Executive SummaryBitcoin is seeing a wave of innovation with technologies like Ordinals, Inscriptions, BRC-20 tokens, and Runes. These developments are expanding Bitcoin’s functionality by enabling metadata attachment and introducing new token standards, drawing comparisons to Ethereum’s token ecosystem.Ethereum’s Layer-2 (L2) solutions account for about 10% of its total value locked (TVL), whereas Bitcoin’s L2 adoption remains significantly lower, with only 0.13% of its total value in L2 sol...

Executive SummaryBitcoin is seeing a wave of innovation with technologies like Ordinals, Inscriptions, BRC-20 tokens, and Runes. These developments are expanding Bitcoin’s functionality by enabling metadata attachment and introducing new token standards, drawing comparisons to Ethereum’s token ecosystem.Ethereum’s Layer-2 (L2) solutions account for about 10% of its total value locked (TVL), whereas Bitcoin’s L2 adoption remains significantly lower, with only 0.13% of its total value in L2 sol...