1. Track overview

1.1 Definition and background

Developers have been trying to build smart contracts on BTC. Because of its strong consensus and high market value theoretically provide higher security. Thus,

1. In March 2023, Ordinals appeared out of nowhere, defining a set of ordinal protocols that operate on the BTC network, allowing Tokens and NFTs to be realized and operate stably on the BTC network.
3. Subsequently, developers derived the Inscriptions protocol through Ordinals, which allows attaching any content (such as text, images, videos, HTML, and other file formats) to a single Satoshi and implementing on-chain packaging through transactions sending Taproot scripts, completing the inscription engraving

This achieves the storage of information through the Taproot protocol, which is then packaged onto the blockchain as a traceability certificate, making BTC a public chain capable of storing information. This enables the construction of DApps based on the Taproot protocol, and the BTC ecosystem has thus fully entered the public eye.

Each BTC is subdivided into a hundred million Satoshis, and Ordinals is a system that assigns a number to each Satoshi. At the same time, satoshis are transferred from transaction inputs to outputs on a first-in, first-out basis. Both the numbering scheme and the transfer (transaction) scheme depend on the order; the numbering scheme depends on the order in which Satoshis are mined, and the transfer scheme depends on the order of transaction inputs and outputs.

1.2 Development history

Colored coins

In 2013, someone in the BTC community proposed the concept of ‘Colored Coin’, allowing people to color small amounts of BTC. This meant using the features of the BTC blockchain to define unused fields in BTC as data formats, representing other assets they owned. This enabled the BTC blockchain to support not just BTC transactions but also a wider range of applications.

However, the essence of coloring is a protocol, which requires client support. If a client does not support this protocol, it cannot recognize the data in UTXO as representing colored coins. (Bitcoin-Core, being the largest client, did not recognize this protocol, so colored coins have always been adopted on a small scale.)

The so-called ‘Coloring’ refers to adding specific information to BTC’s UTXO, making it possible to differentiate between different UTXOs, thereby allowing homogenized BTCs to be distinguished from one another.

Colored coins refer to a group of similar technologies that use the BTC system to record the creation, ownership, and transfer of assets other than BTC. They can be used to track digital assets as well as tangible assets held by third parties, and conduct ownership transactions through colored coins.

OP_RETURN

In March 2014, Bitcoin Core 0.9.0 was released, incorporating OP_Return outputs as a standard transaction type. Transactions would be forwarded by nodes, but the update noted,

This change is not intended to encourage data storage on the blockchain. This OP_Return modification created a provably prunable output to prevent outputs that are forever unspendable from being used to store arbitrary data (like images) — some schemes of which had already been deployed — which would lead to the bloating of BTC’s UTXO database. Storing arbitrary data on the blockchain is still a bad idea; it’s cheaper and more efficient to store data unrelated to currency elsewhere.

source:https://bitcoin.org/en/release/v0.9.0#opreturn-and-data-in-the-block-chain

This solution was a compromise by the BTC Core team in response to the pollution caused by BTC. To prevent protocols like colored coins from storing unrelated data on UTXOs, nodes can now forward them.

Lightning Network

The Lightning Network was first proposed in the paper ‘The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments’ in February 2015 and launched in 2018, with the aim of solving performance issues in the transaction network. The Lightning Network conducts a large number of transactions off the BTC blockchain, only confirming key components on the chain. Its basic principle is to establish an off-chain payment channel between transaction parties and then settle the transactions in one go when exiting the payment channel, submitting the final results to the mainnet. It allows users to conduct numerous transactions off the main blockchain, then recording these transactions as a single transaction. However, the TPS (transactions per second) that the Lightning Network can bring to BTC is still limited, and it is still not suitable for building smart contracts.

Moreover, as transactions occur off-chain and the final results are uploaded to the main chain only after closing the channel, the security of transactions on the Lightning Network is not guaranteed. Large funds still hesitate to use the Lightning Network, preferring to transfer through the mainnet.

Taproot

The Taproot upgrade, launched in November 2021, is one of the most significant upgrades in recent years, aiming to enhance the privacy, scalability, and usability of the first-generation blockchain network.

After the Taproot upgrade, it supports batch verification of multiple signatures and transactions, fundamentally solving the issue of slow transaction verification, significantly reducing the demand for block space, and speeding up operations. This also lowers the resource intensity of smart contracts, making them more practical and accessible for everyday transactions. This multifunctionality opens up new possibilities for unique digital assets and other advanced features on the BTC network.

Most smart contract constructions are now starting to be based on the Taproot protocol. However, Taproot has its issues, including data storage off-chain, the need for Taproot format-supporting wallets, and data primarily stored in third-party indexes. If users or third parties lose data, the tokens can be lost.

All above shows how Taproot is adopted. Since its launch, the adoption rate of Taproot has been gradually increasing. Ordinals were introduced in November 2022, and since their launch, there has been an explosive growth in their usage. As of December 25, 2023, an average of 75 out of 100 transactions are related to Taproot.

1.3 Competitive Landscape

As a public chain, it currently divides into asset issuance, i.e., BRC-20 tokens or inscription tokens, and diverse smart contracts. Essentially, it’s still a competition between public chain ecosystems. Currently, there is no very obvious competition, as it’s a relatively new field, with ecosystems like Layer2, DeFi, GameFi, and cross-chain bridges all in the early stages of development.

The key to competition still lies in who can first implement Layer2 to support smart contracts (since BTC’s main chain cannot support smart contracts). The current focus is mainly on simple inscriptions and infrastructure supporting smart contracts.

BTC Layer1 has two schools of issuance: the Json school and Atomicals’ exclusive UTXO school.

Brc20 and Sidechain Scaling

Brc20 is an on-chain record, off-chain processing token system that uses BTC for storage. This type of scaling can be achieved by adding more business logic to off-chain index servers. For example, introducing new primitives under Json’s ‘op’ field, such as ‘mint’, ‘deploy’, ‘transfer’, and operations like placing orders, collateralization, destruction, authorization. These ‘op’ combinations can further evolve into Inscription-Fi (inscription finance) such as swap, lending, and even more complex socialfi and gamefi.

This is essentially programming for indexers, similar to web2 programming for server interfaces. It is relatively easy to implement, even starting from a single index server, but the effect is very significant. Currently, Unisat’s swap functions, including protocols like brc100, orc20, Tap, are pioneers of this Json scaling school, with the potential to bring rapid change.

However, decentralization is always a concern. Programming for indexers inevitably leads to increasing server pressure, making community operations more difficult; complex operations also require consensus, ultimately leading towards the development of smart contract platforms.

Atomicals’ Layer2

Atomicals’ Arc20 tokens are directly represented by BTC’s UTXO itself, without any Json updates. Direct operations based on UTXO allow Arc20 tokens to realize many interesting capabilities, such as swapping Arc20 tokens with BTC, or converting Arc20 tokens into another type of Arc20 tokens.

By controlling transaction inputs/outputs, Arc20 can implement simple DeFi functions (posing higher demands on developers), with clear benefits: all logic is directly processed by the BTC network, sharing the highest security and consensus; it can seamlessly absorb BTC assets, unlike side chains that rely on third-party BTC bridges.

Arc20 is not Turing-complete. Therefore, after absorbing ideas from Bitvm, Atomicals also proposed the Avm BTC Layer2 solution, a Layer2 that submits proofs to the BTC network Layer1 and is validated by BTC script circuits. Arc20, as an asset represented by UTXO, is naturally suitable as collateral for AVM’s second layer fraud proofs. This might be the most suitable Layer2 solution for BTC.

Atomicals’ developer @wizzwallet recently updated some information about AVM, perhaps progressing faster than imagined.

2. Track Ecosystem

2.1 Layer2 Ecosystem

Stacks

The Stacks project began in 2017, a Layer2 public chain project dedicated to building applications on top of BTC. It primarily connects to BTC through the POX (Proof of Transfer) consensus mechanism, aiming to build a large-scale ecosystem on the foundation of BTC.

Currently, there are about 60 DApps listed on the official Stacks website. In Stacks, miners lock BTC, and then the network selects a leader for each round. The leader of each round is responsible for packaging the blocks of Stacks. Then, the leader sends the hash value to the mainnet to obtain rewards for smart contract and transaction fees. This means that the node is not only responsible for the BTC mainnet node but also participates in the Stacks network’s node validation, thus having two opportunities to obtain block rewards.

Currently, the overall data situation of Stacks cannot be obtained from public channels, and the overall development of its ecosystem is not as satisfactory as expected. However, recently, due to the market interest driven by inscriptions, the attention towards Stacks has increased, resulting in a significant rise in its Total Value Locked (TVL).

Currently, the Total Value Locked (TVL) on Stacks is mainly concentrated in ALEX, a one-stop DeFi protocol on Stacks. Its TVL has reached 45 million USD, with a market value of about 245 million USD.

From the data perspective: The increase in ALEX’s market value occurred later. For leading infrastructure-type protocols, this might lag behind the overall market trend, indicating that the speed of capital flow within the industry is still relatively slow.

Rootstock

Rootstock is a smart contract platform based on BTC, compatible with EVM (Ethereum Virtual Machine). Its aim is to extend BTC’s functionalities without compromising its core layer, enabling smart contracts and the permissionless building of DeFi protocols. The Rootstock Infrastructure Framework (RIF architecture) is suitable for scenarios such as payments and identity verification.

The development of Rootstock is progressing well, with its Total Value Locked (TVL) far exceeding that of Stacks. This is mainly because DApps on Stacks require the use of a new language, Clarity, for development. In contrast, Rootstock is compatible with the Ethereum Virtual Machine (EVM), making it more developer-friendly.

Currently, the main projects in this ecosystem are MoneyOnChain and Sovryn, which are a one-stop DeFi platform and a lending platform, respectively. Sovryn has already issued its token, with a market value of 25 million USD.

Liquid Network

Liquid operates on a principle similar to the Lightning Network, with BTC on the network verifiably backed 1:1 by BTC on the main chain. Once users transfer BTC to Liquid, they can take advantage of the network’s speed and privacy features for transactions. Users can also issue new assets on the network, such as stablecoins and security tokens.

Currently, two applications are officially recommended on Liquid: the Hodl Hodl P2P lending protocol and Side Swap. While P2P lending can optimize capital efficiency, it suffers from poor liquidity (current mainstream lending protocols have evolved into point-to-pool forms, which better match supply and demand).

2.2 NFT Ecosystem

Benefiting from the market popularity of Ordinals, funds have started to flow gradually into the NFT ecosystem. Currently, Magic Eden is an NFT marketplace with high liquidity. It launched a BTC NFT marketplace in March 2023 and currently accounts for about 70% of the market’s liquidity.

Bitcoin Frogs

On the Magic Eden NFT marketplace, the highest volume of transactions is for Bitcoin Frogs. It’s a pure PFP (Profile Picture) collection with a total of 10,000 items. The floor price is 0.3 BTC, and the total trading volume is around 950 BTC.

From the data perspective: As the popularity of the BTC track gradually declines, the prices of Ordinals also decrease, resulting in a downward trend in the NFT market.

Bitmap

Bitmap is an open-source standard protocol proposed by blockamoto on June 13, 2023, based on ordinals, aimed at establishing a consensus for metaverse land on the BTC blockchain.

This project is quite innovative. Unlike Decentralized or The Sandbox, this type of land can be used to build numerous similar projects. However, if a block is bound with a bitmap, its scarcity naturally forms, rather than being artificially set by the project team. The scarcity of bitmap comes from the ordinal of the block it belongs to. Currently, most bitmap projects are still in the exploratory development stage.

Bitmap is essentially a standard that defines ownership for each BTC block. Indexers or platforms can visualize and map block data into different 3D spaces according to rules, turning them into pieces of metaverse land. For example, as proposed by blockamoto, the ‘value’ data contained in a block could define the surface area of the land, and ‘vbytes’ could represent land depth, etc. Since each block contains different data (block number, transaction amounts, number of transactions), it ultimately results in lands with diverse attributes.

The original BTC blockchain itself does not have a concept that allows someone to own a block. Bitmap defines block ownership within its own ecosystem for Bitmap holders, which is the core of Bitmap. Based on this immutable core, indexers or developers based on Bitmap can have their own rules to interpret block data, map different metaverse scenarios, and develop various functionalities for Bitmap holders.

Ordinal Maxi Biz

The Ordinals protocol is a method of writing data onto individual Satoshis on the BTC network. Initially used for minting images as NFTs, developers later used text-based inscriptions to create tokens, similar to the way ERC-20 tokens are minted on the Ethereum network. Ordinal Maxi Biz came into the public eye in this round of NFTs with the concepts of Ordinals and rare Satoshis.

It utilizes ordinal inscriptions of JSON data to deploy, mint, and transfer tokens. This innovation fulfills the demand for fungible tokens on the BTC network, which was previously lacking, but it also has its limitations. This is where developers build protocols on top of ordinals to further improve the infrastructure.

BRC-20 is an experimental fungible token standard using ordinal inscriptions on the BTC network. Unlike ERC-20, BRC-20 tokens do not use smart contracts.

There’s a Block 9 Satoshi, the oldest circulating Satoshi, which is highly popular due to its historical and cultural significance. Some of the popular series inscribed on Block 9 Satoshi include Ordinal Maxi Biz (OMB), Green Eyes, and Timechain Collectibles Series 2.

2.3 DeFi Ecosystem

With the surge of interest in Ordinals, many developers have begun building various DeFi protocols on BTC:

Bounce Finance

Bounce is a decentralized auction protocol for token swaps. The protocol was launched in July 2020, and in October 2020, Bounce was selected as the second batch of Binance Smart Chain seedfund funding projects and is also considered a subsidiary project of Binance.

Bounce was created by Chandler Song, the founder of Ankr, and its investors include institutions such as ParaFi Capital and Blockchain Capital, as well as industry figures like Kain Warwick, the founder of Synthetix, and Stani Kulechov, the founder of Aave.

This auction protocol recently launched the highly popular cross-chain protocol Multibit and the lending protocol Bitstable. The innovative Multibit protocol aims to unify liquidity between the BTC network and Ethereum Virtual Machine (EVM) networks. Its core product is the Multibit Bridge, which facilitates seamless token transfers between ETH, BNB, and BTC networks. This bridging mechanism not only enhances the liquidity of BRC-20 tokens but also promotes the growth and development of the entire BTC ecosystem.

During the Multibit auction, the price was 0.000516U per token. As of December 25th, the price rose to 0.2407, an increase of 466 times, with a current market value of 230 million USD.

BitStable

BitStable is a decentralized asset protocol based on the BTC network. Anyone, anywhere, can generate $DAII stablecoins on this platform by collateralizing assets within the BTC ecosystem. BitStable features a dual-token system and a cross-chain compatible structure, with its tokens being $DAII and $BSSB. $DAII is a stablecoin (BRC 20) whose value and stability are derived from the robustness of assets in the BTC ecosystem, including BRC 20, RSK, and the Lightning Network. Moreover, within BitStable’s vision, $DAII also aims to bring the Ethereum community into the BTC ecosystem through its cross-chain capabilities. The total supply of $DAII is 1 billion.$BSSB is the governance token of the platform, used by the community to maintain the system and manage $DAII. BitStable also incentivizes $BSSB holders through dividends and other measures.

The total supply of $BSSB is 21 million, of which 50% was publicly sold on Bounce Finance, 5% held by the team (locked for 6 months, linearly unlocked over 15 months), 3.5% allocated for airdrops, 36.5% for staking rewards, and 5% for LP (locked indefinitely).

During the Bitstable auction, the price was 0.0546U. As of December 25, 2023, the price rose to 5.52 USD, an increase of over 100 times, with a current market value of 65 million USD.

According to DeFillama’s statistical standards, the current Total Value Locked (TVL) has risen to 83 million USD.

3.4 Stamp Ecology

Stamp is a track ecosystem that has not yet received widespread attention, but projects in this area have emerged, so a brief introduction is provided here: Stamp encodes the binary content of images into Base64 strings, embedding Base64 formatted data into transaction outputs, thus achieving permanent data preservation, allowing NFTs to be truly stored on the blockchain.

This design has its pros and cons compared to Ordinals: Stamps’ UTXO method makes them unprunable, thus appearing permanent, although their creation cost is higher than Ordinals minting; conversely, Ordinals use witness data, which ultimately makes them prunable and their creation cost is lower than Stamps.

In the NFT world, the notion of ‘storing art on the blockchain’ as a method of achieving permanence is often a misnomer. Most NFTs are merely pointers to centrally hosted images or stored in prunable witness data on the chain.

Current players in the Stamp market include Open Stamp, RareStamp, Stampscan, and StampedNinja.

3. Future Outlook

3.1 Stage progress (current status)

From a technical perspective: The current BTC track is in a very early stage. Taking the expansion layer Stacks as an example, it is one of the earlier Layer2 solutions, launched in January 2021, but its ecosystem development has been less than satisfactory.

From the data compiled by DeFillama, we can see that the largest DEX, ALEX, has a daily trading volume of only 4.7 million USD. In comparison, Uniswap has 1.96 billion USD/day, and Pancakeswap 600 million USD/day, which shows a significant gap.

ProjectFinancing AmountInvestment InstitutionComments \
Tonka Finance$ 2.5 M — A Bitcoin inscription lending platform.BRC20.COM$ 1.5 MUTXO Management、One Block Capital、Sora Ventures、Bitcoin Frontier Fund、Owl Ventures A Bitcoin-based DeFi protocol that integrates mobile wallets, cross-chain bridges, multi-token minting, markets, staking, and more.BitSmiley — ABCDE Capital、Bixin VenturesMakerDAO+Compound in the Bitcoin ecosystem.Unisat — LK VentureA browser extension wallet that allows users to securely and easily store, send, and receive Bitcoin and Ordinals on the Bitcoin blockchain.Saturn$ 0.5 MBig brain Holdings、UTXO ManagementA non-custodial peer-to-peer order book.DIBA — Waterdrip Capital、Draper Associates A Bitcoin NFT marketplace that allows users to trade any assets issued through Bitcoin smart contracts on the second-layer networks, such as the Lightning Network.Taproot Wizards$ 7.5MStandard Crypto、Geometry、Collider Ventures、Starkware A Bitcoin-focused Ordinals project inspired by the original Bitcoin Wizard Reddit meme from a decade ago.DLC.Link$ 2MABCDE Capital、Bixin Ventures、Comma3 Ventures、Waterdrip Capital DLC.Link is building infrastructure to enable smart contract settlements on the native Bitcoin network.Xverse$ 5MJump Crypto、RockawayX A Bitcoin wallet that provides support for Ordinals, NFTs, DeFi, and decentralized applicationsBTCDomain — Waterdrip Capital*A Bitcoin domain name service platform where users can register a name and associate it with their Bitcoin address.Fedi$ 17MEgo Death CapitalFedi is developing a mobile application based on the Bitcoin custody protocol Fedimint.LayerTwo Labs$ 3M — A second-layer blockchain that interacts with the primary blockchain, aiming to provide a better user experience (UX).Finterest$ 1.5MPolychain、9Yards CapitalA native Bitcoin lending platform operating in a trustless manner on the Internet Computer.Sovryn$ 5.4MGeneral Catalyst、Collider VenturesSovryn is a Bitcoin-based decentralized trading and lending platform developed on RSK.

From the perspective of project financing: The BTC track has just gone through an initial explosion phase, but the number of investment deals is relatively low and the investment amounts are modest. Top-tier global VCs have not yet deeply participated (the recent inscription craze was mainly driven by capital and users in the China region).

3.2 Advantages & Potential

BTC’s iconic status and the consensus gathered by its brand are its biggest advantages. Recent attention to Ordinals has unveiled the ecosystem’s potential, clearly demonstrating its vast possibilities.

Consensus Advantage: Institutional BTC holders and non-crypto native retail investors are likely to contribute incrementally to market liquidity, but they have low risk tolerance and low tolerance for complexity. The simplicity of BTC products allows for ‘capital efficiency’, generating sustainable and reliable returns without complex operations or counterparty risks.

Solution Advantage: The explicit dependency and relationship tracking of UTXO allows for parallel operations. Compared to the sequential execution of the ETH account model, it enables smaller, more manageable computations, more suitable for running ZKP. (Refer to Zorp, a zkVM that uses the UTXO model for high ZKP performance)

Layer2 Potential: Brc20 has created a new type of asset completely different from FT and NFT. Developers have joined and launched many excellent protocols, causing inscriptions to spill over into more chains. Inscription L2 effectively lowers the entry barrier for users, strikes a compromise with BTC conservatives, and most importantly, complete smart contract capabilities will introduce more gameplay for inscriptions, further unleashing the potential of the BTC track.

Inevitability: As each track continues to iterate and optimize, the entire industry is rapidly developing. BTC, as the highest consensus aggregator, will inevitably follow and connect with various track applications, even bind to them. With the market expansion brought by the landing of ETFs, BTC’s market consensus will be further strengthened, a trend that will become inevitable. Thus, even though builders know that BTC is not advantaged in building smart contracts, they will not give up. The imaginative space of the BTC track is proportional to its consensus level.

3.3 Problems & Difficulties

Insufficient Throughput：The OP_RETURN opcode allows us to store up to 40 bytes of arbitrary data in a Bitcoin transaction. In comparison, the EIP4844 upgrade can bring 0.375MB of storage space for Layer2, about ten times that of BTC OP_CODE. Even so, subsequent Danksharding upgrades and support for the latest ZK-SNRKS technology are still needed.

Non-Turing Complete Limitation：BTC smart contracts use a non-Turing complete scripting language (Script), designed to maximize network security by limiting attack surfaces (e.g., no reentrancy attacks in scripts). This prevents it from implementing applications flexibly like ETH. Also, BTC’s Layer1 does not support contract validation like Ethereum, so it cannot perform Layer1-level forced exit withdrawals.

Scaling Issues：Direct development of Layer2 scaling solutions based on BTC (such as Bitvm) is overly challenging and time-consuming, inevitably leading builders to prioritize introducing new side chains through cross-chain methods. However, these Layer2 side chains might have centralization or security issues and cannot serve as Rollups under the ETH architecture.

Single Narrative：Besides fair distribution and memes, the BTC track lacks narratives that can support market value. This is a significant reason for less VC involvement. Builders need to return to rationality, continue investing, and build more solidly, accumulating their narrative capacity in development to break through their own shackles.

3.4 Trend Forecast

BTC ecosystem developers are divided into two factions: conservatives, mainly BTC-CORE client developers, and radicals who want to introduce smart contracts into the BTC ecosystem. Conservatives might become a hindrance to this application’s development. As for BTC Layer2, it will necessarily present itself as a side chain at this stage, with its security and decentralization not being optimal.

In the short to medium term, with the landing of ETFs and the arrival of a new market cycle, the heat of the BTC track will remain, and new breakthroughs are likely, further maturing the BTC track.

In the long run, the potential of the BTC track has not yet been fully released. If more VCs enter and technical developer disagreements do not hinder the progress of ecological development, then the construction of BTC infrastructure will gradually push forward. Once the timing is right, a new wave of explosion will occur.

4. Summary

From a higher perspective on BTC’s value narrative: After more than a decade of development, BTC’s function as a store of value has been widely recognized. Regulatory policies, ETFs, and macroeconomic factors like interest rate cuts significantly impact its market performance, indicating that BTC has become one of the asset allocation targets for more traditional institutions.

The Ordinals craze has led to a comprehensive revival of the BTC ecosystem, but fundamentally, current BTC is still following the old path of Ethereum smart contracts, largely driven by speculative hype. However, this wave has also attracted a large number of builders to participate, laying the initial foundation for the development of the BTC track and driving it to break its original shackles, beginning to align with the overall industry trend.

As the social attributes of BTC’s value storage become more widely recognized, its derivative financial products and innovations will become increasingly rich. Although Layer2 will ultimately face scaling issues and may need to retrace the path taken by ETH, or even face more difficult challenges due to the UTXO-based mechanism, as long as we follow and wait for opportunities, pioneers will provide more direction for BTC.

Additionally, for the BTC track, social attributes are as important as technical attributes, and as it progresses towards becoming a general-purpose currency, its social attributes will become increasingly strong. For this reason, the perfection and development of the BTC track have become an inevitability for both the industry and society.

Other projects worth paying attention to:

Babylon: A bridgeless and trust-minimized BTC staking platform, where users can earn profits with tokens from their chosen PoS chains.

Papaya: A platform that uses STX and sBTC as underlying infrastructure to facilitate BTC staking.

Atomic Finance: Utilizes DLC (Discreet Log Contracts) to enable users to earn self-custody profits from Bitcoin.

ACRE: Another ‘Lido for BTC’ using the Threshold network sidechain

eBTC: A BTC-backed stablecoin developed by the founding team of BadgerDAO on the EVM (Ethereum Virtual Machine).

Disclaimer：

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