OKX, a popular cryptocurrency exchange, now dominates the daily trading volume of Bitcoin Runes through its Web3 marketplace, accounting for 51.08% of the total volume. Other platforms like UniSat and MagicEden have experienced a decline in trading activity since April and collectively hold a market share of 48.83%. The majority of trading in Bitcoin Runes occurs through these three firms and their platforms.
Bitcoin Runes is a protocol for issuing fungible tokens on the Bitcoin network that was launched on April 20, coinciding with the Bitcoin halving event. In just under a month, the protocol has generated an astonishing 2,287 BTC ($143.6 million) in transaction fees and has become an integral part of the Bitcoin decentralized finance (DeFi) ecosystem, along with Ordinals and BRC-20 tokens, which were introduced last year.
The growth within the ecosystem is not limited to Bitcoin Runes. SolvBTC, an Omnichain yield-generating protocol that allows users to earn yields on their Bitcoin through minted derivatives on platforms like Arbitrum, Merlin, and BNB Smart Chain, has accumulated a total value locked of $920.62 million since its launch in April. The protocol currently has over 12,000 BTC staked by 30,000 participants and offers annual returns of 5%–10% on BTC deposits.
To further enhance its offerings, SolvBTC has partnered with Babylon to introduce restaking yields for its users’ BTC. Babylon enables users to self-custody their idle BTC and earn rewards by using the BTC to verify transactions on proof-of-stake networks. Fisher Yu, co-founder of Babylon, envisions Bitcoin not only as a store of value but also as a “source of dynamic, secure yield” for DeFi.
MicroVisionChain, a Bitcoin smart contract developer, plans to incentivize ecosystem developers to build Bitcoin interchain asset bridges, decentralized exchanges, wallets, and support for BRC-20 assets on its protocol. The project proposes to distribute 65% of its native SPACE token to developers based on their contributions. Currently, the project has a diluted market capitalization of $166 million.
On May 6, the Bitcoin blockchain surpassed 1 billion transactions, averaging 178,475 daily transactions during its 5,603-day existence. In comparison, Ethereum, Bitcoin’s biggest rival, has processed well over 2 billion transactions since its launch in July 2015.
In related news, El Salvador has launched a $360 million Bitcoin treasury monitoring website.