additional data attached. Developed by developer Casey Rodarmor, the protocol effectively allows the creation of NFTs directly on the Bitcoin blockchain. Bitcoin NFT can also be called ordinal NFT.
Interlay: A modular, programmable layer between Bitcoin and the multi-chain ecosystem that unlocks BTC’s DeFi use cases. Its DeFi hub offers BTC swaps, lending and staking services.
Babylon: Babylon extracts security from the Bitcoin chain and shares it with various PoS chains such as Cosmos, Binance Smart Chain, Polkadot, Polygon, and other blockchains. The project’s vision is to expand Bitcoin’s security to ensure the security of the decentralized world.
Botanix: Completely equivalent to Ethereum’s L2 virtual machine, built on top of Bitcoin. It aims to combine Bitcoin’s market capitalization with Ethereum’s dApp ecosystem.
Bison Labs: Revolutionizing DeFi with zk-rollups on native Bitcoin, delivering unparalleled transaction speed and security.
Alpen Labs: This company’s platform is designed to build infrastructure to allow for wider adoption, making it easy for customers to access Bitcoin.
Ark: L2 protocol for making cheap, anonymous, off-chain Bitcoin payments. It allows recipients to receive payments without accessing incoming liquidity while protecting recipient privacy.
RGB: RGB is a smart contract layer and off-chain protocol built on the Bitcoin blockchain that allows 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 customer-verified confidential smart contracts on Bitcoin.
Taproot Assets: Taproot Assets (formerly Taro) is a new Taproot-powered protocol for issuance of assets on the Bitcoin blockchain that can be instantly, high-volume, low-fee traded over the Lightning Network. At its core, Taproot Assets leverages the security and stability of the Bitcoin network with 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 the teams knowledge of Ordinals and the Bitcoin ecosystem. As the company behind On-Chain Monkey, one of the most successful NFT series on BTC and ETH, Metagood is currently working on launching the Osura market for high-end digital artifacts.
Neoswap AI: An artificial intelligence-driven economic engine that leverages blockchain technology to provide users with a personalized, efficient, and accessible trading experience. Its current products include smart swaps, smart auctions and AI trading.
Magic Eden: Originally an NFT trading platform based on Solana, Magic Eden has expanded its support to other blockchain networks such as Bitcoin, Polygon, and Ethereum. As Ordinals continues to grow, Magic Eden is positioning itself as one of the largest cross-chain NFT platforms.
OKX: The OKX wallet is the first multi-chain wallet to support the Lightning Network, enabling cheaper and faster Bitcoin transactions. This is the new Ordinals market that will be launched for the first time in May 2023, supporting the minting and trading of Ordinals and BRC-20 tokens.
Binanace: As the worlds largest centralized cryptocurrency exchange, Binance announced in May 2023 that its NFT market would begin supporting Ordinals. This development enables customers to trade ordinal numbers directly without the need for a separate Bitcoin wallet. The exchange also recently announced the launch of the Ordinals inscription service, making it easier for users to inscribe data directly onto personal Satoshis.
Gamma.io: A Bitcoin ordinal marketplace that enables users to easily create and trade ordinal inscriptions in a manner comparable to non-Bitcoin platforms such as OpenSea with MetaMask.
Ordinals Market: A market where inscriptions are traded. It facilitates the transaction of Bitcoin inscriptions. You can use browser Bitcoin wallets such as Xverse to conduct transactions on Bitcoin, or you can use the storage technology developed by Emblem Vault to conduct Bitcoin inscription transactions on the Ethereum blockchain. The technology consists of holding the encrypted private key of the inscribed Bitcoin address.
Emblem Vault: The Bitcoin network NFT platform allows users to exchange NFTs and digital assets on any blockchain on the Ethereum and EVM compatible markets.
Ordinex: Designed to provide a secure, trustless and transparent environment for Bitcoin Ordinals transactions through an easy-to-use interface.
OrdinalHub: A platform that helps users track all hot and trending inscriptions and gives users the advantage of new mints through its data-rich tools.
Ordswap: A trustless Ordinals market built on Bitcoin. Allows users to register, buy, sell and auction NFTs.
Ord.io: An application/browser that provides users with inscription services such as GIFs, texts, videos, games, etc., and has recently begun to support recursive inscriptions.
OpenOrdex: An open source zero-fee, trustless Bitcoin NFT market based on Partially Signed Bitcoin Transactions (PSBT).
Ordiscan: Allows users to explore serial numbers and inscriptions on Bitcoin, while also searching 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 Ordinals Summit in Singapore.
Scarce.City: An online marketplace for Bitcoin merchandise and Bitcoin NFTs.
OrdinalsBot: OrdinalsBot makes it easy for users to register Ordinals, and has registered many collections of items in the space since its launch.
Luminex: Launchpad, bringing high-quality, attractive Bitcoin ordinal and BRC 20 projects to the Bitcoin ecosystem. Services also include image optimization, creation of various whitelist tiers, marketing support, and more.
Quadkey: The Bitcoin Ordinal Inscription Project, leveraging geospatial indexing standards to demonstrate several new underlying technologies.
Deezy: Deezy has a wide range of ordinal and inscription tools. Deezy Marketplace is an open source and fully decentralized ordinal marketplace.
Taproot Wizards: This collection of 2,121 unique wizard-themed serial numbers was co-created by Mavensbot, a user who uploaded a rough drawing of a Bitcoin-wielding wizard to r/Bitcoin on Reddit on February 18, 2013.
Ordinals Maxi Biz (OMB): One of the most well-known Ordinals series with a lower limit of over 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 marketplace for rare satellites. It is based on PSBT, similar to Magic Eden, and includes a specialized set of filters and rare satellite sorting.
wallet
Xverse: A non-KYC Bitcoin wallet that supports Bitcoin and layers built on top of Bitcoin such as Stacks, Lightning, Ordinals, and more.
XDEFI Wallet: A multi-chain wallet that allows users to exchange and bridge blockchains without leaving the application. Own your own $XDEFI token.
imToken: A multi-chain wallet that supports popular Layer 1 and Layer 2 networks and provides a built-in DApp browser. They also have their own hardware wallet.
Exodus: Designed to eliminate geeky requirements and make cryptocurrencies easy for everyone. Great support is provided for attracting new users.
Sparrow Wallet: A tab-based desktop wallet, but not browser-based. Its transaction viewer also acts as a blockchain explorer, providing users with a complete history of charts and transactions.
Ordinals Wallet: The Ordinals wallet was launched in February this year and supports various Ordinals-related operations, such as transfer, sending, registration, buying and selling, etc.
UniSat Wallet: Open source Chrome addition for storing and transferring Ordinals NFT and BRC-20 tokens. Users can also credit from anywhere without having to run 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 you to access decentralized applications on the Bitcoin blockchain using protocols such as RGB.
other
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 champion abilities to build investment-worthy startups on Bitcoin.
Hoseki: An application that allows users to add Bitcoin accounts in a way that proves their ownership, but does not provide custody of funds to the platform. It is building a world where Bitcoin is the standard or currency, and where proving reserves is safe and easy.
OpenNode: Easy-to-use Bitcoin payment processing for any business. With OpenNode, businesses can choose automated exchanges to receive local currency and always get instant (Lightning Network) or near-instant (on-chain) final settlement.
Neutronpay: Provides Lightning Network infrastructure API for global remittances, payments, disbursements and disbursements. With a simple setup process, Neutronpay allows users to send, receive and pay instantly across the globe.
Ordspace: Ordinals insight and analysis platform that uses multi-dimensional data to recalculate the ranking of all BRC-20 tokens.
BestinSlot.xyz: Ordinal number aggregator and browser that allows users to explore, collect and trade ordinal numbers.
Sustainable Bitcoin Protocol: This protocol creates a new environmental commodity that incentivizes clean energy Bitcoin miners and allows investors to achieve their ESG goals while owning Bitcoin.
Layer One Foundation: Layer 1 Foundation embraces taproot innovation and builds open source tools that pave the way for efficient updates and interoperable standards while aiming to bridge the gap between indexing and governance.
IBEX: IBEX is a Bitcoin infrastructure company specializing in Lightning Network (LN) enterprise solutions.
BRC-20.io: Provides real-time price tracking of various BRC-20 tokens, allowing users to keep up to date with the latest market trends.
Rare and Exotic Satoshi: As the name suggests, the rare and exotic Satoshi purchased on this site are fresh and unengraved.
Bitmap: A transformative Metaverse standard, index, and platform designed to leverage the Bitcoin blockchain.
