Original author: Cookie

Opening the Ordinals market on Magic Eden, we can see that the Bitcoin ecosystem has performed quite well over the past week:

Although the above picture only shows 12 projects, it includes 3 of the main focus areas of the current Bitcoin ecosystem players... Next, we will combine the performance of specific projects to introduce one by one what the Bitcoin ecosystem is playing now?

BRC 2.0

BRC 2.0 is the most talked-about concept in the Chinese-speaking Bitcoin ecosystem. Released by Best in Slot, the lead BRC 20 maintenance team, BRC 20's "programmable module" enables BRC 20 to support smart contracts.

The update will be officially activated on the Bitcoin mainnet at block height 909969 (estimated time is August 14).

This major update is supported by the Layer 1 Foundation (L1F), led by BRC 20 creator Domo. As can be seen in the technical architecture diagram below, BRC 2.0 supports smart contracts by utilizing an off-chain "EVM executor." The workflow outlined in this diagram demonstrates that not only are smart contracts executed off-chain, but only the "initiating contract interaction" and "contract interaction results" are uploaded to the chain, leaving the contract status and execution as a "black box."

Despite its imperfections, BRC 20 is undoubtedly the most solid asset protocol in the Bitcoin ecosystem, and this has always been its greatest strength. As the first BRC 2.0 NFT project, Adderrels is currently the undisputed leader in BRC 2.0 in terms of floor price and trading volume. The current floor price is 0.0143 BTC (approximately $1,687 USD), and its trading volume has exceeded 6 BTC (approximately $730,000 USD) in the past seven days.

The highlights of this project are the strong support of the Chinese community, the first BRC 2.0 NFT project, and the subsequent coin issuance plan (the total share allocated to holding and staking will be 55%). Its total amount is only 3,420, but currently 2,029 have been pledged, with a pledge rate of nearly 60%. In addition, the number of pending orders on Magic Eden is only 225.

Since it has an absolute advantage in price and trading volume, holders and pledgers believe that in addition to airdrops, they will get more white tickets from new projects, and hope that the project will become the "golden shovel" of BRC 2.0.

Among the BRC 2.0 "pre-release" tokens, $LIQUID has the largest trading volume, reaching approximately 3.13 bitcoins (approximately US$370,000) in the past week. The current floor price corresponds to a market value of approximately US$450,000.

During the $LIQUID minting period, the mining fee rate jumped from ~3 sat/vB to over 30 sat/vB, with ~$130k coming directly from these minting transactions.

For the Bitcoin ecosystem, which has been deserted for a long time, the vitality that BRC 2.0 has brought to the market is already worthy of recognition.

Veteran Bitcoin NFT Series

Let's look back at the picture at the beginning of the article:

Among the old Bitcoin NFT series, NodeMonkes is the most prominent in this round of growth, with an increase of nearly 80% in the past week and a trading volume of nearly 18.5 Bitcoins (about 2.2 million US dollars). However, NodeMonkes did not have any obvious positive news, except that it announced on July 25 that it would launch a zero-fee trading market.

However, judging from the transaction volume, we can see that the old Bitcoin NFT series is still attractive, and the leading echelon has not changed much, still NodeMonkes, Bitcoin Puppets, Taproot Wizards and OMB, the "Four King Kong". These projects are still far from their peak, and this wave of recovery may benefit from the strength of Bitcoin and the excellent performance of Ethereum NFT leaders such as CryptoPunks in recent times.

In the less popular art project category, CENTS saw a 70% increase over the past week, with trading volume reaching approximately 1.8 BTC (approximately $220,000 USD). The current floor price is 0.0112 BTC (approximately $1,320 USD). This is the third time that CENTS, a conceptual art project, has surpassed 0.01 BTC, solidifying its position as the leading Bitcoin art NFT project over the past year. Sadly, the project's artist, Rutherford Chang, passed away in February of this year, the same day that Trump directed the US Treasury to halt the minting of new pennies.

RIP Rutherford, your will lives on in Bitcoin forever.

Runes

Although the most famous rune $DOG and its NFT Runestone have both fallen in the past week, if the timeline is extended to 30 days, there are many runes that have performed quite well, including Bitcoin Wizard's $MIM, Bitcoin Puppets' $PUPS, "Billion Cats" $BDC, and $GIZMO derived from Bitcoin Puppets.

Despite this, the biggest positive news for Runecoin in the past month has been $DOG. Kraken listed $DOG on June 27th. Yesterday, C2 Blockchain announced it had increased its holdings by 11.45 million $DOG (approximately $39,000), bringing its total holdings to approximately 145 million (approximately $490,000) and its target holdings to 200 million.

Alkanes

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

Conclusion

Although the Bitcoin ecosystem still has a long way to go before it returns to its peak, and its price performance has been unsatisfactory for a long time, the community is still developing quietly and gradually becoming stable. At the same time, the Chinese community is still the backbone of the Bitcoin ecosystem, which may be the most influential market for Chinese language power in the cryptocurrency circle.