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Bitcoin ETF expected to surge, which Bitcoin ecosystem projects are being hyped up?

2024-01-09 14:35

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On January 9th, as the approval result of Bitcoin spot ETF is about to be announced, Bitcoin broke through the $47,000 mark in the morning, and the cryptocurrency market is full of bullish sentiment towards the Bitcoin ecosystem. BlockBeats has selected 10 Bitcoin ecosystem projects worth paying attention to, and the content is summarized as follows:

STX

・Current price: 2.01 US dollars.・涨幅（24H/7d/30d）：21.3%/18.0%/101.2% Translation: ・Increase (24H/7d/30d): 21.3%/18.0%/101.2%

・Market Cap: $2,876,449,339 USD

・Trading Volume (24h): $772,449,899 USD

Stacks is a blockchain that is connected to Bitcoin through a consensus mechanism called "transmission proof" that spans two chains. This allows Stacks to leverage the security of Bitcoin and enables Stacks applications to use the state of Bitcoin. Stacks (STX) is undoubtedly the most advanced L2 protocol for Bitcoin in terms of application: it has the most Apps, the most complete NFT ecosystem, BTC Naming Service, and more DeFi protocols have also been launched in 2023.

In April of this year, along with the Bitcoin halving, Stacks is also about to launch an important Nakamoto upgrade. This upgrade will make it easier for apps like Opensea/Uniswap to be built on the second layer of Stacks/BTC, and the birth of Subnet will support EVM/Solidity, greatly eliminating migration costs. In addition, Nakamoto can also help synthetic BTC emerge on Stacks, directly stimulating the prosperity of DeFi ecology on Stacks. Finally, with the completion of the Nakamoto upgrade, the Block Time on Stacks will be reduced from 10-30 minutes to within seconds.

ALEX

・Current price: 0.3781 USD

・涨幅（24H/7d/30d）：19.8%/-1.2%/157.3%

・Price Change (24H/7d/30d): 19.8%/-1.2%/157.3%

・Market Cap: 247,461,306 USD

・Trading Volume (24h): $11,399,778 USD

ALEX Labs is a Bitcoin-based DeFi platform on the Stacks network. The platform was created with the intention of focusing on the Bitcoin financial perspective, and its vision is to eliminate barriers between Bitcoin L1 and L2, creating a seamless Bitcoin DeFi experience. Its token, ALEX, has a total supply of 1 billion.

Currently, the Launchpad feature of ALEX Labs can be used to launch new projects or deploy, mint, and transfer BRC20 tokens. The cross-chain bridge feature supports users in transferring tokens between EVM and Stacks, as well as between Bitcoin and Stacks. The trading modes include AMM and order book, and users can view and analyze the DeFi economy on ALEX through the dashboard. In addition, the platform will also launch liquidity mining and RWA services. As a Bitcoin DeFi platform, ALEX Labs' features can be said to be quite comprehensive.

In December 2023, ALEX launched the Alpha version of the Bitcoin oracle, with testing expected to be completed by the end of the first quarter of 2024. This version was developed in collaboration with partners such as Domo, BIS, Hiro, UniSat, Xverse, and Xlink. The oracle aims to provide critical security and efficiency layers for assets on Bitcoin, while maintaining decentralization and high transparency.

T

・Current price: 0.03603 USD

・涨幅（24H/7d/30d）：19.0%/37.5%/34.2%

The increase (24H/7d/30d): 19.0%/37.5%/34.2%.

・Trading Volume (24h): $513,669,469 USD

Threshold Network (T) was launched in January 2022, resulting from the merger of Keep Network and NuCypher. The network combines Keep Network's offline container technology and NuCypher's privacy tools, including proxy re-encryption tools, to ensure data security and privacy. One service offered on Threshold Network is Proxy Re-encryption (PRE), which is a cryptographic middleware that enables privacy-preserving applications for users. It uses a scalable end-to-end encryption protocol, where nodes on the network act as proxy entities. These nodes securely and collaboratively re-encrypt data for recipients based on access conditions defined by the data owner. PRE is particularly useful for sharing data while maintaining data ownership, such as for paid subscriptions to encrypted content or for encrypted NFT transfers. The data remains private and encrypted, and data owners can enforce access control through cryptographic means.

Another component of the Threshold ecosystem is tBTC v2, which enables decentralized and permissionless bridging of Bitcoin to Ethereum assets. Unlike existing centralized solutions, tBTC v2 allows Bitcoin holders to access DeFi and Web3 without relying on intermediaries. It replaces centralized intermediaries with a randomly selected set of operators running nodes on the Threshold network. These operators collectively use threshold cryptography to protect the Bitcoin deposited by users. User funds are controlled by the majority consensus of these operators, preventing individual or group control. tBTC v2 is permissionless, ensuring access for everyone.

T is the ERC-20 utility token of Threshold Network, providing various threshold encryption services, including the decentralized Bitcoin bridge tBTC. The T token is staked by node operators and also serves as a governance token. The initial supply of T is 10 billion, with 4.5 billion allocated to NU holders, 4.5 billion allocated to KEEP holders, and 1 billion allocated to Threshold DAO. NU and KEEP holders can upgrade their tokens to T indefinitely.

ICP

・Current price: 13.41 US dollars.

・涨幅（24H/7d/30d）：23.7%/1.8%/37.6%

・Price Change (24H/7d/30d): 23.7%/1.8%/37.6%

・Market Cap: 6,055,739,594 USD

・Trading Volume (24h): $454,489,183 USD

In December 2022, Internet Computer (ICP) announced the integration of its mainnet with Bitcoin. In April 2023, ICP officially launched Chain-Key Bitcoin (ckBTC). Compared to existing cross-chain or wrapping solutions, ckBTC is a highly liquid and cost-effective "twin" token that brings Layer 2 functionality to Bitcoin, allowing for faster and cheaper transactions without compromising security.

ckBTC's functionality is provided through the interaction of two core components:

ckBTC minting machine.

ckBTC ledger.

The ckBTC ledger is responsible for maintaining account balances and transferring ckBTC between accounts. It provides the following functions:

Allows the ckBTC minting machine to mint and destroy ckBTC.

BSV

RIF

BADGER

MUBI

BSSB

The total supply of BSSB is 21 million, of which 50% will be publicly sold on Bounce Finance. The team will hold 5% of BSSB (locked for 6 months and linearly unlocked for 15 months), airdrop quota will account for 3.5%, staking rewards will account for 36.5%, and LP will account for 5% (locked indefinitely).

BitStable launched its native token BSSB on Bounce Launchpad on November 29, 2023 at 12:00. Users can obtain corresponding BSSB shares by staking AUCTION tokens or through the auction mechanism. Within two hours of the announcement by Bounce Finance, the price of AUCTION also saw a surge of over 15%.

ORDI

・Current price: 75.79 US dollars.・涨幅（24H/7d/30d）：16.0%/-4.2%/49.1% Translation: ・Increase (24H/7d/30d): 16.0%/-4.2%/49.1%

・Market Cap: 1,593,687,581 USD

・Trading Volume (24h): 634,890,979 USD

On March 8th, 2023, anonymous developer @domodata launched the BRC-20 Inscription Protocol based on the Ordinals protocol and deployed the experimental token ORDI, which is the first deployed BRC 20 Token. On March 9th, ORDI was minted, with the cost of producing one ORDI (which includes 1000 coins) ranging from 2 to 3 US dollars. Binance listed Ordinals (ORDI) on November 7th, 2023 at 20:00 (GMT+8) and added a seed label to it.