Original | Odaily Planet Daily ( @OdailyChina )
Author: Golem ( @web3_golem )
The Bitcoin ecosystem was once considered one of the most promising ecosystems in this bull market, and the total market value of the ecosystem is expected to reach hundreds of billions of US dollars.
However, after the inscription craze ended from the end of 2023 to the beginning of 2024, the Bitcoin ecosystem slowly entered a bear market, with a sharp decline in incremental users and funds. Although Rune , 5- character BRC-20 token pizza, Fractal ecosystem, and CAT-20 have since extended the life of the Bitcoin ecosystem and brought some attention, the magnitude is still not as high as the original inscription craze across the entire network.
On the one hand, the price of Bitcoin continues to rise and hit new highs , and $100,000 seems to be within reach; on the other hand, the Solana ecosystem and other ecosystems (such as Base, Sui, etc.) are gradually prospering. When will the bull market blow to the Bitcoin ecosystem? Odaily Planet Daily will sort out some clues that the Bitcoin ecosystem is about to explode again in this article.
Leading exchanges support the development of Bitcoin ecosystem
For the ecosystem, the support of the top centralized exchanges is crucial, which means huge traffic, new funds and some potential development resources. Recently, users’ attention is mainly focused on which Solana Memes will be launched on Binance, but in fact, Binance has also been supporting the development of the Bitcoin ecosystem.
In the last round of the Inscription bull market, Binance actively listed BRC-20 token ORDI, SATS spot trading, and RATS contract trading. Since then, other excellent asset protocols have emerged in the Bitcoin ecosystem, such as Rune, Atomical, CAT-20, etc., which are expected to be supported by Binance.
Especially yesterday (November 18), Binance Pool announced its support for Fractal Bitcoin (FB) joint mining, and the token FB rose by more than 80% in a short period of time after the announcement. Although Binance pointed out in the announcement that the launch of Fractal Bitcoin (FB) mining service on Binance Pool does not guarantee that the token will be listed on Binance.com , it is also a positive signal for the Bitcoin ecosystem and Fractal, which are at a low point.
In addition to Binance, OKX has also been helping the development of the Bitcoin ecosystem. Whether it is BRC-20, Atomical, Runes, or the Fractal and CAT 20 ecosystems in recent months, OKX Wallet has been updating wallets to enable users to better experience the Bitcoin ecosystem. In addition to UniSat, OKX Wallet has also become the most used wallet in the Bitcoin ecosystem.
Since November, OKX’s Chinese official Twitter account has frequently mentioned the Bitcoin ecosystem. On November 11 , when Bitcoin hit a record high, OKX published an article saying that “the BTC ecosystem is also booming”, with a picture that basically covered all tracks and protocols in the Bitcoin ecosystem.
On November 12 , the official Chinese Twitter account of OKX once again published an article about the Bitcoin ecosystem, with pictures of BRC-20, Runes, CAT-20 and Fractal. These four protocols/sectors are also relatively popular and talked about in the Bitcoin ecosystem community.
According to the latest announcement from OKX , it will officially launch the DOGUSDT perpetual contract and start trading at 2:00 pm (UTC + 8) on November 19, 2024. ( Odaily Note: DOG is a fully open source, community-driven Meme coin based on the Bitcoin Rune standard.)
Rune surpasses BRC-20 and becomes the first asset protocol in the BTC ecosystem
Previously, the Bitcoin ecosystem was still in its early stages of exploration, and developers were actively conducting various experiments on the Bitcoin network, giving birth to various asset protocols. Actively exploring the possibilities of the Bitcoin ecosystem is a good thing in itself, but it also has side effects, that is, existing asset protocols will also operate independently, dispersing the consensus and funds of the Bitcoin ecosystem community, which is not conducive to forming a joint force.
But this situation is beginning to change. Runes are becoming the biggest consensus of asset issuance protocols in the Bitcoin ecosystem, even surpassing the big brother BRC-20. From the data, since the official release of the Rune protocol in April this year, Rune transactions have long occupied more than 50% of the share on the Bitcoin chain, followed by regular Bitcoin transfer transactions or transactions of other asset protocols (some asset protocol transactions are not recognized), while the transaction share of BRC-20 and Ordinals has shrunk to less than 10%.
Data source: https://geniidata.com/user/orddata/bitcoin-protocols-analysis
Compared with other asset protocols, Rune also has the best community activity and popularity in the Bitcoin ecosystem to make money.
As the ecosystem heat fades and asset prices fall, many Bitcoin ecosystem communities have gradually “declined.” However, in Rune, communities such as DOG•GO•TO•THE•MOON, PUPS•WORLD•PEACE, BILLION·DOLLAR·CAT, RSIC·GENESIS·RUNE, etc. are still active, and other high-quality communities are constantly emerging, such as MEMENTO·MORI and GIZMO•IMAGINARY•KITTEN.
Although there are PVP and gas arbitrage, Rune is still an asset protocol that continues to generate hot spots in the current Bitcoin ecosystem and has some hot money-making effects. AI Meme is popular in the Solana ecosystem, and FOMO sentiment will naturally drive the popularity of AI Meme in other ecosystems. Among the many asset protocols in the Bitcoin ecosystem, only Rune has taken on this popularity and brought about a wealth effect. The current leader of the Rune AI track, CYPHER•GENESIS, has a market value of more than 30 million US dollars. (Recommended reading of the full record of Meme operations by the Odaily editorial department on November 15 and November 18 )
Last night, the new rune MILO•THE•MILLIONAIRE•GATOR was etched. The author personally tested that the cost of minting a set (25 pieces) was about 60 USDT. Because the project deployer has a certain relationship with the largest IP puppet in the Bitcoin ecosystem, the market price of a set on Magic Eden has risen to around 118 USDT today.
Although the current total market value of Runecoin is 1.91 billion US dollars, it is still less than the total market value of BRC-20, which is over 3 billion US dollars. However, as the Bitcoin ecosystem gradually recovers, the total market value of Runecoin is also rising. It is only a matter of time before it surpasses BRC-20.
Data source: Geniidata
Today, OKX announced the launch of DOG•GO•TO•THE•MOON, which also represents the recognition of Rune by the leading exchanges. If we have to guess which Bitcoin ecosystem asset will be the first to be listed on Binance in this round, the leading asset in Rune is the most likely.
Of course, there are other very high-quality asset protocols and ecosystems in this round of Bitcoin ecology, such as the Lightning Network, Fractal, CAT 20, and the Bitcoin pledge and re-pledge narrative led by Babylon. However, at the current stage, the ecology should focus on pushing the Bitcoin ecology to the center of the stage again. Only in this way can other high-quality assets and narratives attract more attention.
Waiting for the wind
Once you decide to buy, leave the rest to time.
The first bull run of the Bitcoin ecosystem occurred in June and July 2023. The new asset issuance method represented by Ordinals and BRC-20 attracted peoples attention;
The second Bitcoin ecosystem occurred half a year later. From November 2023 to February 2024, some BRC-20s were launched on top exchanges and the gameplay of inscriptions was replicated on all chains, giving rise to many stories of getting rich overnight, similar to today’s Meme.
The third bull run in the Bitcoin ecosystem occurred in April 2024 when the Rune Protocol was officially launched and lasted for about a month.
According to past experience, the cycle of Bitcoins bull and bear markets is 3 to 6 months. It has been half a year since the last bull market. Although there have been some hot projects in the ecosystem that have attracted short-term attention, they have never formed a large-scale effect. At the end of June this year, Odaily Planet Daily wrote an article analyzing that the Bitcoin ecosystem bull market may be coming soon ( Related reading: The chain is cooling down, what will be the antidote to lead the Bitcoin ecosystem out of the trough? ) , and in the blink of an eye, several months have passed, and we still believe that the wind will come.
