Tamagotchi and the gaming nostalgia

Over the years, gaming has evolved significantly—it's not just entertainment, it's a revolution reshaping our culture, technology, and economy. This transformation is particularly evident when gaming intersects with blockchain technology, where not only are in-game items recorded on the blockchain, but the game's rules and states also run on it. Yet there's always a sense of nostalgia for the classic titles and game mechanisms we grew up with.

The Tamagotchi, a digital pet that originated in Japan in the mid-1990s, was designed by Bandai as a compact, egg-shaped device featuring a basic LCD screen where users could care for and nurture their virtual pets. Initially, these devices required a physical cable to connect with another player's Tamagotchi for interactive activities. For 25 years, Tamagotchi has been entertaining people around the world, with more than 82 million units sold as of 2019.

Remakes continue to this day—the latest being Tamagotchi Connection. This signals an iconic brand that remains in the minds of many people as a cherished part of their childhood.

The early days of on-chain gaming were marked by the birth of "Loot" by Dom Hofmann. This project initially sparked a surge of excitement, leading to numerous projects built upon its framework. However, the initial buzz quickly faded due to nascent infrastructure and unclear leadership. Despite this setback, Loot highlighted the powerful concept of composability enabled by blockchain technology. Over last few years, there has been some huge studios looking at this direction, Pirate Nations and CCP Games (Eve Online) to name a few.

In on-chain games, the open-source, permissionless nature of the blockchain allows developers to freely build upon existing games, innovate with modding, and devise their own monetization strategies. Yet, despite the original hype, on-chain game studios have faced enormous challenges. These range from technical issues (such as the inability to scale to many concurrent players due to blockchain's general scalability hurdles) to player experience concerns (like the need to sign a transaction for every game action—a cumbersome process for most game genres).

Despite a plethora of experiments, the lack of successful case studies in on-chain games has left many founders directionless and caused great uncertainty for prospective entrepreneurs eyeing this sector. However, there's bound to be a title or two that emerge from this chaos and change this perspective. Emerging from this nascent scene, Kamigotchi represents one of the most exciting ventures recently in the realm of on-chain games, combining typical RPG with strategy and on-chain economy.

Developed by the talented team at Asphodel, Kamigotchi draws strong inspiration from the classic Tamagotchi game with its entire game engine hosted on-chain, therefore not only having a robust on-chain economy but drawing mechanisms not possible before especially social factors. The core gameplay involves exploring various rooms on a map with Kamigotchi pets, completing quests to earn XP, leveling up Kami, and farming in-game tokens. There's also a PvP aspect of the game where you liquidate other players by "killing" their Kamigotchi.

Beside competing with each others in terms XP/reputation and PvP, the game also incoporate Co-op, which is a system of global quest that everyone can put their $MUSU into (or burn items you farmed) in other to achieve a mutual goal. Co-ops are essentially "pop up" events that has a certain cap of $MUSU so you need to be quick not to miss out, and they come with some unique set of rewards beside getting your reputation up.

Kamigotchi's in-game currency, $MUSU, is tradable within the game environment, allowing players to exchange it with others for various items. Unlike traditional games, Kamigotchi doesn't release its own guides; instead, it relies on the community to create resources, fostering a strong, collaborative player base.

From the architectural perspective, Kamigotchi is developed using a derivative of the MUD engine from Lattice and will operate on their own appchain Yominet, which is powered by Initia’s Interwoven Stack and integrates Celestia's Data Availability. The team has exploring different solutions for their appchain on top of Celestia and came to the conclusion that Initia is, by far, the best choice for their need. With the upcoming launch of Initia, Yominet is certainly one of the most highly-awaited appchain there.

In Kamigotchi world, Kamis are divided into four distinct types: Normal, Insect, Eerie, and Scrap. Each type boasts a unique set of body and arm traits that not only define its category but also establish a strategic rock-paper-scissors dynamic among them. For example, Scrap types have an advantage over Insect types, Insect types are strong against Eerie types, and Eerie types prevail over Scrap types. The Normal type, however, is designed to be balanced, with no specific strengths or weaknesses against other types.

The potential of each Kamis is influenced by four basic stats: Health, Power, Violence, and Harmony. These are initially determined by five randomized traits at level 0: Face, Hands, Body, Color, and Background. These traits set the foundational stats for a Gotchi. As players level up, they can fine-tune these stats to tailor their Kamigotchis to specific strategic objectives, whether it’s optimizing for farming, maximizing liquidation capabilities, or enhancing durability to avoid being liquidated. Here’s how each stat functions:

• Health: High health allows longer durations for farming MUSU, as health decreases gradually during this activity.

• Power: This determines the efficiency and rate at which MUSU can be farmed.

• Violence: This stat influences how effectively a Kamigotchi can liquidate others.

• Harmony: Acts as a defensive mechanism, protecting the Kamigotchi from liquidation.

  

Players are thus equipped to strategically develop their Kamis. They can choose to optimize their pet as a Predator, Harvester, Enlightened, or Guardian to align with their strategy and what they wanna do in the game (farming or PvP-focus). Each of those types come with a sophisticated skill trees (that will likely to be even more complicated in the future after revamping on testnet feedbacks) that you will need to spend times to get familiar with and come up with the right build for your Kami.

A special thanks to BirthdayBoy for providing valuable resources on building skill trees:

BirthdayBoi

@BirthdayBoiON

1/6 Let’s build the ultimate Predator in @kamigotchiworld !

The Predator tree focuses on maximizing Violence and attack efficiency to dominate enemies. Here’s a breakdown of key skills for a lethal predator build.

9

20:08 • 20 thg 9, 2024

Many of current challenges with on-chain gaming lies in addressing technical issues beside fulfilling user needs. For example, after Pirate Nation's lucrative season 1 airdrop attracted more players, the Proof of Play chain became overloaded, necessitating the opening of new chains. This situation highlights the difficulty in balancing technical infrastructure with effective product launches and user engagement.

Recently, Kamigotchi completed its testnet 1 phase with remarkable success. There has been overall 1.5 millions transactions with thousands of players eagerly having their first looks of the game, minting their Kamis and also getting their hand on the passports. The community's active participation provided invaluable feedback, helping to fine-tune the game's balance. This feedback ranged widely, from a security researcher who leveraged his coding prowess to dominate gameplay: https://x.com/plotchy/status/1811439277995429940?s=61, to an enthusiastic community member who crafted a guide for newcomers. There is a genuine enthusiastic community shaping up over here, and crypto is really, for the large part, all about communities.

The open nature of on-chain games inherently allows for bots and multi-accounts. The Kamigotchi community has developed various bots, including those for liquidation, farming, and others. Players also inherently can spawn up multiple accounts due to that nature, not just for farming reputation and passports on the testnet, but also as a strategy to quickly level up their "core" Kami by liquidating Kamis from "subaccounts." While the team embraces these elements as integral parts of the game, they also prioritize striking a balance to ensure that bot utilization isn't the only viable strategy. This balance is a crucial part of fine-tuning the game through testnet data and feedback as stated above. Additionally, the finite supply of Kamigotchis naturally discourages the use of too many accounts.

The team has demonstrated the crypto ethos of building on the public right from the start, with new contents as well as many mechanics and balance changes already happening during the testnet period after collecting data and feedback from the communities. The game is getting more balanced, strategic and intricate days by days. New mechanisms such as crafting, private tiles, guilds/DAO,... are also part of the pipeline as the subsequent testnets and finally mainnet being rolled out.

There are also plenty of excitement from the community members on getting the Kamigotchi passport, which will give access to the presale of $ONYX - the native token that will power Yominet.

bullvsbear.bnb (💙,🧡) . fuel . 👾XOOB . ꧁IP꧂.meow

@vasukum74306825

After so much long hard work ! Got my kamigotchi passport today

@kamigotchiworld loved the game

still 62 passports left , if you starting today then it is not easy to get that 1

so wait for testnet 2 (800 passports)

3

0:11 • 13 thg 10, 2024

With these insights incorporated, Kamigotchi has launched Testnet 2 on 26th October, with 800 passports reserved for this testnet. It will be a real war out there to get the hand on those passports due to more public exposure and people having experiences from the first testnet so be ready early. Getting familiar with the game especially the skills tree and strategies and following accounts such as @BithdayBoy could be handy.

Kamigotchi

@kamigotchiworld

There are a total of 2000 Kamigotchi Passports. 200 were available from Testnet 1, and 800 can be earned from Testnet 2. 800 will be sold to investors to fund development, and 100 have been set aside for the devs. A final 100 have been set aside for competitions before launch.

39

23:00 • 11 thg 10, 2024

We first came across 0xlethe a year ago and were immediately impressed by his story and determination. After a long time heading down on building, It's been a pleasure watching this talented team at Asphodel execute over the past year (with a mere 500k raise for runway that we were proudly a smart part of), and we're thrilled to continue supporting Kamigotchi in their journey to create a strategic on-chain game that is truly engaging and changing the landscape of this whole vertical.

Introduction

Renowned as the gold standard of digital Store of Value, Bitcoin maintains its position as the foundational digital asset since its birth despite the emergence of Ethereum, Solana, and other blockchain system that might be perceived as more robust and feature-rich. With a market capitalization exceeding one trillion dollars and its leading status not only in historical position but also in terms of decentralization, institutional interest, Bitcoin serves as a guiding force for the entire cryptocurrency sector. However, it faces challenges in scalability and programmability, which have constrained its full potential.

BitcoinOS

@BTC_OS

Scaling: Bitcoin can only process 3-7 new transactors per second, with fees reaching $10 during peak volume. This often makes transactions impossible or impractical.

5

7:28 • 10 thg 9, 2024

Recent technological advancements, particularly Ordinals and Runes, have substantially expanded the realm of activities in Bitcoin network beyond just holding the native Bitcoins in the Store-of-Value manner. Ordinals, introduced in January 2023, facilitate the creation of immutable on-chain digital artifacts by inscribing data directly onto individual satoshis. This innovation has generated over $458 million in network fees for Bitcoin miners within its first year, opening new avenues for NFTs and digital asset creation on the Bitcoin blockchain.

Building upon this foundation, Runes, developed by the creator of Ordinals, presents a more efficient tokenization solution for the Bitcoin network. Leveraging Bitcoin's UTXO model and the OP_RETURN opcode, Runes offers an alternative to the BRC20 standard for token minting on Bitcoin. Its first week of launch saw over $135 million in fees generated, indicating substantial demand for enhanced functionality within the Bitcoin ecosystem.

The success of Ordinals and Runes underscores the latent demand for enhanced programmability and versatility within the Bitcoin network. It signals a broader market trend seeking improved functionality, scalability, and Bitcoin-specific features—all without compromising Bitcoin's core attributes. This trend has sparked a growing need for Layer 2 solutions that can keep pace with rapid cryptocurrency innovations while leveraging Bitcoin's robust security and network effects.

Additionally, in the wider blockchain landscape, we're witnessing a significant shift towards "appchains"—application-specific blockchains. This approach aims to optimize performance, scalability, and user experience by tailoring blockchain infrastructure to specific use cases, such as high-frequency trading, gaming, or consume apps. However, despite the emergence of Bitcoin Layer 2s, it's still a wild west scene with no uniform standard or unified vision of how a Layer 2 on Bitcoin should look like. The actual cost and other hassles to maintain an app-specific Layer 2 for app developers that wanna build upon the foundation might proved to be too much considering an app builder should, well, focus on the app and not too much on the infrastructure side of thing.

Andre Cronje wrote an excellent article here about the challenges app developers might face when going down the appchain routes:

A critical question emerges: How can we effectively bridge the gap between these specialized, high-performance appchains and Bitcoin's formidable security infrastructure, and how to make it seamless and cost-effective enough so that the app don't spend too much time and resources on operating and maintaining the infrastructure required? Surge (https://surge.build) addresses this challenge by introducing a Metalayer that rollups can be built upon, along with a flexible DevKit to accelerate rollup's development.

By combining Bitcoin's inherent strength with a modular core architecture, Surge transcends typical Layer 2 solutions and empowers developers to build high-performance, customizable rollups that directly harness Bitcoin's unmatched security and liquidity whilst adaptable to various different architectural choices and use cases. Surge's foundation rests on several key technological design.

At the core of Surge's architecture is their Metalayer, designed to enhance programmability and scalability on Bitcoin while maintaining its fundamental security. Metalayer also solve fragmentation across rollups by incorporating Inter-Blockchain Communication (IBC), ensuring appchains and general-purpose rollups are still connected with the rest of the ecosystem. Surge's Metalayer can be broken down onto these components:

The Verifiers, which is part of the Metalayer, aggregate multiple zk proofs from different rollups into one single proof. The proof is then, together with the Merkle root of the transaction hashes for state commitment, are embedded onto an UTXO on Bitcoin.

This approach serves several purposes:

• Proof aggregation allows the proofs to be verified on-chain once, massively reducing verification cost and increase the number of transactions that can be proceeded in a period of time. This also allow Surge to scale with the number of rollups, therefore helping Surge on delivering its vision.

• The state commitment inscribed to Bitcoin UTXO allows a Surge's state snapshot to be linked with a specific Bitcoin block. This makes reversal probability diminished exponentially with each block confirmation. Bitcoin's native timestamping also allows verifiable timestamp of Surge's state commitment.

Consensus among verifier nodes are enabled with CometBFT (the next generation of Tendermint consensus), allows network integrity up to one-third of malicious nodes presented in the network.

A secured, flexible decentralized signing operation design that mitigates key compromise risks by eliminating the need for any single party to possess a full private key, as well as maintaining efficiency as participant numbers increase, resulting in compact transaction sizes and reduced costs. Surge's signing operation leverage the DKLs23 EdDSA/ECDSA scheme, optimized for scalability and security.

Signers use Threshold Signature Scheme (TSS) to distribute keys across nodes, preventing centralized control and enhancing security. DKLs23 with TSS maintains security even with malicious nodes. Signers manage BTC Vault and Bridge operations, enabling secure cross-chain transfers with threshold-based transactions. Other mechanisms are also incorporated into the TSS network to enhance the security and resilience:

• Proactive Key Refresh: Regular key rotation to mitigate key exposure risks.

• Weighted Node Participation: Nodes weighted by stake, reputation, and performance for increased accountability and also allows faster consensus and reduced latency.

• Malicious Node Detection: various mechanisms are incorporated onto the DKLs23 protocol to detect and penalize improper behavior. Validators are required to stake Surge tokens, to be slashed upon malicious activities flagged or downtime passed a certain threshold.

TSS approach, therefore, offers superior decentralization and robustness compared to Bitcoin's usual multisig.

Surge's Metalayer also incorporates an UTXO Indexer, whose job is to scan the Bitcoin transactions, filter out those Surge-relevant UTXOs and verify the data integrity accordingly to ensure data isn't mutable from the state transition signed by the Signers. These UTXOs are maintained in a dedicated efficient database for storing and retrieval.

Surge's DevKit Adapters provide seamless integration for rollups and dApps with the Surge MetaLayer. The Surge Dev Kit comes with pre-configured commands and language-flexible options for quick integration, abstracting away the infrastructure and offering flexibility at the same time.

With the Surge Metalayer's ability verifies and combines proofs, submitting only the final aggregated proof to Bitcoin, rollups developed and deployed using Surge's DevKit would also enjoy low cost and high scalability.

Surge's DevKit enables the deployment of various rollup types, each optimized for different use cases:

• General-purpose smart contract rollups.

• Specialized application rollups (aka. appchains).

• Custom-feature rollups (for example FHE-enabled).

Designed with flexibility in mind, Surge's DevKit are compatible with popular rollup frameworks like Rollkit and Sovereign SDK, allows rollups and apps developer to stay within their comfort zone with their familiar frameworks.

Starting with EVM, Surge's platform will accommodate multiple virtual machines, including EVM, MoveVM, Wasm. This multi-VM approach significantly reduces entry barriers for developers from various blockchain ecosystems, makes the migration from other chains seamless, and potentially catalyzing the growth of Bitcoin's dApp ecosystem.

Surge token serves as the native gas token on the rollups, with support for BTC as gas token through a native swapping mechanism.

Beyond Bitcoin ecosystem, Surge positions itself as a bridge to the broader blockchain ecosystem with its Inter-Blockchain Communication (IBC) compatibility enabled from the Metalayer. Interoperability of assets is also a focus, with bridges for Runes and Ordinals enabling seamless asset transfers between Bitcoin and rollups and among rollups.

To further enhance interoperability, Surge plans to introduce out-of-the-box stablecoin support to rollups by integrating with protocols like Union and Nobel. This initiative aims to mitigate liquidity fragmentation issues common in Layer 2 ecosystems and provide crucial building blocks for DeFi and other use cases on the Surge rollups.

By enabling a diverse set of applications and values to be built upon the foundation of Bitcoin, Surge could significantly enhance Bitcoin's utility and value proposition. This expanded functionality could drive increased demand for both Bitcoin and Surge's native ecosystem, potentially leading to substantial value accrual.

Surge's vision of expanding Bitcoin's capabilities while maintaining its fundamental principles aligns well with where the crypto market is heading to. As Bitcoin continues to solidify its position as a premier store of value, Surge has the potential to unlock its capabilities as a robust platform for decentralized applications and financial services on top of Bitcoin.

The combination of a large addressable market of Bitcoin ecosystem, along with robust and flexible technology stack makes Surge a compelling name to keep an eyes on. As one of their first backers, we at Vamient believe Surge, albeit in a very early stage, is well-positioned to play a pivotal role in shaping the future of Bitcoin and the broader blockchain landscape. We have our high hopes on Yash, Punith and the team to realise their vision.

Disclaimer: This article represents personal analysis and merely serves informational purpose. It should not be considered as financial advice. All investments carry risk, and thorough due diligence is advised before making any investment decisions.

The RWA Renaissance

The Real World Asset (RWA) market serves as a vital link between traditional finance and blockchain technology, focusing on the tokenization of physical or real-world assets. RWAs are tangible or intangible assets from the real world that are tokenized and represented on a blockchain. This encompasses everything from real estate, art, and commodities to financial securities like bonds or stocks. By leveraging distributed ledger technology like blockchain, these physical assets can be tokenized and traded digitally on a global scale, thus democratising access to previously exclusive investment opportunities and erasing geographical barriers.

In the rapidly changing landscape of decentralized finance (DeFi), Real World Assets (RWA) have emerged as a connection between traditional finance and the crypto ecosystem. For both seasoned crypto enthusiasts and institutional players, RWAs represent a new frontier in asset tokenization, offering unprecedented liquidity and accessibility to traditionally illiquid markets.

While the idea of tokenizing real-world assets isn't new, the sophistication and scale of RWA projects have grown significantly. From the pioneering efforts of platforms like Centrifuge in 2019-2020, we've seen a dramatic rise in the total value of tokenized assets—from a modest $100 million in 2021 to an impressive $10 billion by 2025, marking a 10,000% increase in just four years. Several factors explain this rapid growth and confirm the product-market fit of this sector:

• Liquidity: Tokenization can make traditionally illiquid assets like real estate or art more liquid by enabling them to be traded in smaller, more manageable units.

• Accessibility: Investors who couldn't afford whole assets can now buy fractions, democratizing investment opportunities.

• Transparency and Security: Blockchain's inherent properties offer transparency in ownership and transaction history, reducing fraud and enhancing trust.

• Efficiency: The process eliminates intermediaries, reducing costs and speeding up transactions.

This growth isn't just about numbers; it's about the maturation of the RWA ecosystem. We're seeing a shift from simple tokenization models to complex, multi-layered financial products that leverage the unique properties of blockchain technology.

However saying that, the RWA market doesn't come without significant challenges. Some of them include:

• Regulation: The regulatory environment for tokenized assets is still evolving, with concerns over how these assets fit into existing legal frameworks.

• Complexity: The process of tokenizing assets requires legal, technical, and financial expertise, making it complex for newcomers.

• Market Volatility: While tokenization aims to increase liquidity, the crypto market's volatility can affect the perceived value of these assets.

• Custody and Security: Ensuring the security of both the digital tokens and the underlying assets remains a significant challenge.

Institutional interest in digital assets has been growing, but entry points remain limited due to low-risk appetite and regulatory concerns. Real-World Assets (RWA) are well-suited to address these needs. Tokenized bonds, in particular, are becoming a popular entry point for many traditional finance (TradFi) institutions. Key players in this area include BlackRock with BUILD, J.P. Morgan's Onyx Digital Assets, and the Franklin OnChain U.S. Government Money Fund.

While bonds have garnered significant attention, the tokenization of commodities represents an equally exciting and potentially more disruptive opportunity within the RWA sector. Tokenized commodities include a wide range of products, from metals to energy, and make up one of the largest sectors within RWA.

Among these, mineral rights - particularly in the oil and gas industry—stand out as a prime candidate for tokenization and on-chain trading. Mineral rights signify ownership of subsurface resources on a property, giving legal authority to explore and extract valuable materials like oil, gas, and metals.

As of August 2024, global crude oil production stands at approximately 103.4 million barrels per day (mb/d), with U.S. crude oil production leading at 13.4 million barrels per day. In many parts of the US, oil and gas producers pay mineral rights royalties ranging from 12.5% to 25%.

Econovis

@econovisuals

Global Crude Oil Production (2023)

Global Map of Crude Oil and Condensate Production by Country

#USA #Russia #SaudiArabia #energy #OOTT #oil #crude #CrudeOil #WTI #petroleum #gas #FossilFuels #fuels #exports #imports #trade

14

22:59 • 5 thg 8, 2024

Despite the sheer scale of this market, the mineral rights market is plagued by inefficiencies compared to traditional markets such as stocks or real estate. Some key issues include:

• Lack of Transparency and Standardization: Unlike stock markets, there is no centralized exchange for mineral rights. Transactions are often private, leading to a lack of transparency in pricing and market trends. Each deal is unique, with individually negotiated terms, complicating the valuation process. This opaqueness makes it difficult to understand what is being sold or its true value.

• Regulatory and Legal Complexities: The mineral rights market is heavily regulated, with laws that vary by state or even county. These regulations add complexity and increase transaction costs due to legal fees, title searches, and compliance issues. Handling mineral rights transactions is complex due to these legal requirements, deterring potential buyers or sellers.

• Liquidity Issues: The mineral rights market lacks liquidity. Transactions can take months or even years to finalize, and finding a buyer or seller at the right price is challenging due to the unique nature of each property's mineral rights. Even in areas with high mineral activity, transaction numbers can be surprisingly low, indicating a lack of liquidity.

• Technological Lag: While other markets have adopted digital solutions, the mineral rights market still relies heavily on traditional, paper-based methods for transactions. This slows down the process and increases the risk of errors or fraud.

• Valuation Challenges: Valuing mineral rights is not straightforward. Factors like future potential drilling, current commodity prices, and geological uncertainties make valuation more art than science, leading to wide discrepancies in offers. This complexity results in offers varying significantly, reflecting not just the market but also the buyer's strategy or information.

Given these inefficiencies, the market is ripe for disruption, and blockchain could be the tool to achieve it.

Elmnts aims to transform the industry by tokenizing mineral rights on the Solana blockchain. They are establishing a fund with a diverse portfolio of mineral rights assets, enabling investors to easily purchase shares in this fund. Elmnts also leverages Solana token extensions, which offer features like confidential transfers and delegated authority within the SPL token standard.

James

@jamesrp13

What do we do at @elmnts_?
- source mineral rights with active yield
- bundle into a fund
- tokenize fund
- make it ridiculously easy to invest in fund

22

8:13 • 13 thg 8, 2024

Initially, Elmnts is offering whitelisted users access to Series 1, a $400,000 fund that includes oil and gas rights on two Texas drilling sites covering over 3,000 acres. These sites are managed by industry leaders Chevron and ConocoPhillips, and feature royalty interests in 22 horizontal wells.

In the near future, Elmnts plans to launch a primary marketplace for trading token fund shares, as well as a lending market where users can deposit tokenized fund tokens to earn yield and engage in DeFi activities.

Elmnts' unique position in tokenizing mineral rights, combined with its use of Solana's high-speed, low-cost blockchain, sets it apart in the RWA landscape. As Vamient, we are excited to support the world-class team of Elmnts in their mission to bring more commodity assets on-chain, potentially transforming how investors interact with mineral rights and other traditionally illiquid assets.

Monad and DeFi

Blockchain scalability has emerged as a critical challenge in the cryptocurrency ecosystem in recent years. While established platforms like Solana have gained traction among both crypto enthusiasts and newcomers, attracting millions of users, newer chains such as Sui and Aptos are still laying their foundational groundwork. Amidst this landscape, Monad has surfaced as an innovative scaling solution, introducing a unique convergence point: the integration of parallel execution and superscalar pipelining for the EVM.

Monad positions itself as a high-performance blockchain, leveraging optimizations designed to enhance both throughput and scalability. Drawing from the team's background in high-frequency trading (HFT) and the low block times nature of the chain, DeFi is set to be a cornerstone of the Monad ecosystem. One of the most promising early projects in this space is Kuru, who is developing an order book DEX with an on-chain matching engine.

Nowadays, Automated Market Makers (AMMs) facilitate billions in transaction volumes every day, massively contributing to the growing landscape of DEXs (which now account for more than 20% of the volume compared to CEXs). While pivotal to DeFi's origin and growth, the nature of inefficient liquidity and high slippage makes AMMs mostly suitable for long-tail assets.

Uniswap v3-like protocols allow users to concentrate liquidity, leading to much higher capital efficiency. AMM designs are slowly converging towards something that behaves more like a Central Limit Order Book (CLOB), especially when combining with Request-for-Quote (RFQ) or Just-In-Time (JIT) Liquidity.

Compared to AMMs, CLOBs offers users better prices and lower slippage. This is mainly because it relies on active market makers (MMs) who provide order book depth and efficient liquidity quoting, rather than passive LPs. Developing an on-chain CLOB has become a critical objective for many blockchain teams, especially within EVM-compatible chains.

However, this endeavor faces several significant challenges. Firstly, each limit order and balance requires substantial data storage and frequent updates, leading to very high gas costs. Secondly, to provide a user experience comparable to CEXs, on-chain CLOBs must achieve latency in the range of 15-30 milliseconds.

Another major concern is addressing Maximal Extractable Value (MEV) within existing blockchain architectures. Most Layer 2 solutions rely on centralized sequencers, which can potentially reorder transactions to extract value.

Application-specific chains (app-chains) face similar issues. When validators or block producers have permissionless authority, they can position themselves to maximize value extraction at the expense of users.

To address these challenges, Kuru is designed to optimize gas costs and mitigate MEV. The platform allows makers to place and cancel orders with constant gas costs, while taker orders iterate over the filled orders. Kuru's design allows the protocol to significantly reduces data storage gas costs, which is central to an on-chain CLOB.

Furthermore, Kuru aims to involve passive LPs (who are mostly retail investors) by designing solutions that allow users to passively provide liquidity to the order books. Regarding trading experience, Kuru wants to go beyond being just a DEX and become a one-stop shop for everyone to discover and trade their favorite assets.

Monad is still in the development phase and has not yet finalized its approach to MEV mitigation. While early proposals like Apriori for block production have been considered, the project remains in its early stages. Kuru is actively exploring options that can reduce MEV.

At Vamient, with our experience in high-frequency trading (HFT) which aligns well with Monad as a scaling solution, and our advisory roles with Birdeyes and SolanaFM, we are proud to support 0xfravashi, 0xtrojan, and the rest of the team in building Kuru.

Monad and MEV

Ethereum, following the approval of its Exchange-Traded Funds (ETFs), is on the verge of mass adoption. The ETF's approval marks a pivotal moment for the broader acceptance of blockchain technology. It underscores Ethereum's maturity and readiness for mainstream financial markets, potentially ushering in a new era of innovation and growth. As more investors and developers flock to the Ethereum network, we can anticipate a surge in decentralized applications (dApps) and smart contracts, paving the way for a more decentralized and efficient financial system.

However, Ethereum, as a Layer 1 (L1), has execution bottlenecks and inefficient state access, which hinder its scalability. Monad, as a next-gen upcoming Layer 1 smart contract platform based on the Ethereum Virtual Machine (EVM), enhances EVM performance with asynchronous I/O, optimized Patricia Trie, deferred execution, and Optimistic Concurrency Control.

As MEV is inherent to any blockchain network, a robust Miner Extractable Value Auction Infrastructure (MEVA) infrastructure is critical to both align incentives between different parties and establish a robust block production process. Monad’s unique consensus design (MonadBFT) and short block time unveil a unique set of challenges and also a unique opportunity for MEV infrastructure.

Monad's deferred execution model decouples transaction execution from consensus, unlike Ethereum, which requires both transaction lists and state roots for block agreement. This allows nodes to independently execute transactions while agreeing on the next block's order, utilizing the entire consensus period for execution.

The Operational Time Window for Monad's MEVA is limited due to its 1-second block time, making it difficult for builders to simulate full blocks and optimize them before the next block is produced, leading to indeterminism and challenges in block building. Completing a full block simulation within the operational time window on Monad is impractical, leading to less deterministic block valuation and greater execution uncertainty for searchers.

aPriori is developing a high-performance MEV infrastructure tailored for Monad, aiming to address the specific challenges of the MEV landscape on Monad.

Their innovative approach introduces partial-block auctions, allowing builders to construct the top of the block from searcher-submitted bundles while validators append the remaining transactions from the public mempool. This reduces latency and eliminates the need for simulating the entire block proposal.

Additionally, aPriori offers a liquid staking product that maintains liquidity while accruing MEV and staking rewards. This positions aPriori at the center of the upcoming DeFi landscape on Monad and potentially differentiates them from other LST protocols there.

The team, led by experienced industry veterans such as Ray, an alumnus of Flow Traders and Jump Crypto, and Olivia, who built the in-house trade pipeline at Coinbase, has secured a seed round led by Pantera to further their mission. As a crypto-native HFT fund who look to be a strong partner with new ecosystems with reduced block time, we are proud to be part of the backers list and support the emerging Monad's MEV infrastructure.

Particle Network (https://particle.network) is at the forefront of Web3 innovation with its Modular L1 powering Chain Abstraction. After successfully integrating Wallet Abstraction into 900 dApps, serving 17 million users, Particle Network is unifying the Web3 experience through its Cosmos SDK Layer-1. This empowers Universal Accounts, Universal Liquidity, and a Universal Gas Token across diverse ecosystems, such as BTC, SVM, IBC, and EVM.

Vamient Capital (https://vamient.xyz) is a quant fund specializing on trading on-chain with strategies deployed across multiple chains. As a market maker, Vamient specializes in making for order books, JIT liquidity for AMMs and can work with different hybrids in between, running liquidations and keeper bots for lending and collateralized protocols. Vamient looks to be a strong partner with new ecosystems to leverage on our niche in HFT and will be interested in contributing to lower spread, higher price stability and higher trading volume.

BitVM creator Robin Linus with a detailed presentation about BitVM including the original inspiration, technical architecture, use cases as well as current limitation.

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Portal Venture's Catrina Wang with a piece of their thesis about the Bitcoin ecosystem moving forward.

The Bitcoin ecosystem has evolved significantly since the publication of their original "Panda Renaissance" thesis in 2023, with increased market interest and capital investment. Observations include fierce competition among EVM L2s/side chains, intensified fragmentation, skepticism of side chains' aspirations for BitVM, and a wide array of trust assumptions across L2 and metaprotocols. Despite ongoing skepticism, the belief remains that there is value in the Bitcoin vertical.

Predictions for the future of the Bitcoin ecosystem include 1-2 winners per approach, a flight to safety, the majority of other Layer 2 solutions not surviving, developers awakening from the BitVM dream, BTC DeFi surpassing ETH's, and the emergence of Bitcoin's native "ERC-20" token standard.

Exciting whitespace verticals include the bridge-less experience, unifying infrastructure, exports of BTC liquidity into other L1s, a winner in stablecoin, OP_CAT, a native Ordinals trading platform, alternatives to BitVM, on-chain BTC-on-BTC yield products for institutions, and liquid staking on bitcoin.

https://www.scalebit.xyz

Exploring the Security and Potential of DLCs (Discreet Log Contracts)

ScaleBit is a blockchain security team that provides security solutions for Mass Adoption of Web3. We are at the forefront of utilizing cutting-edge Formal Verification and Fuzzing techniques. The team comprises security professionals with extensive experience in both academia and enterprise. Our mission is to provide security solutions for Web3 Mass Adoption and make security accessible for all.

An article about DLCs, co-authored by ScaleBit, DLC.Link, and Bison Labs.

Discreet Log Contracts (DLCs) are gaining attention as potential solutions for Bitcoin lending, cross-chain transactions, and custom contracts. However, they should be viewed as agreements with predictable outcomes, not as complex smart contracts.

DLCs are being used in cross-chain asset management, with projects like DLC.Link and Bison Lab aiming to create superior cross-chain value transfer methods. Despite their potential, there are security concerns, including the reliability of oracles, the introduction of hash time locks, and the on-chain/off-chain deployment issue.

While DLCs offer unique advantages, their security has not been extensively tested, and potential risks should not be overlooked.

A video podcast form series from The Rollup that gives a low-down on different concepts and projects that are involved in the Bitcoin ecosystem.

Due to the article length constraint we only post the link of 3 out of current 12 episodes. You can view all of the videos at: https://www.youtube.com/@TheRollupCo

https://medium.com

BitVM Bridge and OP-DLC (Part1) : Next Generation of Bitcoin Layer2 Bridges

It's highly recommended since it might be one of the most important reference on the BitVM bridge. Bitlayer has introduced a DLC bridge to address the shortcomings of the BitVM optimistic bridge. ·...

https://medium.com

BitVM Bridge and OP-DLC (Part2) :What is Optimistic DLC

This scheme uses a "prepay-and-reimburse" model where the Operator pays funds on behalf of the BitVM bridge users and later claims reimbursement from the BitVM bridge. If an Operator submits a false...

A two-parts article from BTCEden that gives a low-down on the specific BitVM-inspired implementations from Citrea and Bitlayer.

Both Bitlayer and Citrea utilize the BitVM2 solution, which operates on a "pay-and-reimburse" model and has no security issues but faces liveness/availability problems. The BitVM bridge adopts a channel-like approach, allowing users to "verify by yourself" by using pre-signatures to prevent the BitVM bridge from manipulating the deposit pool without authorization.

The BitLayer team has additionally introduced a cross-chain bridge solution called OP-DLC to address the liveness issues of the BitVM bridge and provide a clean and independent channel for individuals with specific needs.

https://github.com

GitHub - LNP-BP/layer1: Paper on new bitcoin layer 1 design

Paper on new bitcoin layer 1 design. Contribute to LNP-BP/layer1 development by creating an account on GitHub.

Maxim Orlovsky from LNP/BP Standards Association has proposed a new design to scale and anonymize Bitcoin directly at Layer 1 with client-side validation.

The proposed system, codenamed Prime, is a blockchain-type ledger offering improved scalability and privacy. It consists of four main components: a timestamping service, proofs, a single-use-seal protocol, and a smart contract protocol. The timestamping service generates headers committing to external client-side-validated data. Proofs are public data published by miners. The single-use-seal protocol prevents double-spending attacks, and the smart contract protocol provides programmability and rich state. The system can be deployed independently from the Bitcoin timechain, with its consensus anchored to Bitcoin PoW security. It can also be launched with miner-activated non-fork or a Bitcoin soft-fork. Upgrades to the system are possible through fast-forward changes or push-backs.

Eric Wall | BIP-420😺

@ercwl

Balrogs and OP_CATs: The Bridge to Khaza-doom?

An exploration into whether Bitcoin will actually be entirely destroyed if we reintroduce the OP_CAT opcode (due to MEV), to the detriment of all of human kind.

ercwl.medium.com

Balrogs and OP_CATs: The Bridge to Khaza-doom?

In Tolkien’s Lord of the Rings, Gandalf is attempting to take the fellowship over the mountain pass of Caradhras. However, the weather conditions are harsh, and no matter how the group slaves away…

165

16:29 • 7 thg 6, 2024

An article from Taproot Wizard's Eric Wall which discusses the implications of the OP_CAT opcode in Bitcoin.

OP_CAT, upon successful reactivation, will allows for the creation of covenants and the verification of Merkle branches. This could lead to the development of Layer 2 solutions similar to Plasma or Optimistic Rollups.

The author also explores how the introduction of OP_CAT could impact Miner Extractable Value (MEV) and the centralization of block production. It concludes that expressive economic activity can be secured by Bitcoin without drastic MEV consequences as long as the environment is safely sequenced by non-miners, which OP_CAT enables.

https://delvingbitcoin.org/t/fed-up-covenants/929

A high level paper from Judica founder Jeremy Rubin about how covenants could be introduced to Bitcoin without a soft fork, utilizing a mix of Functional Encryption and zk proofs.

https://spotify.com

BR069 - Cat is out of the bag? OP_CAT ft. NVK, Andrew Poelstra, Rob Hamilton & Rijndael

Listen to this episode from Bitcoin.Review Podcast with NVK & Guests on Spotify. I'm joined by guests Andrew Poelstra, Rob Hamilton, and Rijndael to discuss OP_CAT. Discussion Topics Coming soon... Links & Contacts ⁠⁠⁠Website⁠⁠⁠: https://bitcoin.review/Podcast ⁠⁠⁠Substack⁠⁠⁠: https://substack.bitcoin.review/ ⁠⁠⁠Twitter⁠⁠⁠: https://twitter.com/bitcoinreviewhq ⁠⁠⁠NVK Twitter⁠⁠⁠: https://twitter.com/nvk ⁠⁠⁠Telegram⁠⁠⁠: https://t.me/BitcoinReviewPod ⁠⁠⁠Email⁠⁠⁠: producer@coinkite.com Nostr & LN:⚡nvk@nvk.org (not an email!)

Bitcoin Review episode that discusses about OP_CAT and its potential impact, joined by Andrew Poelstra (Blockstream), Rob Hamilton (AnchorWatch) and Rijndael (Taproot Wizards).

https://scryptplatform.medium.com

Bitcoin OP_CAT Use Cases Series #2: Merkle Trees

In Bitcoin, Merkle trees are utilized as the data structure for verifying data, synchronization, and effectively linking the blockchain's transactions and blocks together. The OP_CAT opcode, which...

Merkle trees, used in Bitcoin for data verification and linking transactions and blocks, can be streamlined with the OP_CAT opcode, which allows for concatenation of two stack variables. Applications of Merkle trees include Merkle proofs, tree signatures, and zero-knowledge proofs like STARK.

The implementation of Merkle trees using sCrypt is demonstrated on the article, highlighting its readability and maintainability.

https://www.theblock.co/post/298343/ark-labs-launch-bitcoin-layer-2-payments-network

Ark Labs has been initiated with the purpose of developing a new Bitcoin Layer 2 payments network based on the Ark Protocol, aiming to simplify user experience while retaining self-custody.

Unlike the Lightning Network, Ark does not require users to manage payment channels, liquidity, or set up their own nodes. Ark Labs is funded by Vulpem Ventures and is already developing several commercial services leveraging the protocol, with the first application expected to launch later this year.

https://www.theblock.co/post/298398/starkware-plans-to-bring-zk-scaling-to-bitcoin-alongside-ethereum

StarkWare, the developer behind Ethereum Layer 2 Starknet, plans to bring its zero-knowledge scaling technology to Bitcoin, following the OP_CAT proposal.

The firm aims to scale Bitcoin to handle thousands of transactions per second without creating an extra chain. StarkWare also announced a $1 million fund for Bitcoin researchers to contribute to its plans.

Despite some opposition within the Bitcoin community, StarkWare is exploring the implementation of OP_CAT for Bitcoin scaling, while also considering alternative solutions.

StarkWare supports several current scaling initiatives but believes its proposal offers superior scalability and self-custody. The company is already backing projects like ZeroSync and has commissioned research on integrating validity rollups with Bitcoin. StarkWare's Starknet aims to increase Bitcoin's bandwidth significantly, enabling wide-ranging applications.

A₿del ∞/21M 🐺 - 🐱

@dimahledba

Gmeow Catnet! -

Catnet is a custom Bitcoin signet with OP_CAT enabled, and will be used to test implementation of Bitcoin Circle STARK Verifier.

Faucet coming soon

Explorer: catnet-mempool.btcwild.life

226

21:33 • 10 thg 6, 2024

Following the above announcement, Starkware has also launched a custom Bitcoin signet with OP_CAT enabled called Catnet. This network will be used to test out Bitcoin Circle STARK Verifier, natively on Bitcoin Layer 1 with OP_CAT.

Nubit

@nubit_org

1/ Nubit has raised $12M, led by @polychain, to revolutionize blockchain scalability and multi-chain ecosystems.

59.1K

21:00 • 5 thg 6, 2024

Nubit has raised $8 million in a seed funding round led by Polychain, bringing its total funding to $12 million. The company aims to develop a secure and scalable data availability layer for multi-chain ecosystems, supporting various applications such as AI, SocialFi, and GameFi.

Nubit leverages Bitcoin’s economic security and optimizes key metrics to ensure trust and reliability while achieving scalability. The company is also developing a programmable, modular, and trustless execution layer for meta-protocols on Bitcoin and has extended its support to all major Layer 2 frameworks.

Nubit

@nubit_org

1/ Announcing Nubit Alpha Testnet Phase 2: Light Node Quest

We’re calling on you to run a light node and scale the future with us.

996

21:00 • 24 thg 6, 2024

Following the above funding around announcement, Nubit has launched the next phase of their Alpha Testnet Incentivized Campaign, the Light Node Quest, which allows users to verify data and interact with Nubit directly.

The light node software is ready for production and the community is invited to join the network. The campaign, which has grown by 240,000 members in three weeks, will last from June 24, 2024, to July 24, 2024. Participants can log in to the Alpha Testnet Campaign, check points and tasks, run a Nubit Light Node, save their Nubit Light Node Pubkey, complete the Light Node Quest, and claim points.

Akita Mia

@akitamiabtc

LRC20 now with confidential transfers! github.com/akitamiabtc/yu…

16

3:53 • 6 thg 6, 2024

Asset tokenization protocol on Bitcoin and Lightning LRC20 has added the support for bulletproof, which brought confidential transaction capability to its assets.

Switchboard 🔌

@switchboardxyz

Congratulations to our frens @yona_network on the launch of Yona Testnet!

This testnet will bring the first Bitcoin L2 based on @solana VM to life, setting the foundation for next-gen dApps.

Learn more

111

22:01 • 11 thg 6, 2024

SolanaVM Layer 2 Yona Network has launched their first testnet. Users can interact with Testnet dApps through the Yona Wallet and obtain testnet BTC via the Yona Faucet. Users can also join the Yona Farming Bot on Telegram for bonus points in the first dApp showcasing Yona's performance and scalability.

Detailed deployment instruction can be found at: https://t.co/eD86UlzW8O

Lnfi Network (Formerly NostrAssets)

@LnfiNetwork

We are excited to announce our early Ecosystem and LN Alliance partners— @voltage_cloud & @ambosstech - the leading innovators in the space.

These initiatives represent a significant step forward for the #LightningNetwork and #Lnfi.

Read the full details:…

76

11:23 • 9 thg 6, 2024

Lnfi Network (Formerly NostrAssets)

@LnfiNetwork

Welcome our new LN Ecosystem & LN Alliance partner @fewsats - a platform for Data & API monetization. This partnership highlights the power of interoperability. Through LN Link, our users’ LN Nodes can easily make/receive Lightning payments for/from Fewsat’s services at zero…

26

8:34 • 13 thg 6, 2024

Lnfi Network (Formerly NostrAssets)

@LnfiNetwork

We’re thrilled to welcome @Joltz_btc as our latest partner of LN Ecosystem and LN Alliance!

This partnership brings great benefits to our users! Lnfi users can now seamlessly withdraw Taproot Assets directly to Joltz Wallet, the first self-custodial wallet for Taproot…

46

10:19 • 17 thg 6, 2024

Lnfi Network (Formerly NostrAssets)

@LnfiNetwork

A new day, a new LN Ecosystem and LN Alliance partner has arrived!

Introducing @StroomNetwork, a Bitcoin Liquid Staking protocol that allows users to earn native $BTC yield on the Lightning Network (LN) by staking their $BTC with no lock-up periods. We will create a direct…

42

10:21 • 20 thg 6, 2024

https://bitcoinmagazine.com

Bitcoin Lightning Alliance To Accelerate Adoption Using New Asset Protocol

Lightning ecosystem companies are joining forces to tackle new adoption challenges.

The LN Alliance, led by LnFi Nework, aims to accelerate the adoption of the Lightning Network and reduce duplicated efforts through raising awareness of existing tools and protocols.

The group is focusing on the development of standards like LN Link and the integration of Taproot Assets, which promise to enhance asset issuance and management on Bitcoin. The Alliance also anticipates the Lightning Network to become a crucial interoperability layer, connecting users and services of other supported networks. Furthermore, the introduction of Taproot Assets is expected to drive significant volume and create new financial opportunities, potentially marking a new era of financialization using Bitcoin’s most native protocol.

Portal

@PortaltoBitcoin

We’re thrilled to announce that we’re rebranding from Portal DeFi to Portal to Bitcoin. We will now laser-focus on becoming the premier gateway for seamless #Bitcoin engagement. 

Welcome to the Custody-less Era on the Bitcoin #blockchain!

372

23:01 • 19 thg 6, 2024

Portal DeFi has rebranded to Portal to Bitcoin, focusing on becoming the premier gateway for Bitcoin engagement. The company aims to build a robust interoperability layer on Bitcoin, maintaining its core principles of minimized trust, self-sovereignty, and security.

Portal's infrastructure addresses custodial risk in DeFi by eliminating centralized bridges and enabling native cross-chain transactions. The company has implemented technology to build Portal DEX, the first Bitcoin AMM enabling L2 atomic swaps. Portal is also rolling out an efficient L2 scaling solution to enhance Bitcoin's off-chain transactions and cater to practical use cases like portable KYC and decentralized identity.

Chakra 🌊 Testnet is LIVE 🌊

@ChakraChain

Chakra Testnet Phase-3 is Now Live!

Explore the Chakra Staking dApp: btcstaking.testnet.chakrachain.io

Get Your Invite Code:
t.me/ChakraProtocol
discord.gg/w9Bs4v5mRj

Claim Signet Bitcoin: app.galxe.com/quest/aydf7GzQ…

Learn More in Our Blog Post: mirror.xyz/0xa3564d606537……

587

15:41 • 19 thg 6, 2024

Bitcoin restaking protocol Chakra has launched the Phase 3 of their Testnet on June 19, 2024, introduces a Points system and two staking options: self-custody and Cobo MPC custody.

The Points system rewards users for staking more assets for longer durations and for referrals. Users can choose between managing their Signet BTC through Babylon self-custody or staking via Cobo MPC. Participants can also claim a Chakra Aqua NFT whitelist spot upon successful staking.

Threshold Network has launched Threshold USD - a decentralized protocol that allows users to borrow a USD soft-pegged stablecoin, thUSD, backed by ETH and tBTC with a minimum collateral ratio of 110%.

The protocol is governed by the Threshold DAO and is open-source. Users can deposit tBTC to borrow thUSD without intermediaries. Vaults that fall under the minimum collateral ratio will be liquidated to ensure stablecoin supply remains backed. The protocol also has a Recovery Mode that kicks in when the Total Collateral Ratio falls below 150%.

Particle Network

@ParticleNtwrk

We just secured $25 Million in funding to unify all chains and abstract away Web3's complexities.

We're proud to report that our latest funding round has successfully closed at $15M, led by Spartan Capital and Gumi Crypto, alongside investors like SevenX Ventures, Morningstar…

1,886

21:23 • 20 thg 6, 2024

Particle Network has raised a total of $25 million to continue its vision of Chain Abstraction, including a $15M round led by Spartan and Gumi Cryptos.

Since its inception in May 2022, Particle Network has introduced Wallet Abstraction, Account Abstraction, and Chain Abstraction. The network currently has a globally distributed team of 30+ full-time employees and has established over 60 blockchain partnerships.

The Particle Network Mainnet is expected to go live in Q3 2024. Meanwhile, Particle’s chain abstraction features can be tested via Particle Pioneer, their testing and community program.

https://www.auran.network

The Unifying Protocol for Bitcoin

Auran is a universal interoperability protocol built for Bitcoin

Auran Network aims to address the issue of liquidity fragmentation and disjointed user experience in the Bitcoin ecosystem. Positioning as a cross-chain Bitcoin protocol, it aims to serve as a liquidity layer that bridges the Bitcoin Layer 2 ecosystem with the Bitcoin blockchain.

The protocol will enable native swaps, support principal metaprotocols, and integrate a messaging system for cross-chain smart contract interactions. This will allow smart contracts on Auran to interact with all connected networks, engage with major liquidity pools, and establish application-owned liquidity pools.

Bitaxe Ultra is a fully open-source hardware Bitcoin ASIC miner, featuring the BM1366 ASIC from the S19XP. It can mine directly to your pool over WiFi and is designed for low cost, low maintenance, high availability, high reliability, and low power.

Bitaxe Ultra includes a variety of features such as an ESP32-S3-WROOM-1 wifi microcontroller, a TI TPS40305 buck regulator, a Maxim DS4432U+ current DAC, a TI INA260 power meter, a Microchip EMC2101 PWM, and a 0.91" SSD1306 OLED I2C Display Module. The hardware has been verified and is working well, but it is an advanced build and may be best purchased pre-assembled.

vVv

@vvvdotnet

x.com/i/article/1797…

106

16:23 • 5 thg 6, 2024

Acre introduces a liquid restaking solution for Bitcoin holders, allowing them to earn yield on their assets through a Liquid Staking Token (LST) called stBTC. The protocol's design prioritizes simplicity and transparency, enabling users to earn yield on idle BTC without the need for extensive technical knowledge or capital restrictions.

Central to Acre's architecture is tBTC, a non-custodial, decentralized Bitcoin bridge secured by the Threshold Network. Acre's stBTC - an ERC-4626 token - represents a 1:1 claim on BTC staked in Acre, and its value appreciates over time, reflecting the yield generated through Acre's staking mechanism.

Citrus Swap

@Citrus_Swap

1- Introducing Citrus Swap - The #1 DEX on Citrea
Citrus Swap is now live on the Citrea Devnet! V0.1 is a fork of UniV2, providing a familiar interface for EVM degens. Initial liquidity has been deployed for ESADOSHI and OP_CAT tokens.
Continue reading
citrusswap.xyz

23

5:36 • 14 thg 6, 2024

Citrus Swap, a fork of UniV2, is now live on the Citrea Devnet, with initial liquidity deployed for ESADOSHI and OP_CAT tokens.

It also includes an ERC20 deployer for easy token deployment and minting on the Citrea Devnet.

Lombard

@Lombard_Finance

Connecting Bitcoin to DeFi in 3-phases

From gated Private Beta to an unrestricted Public Launch, Lombard’s phased rollout is designed to ensure LBTC connects to DeFi with the utmost security, and scalability.

28

22:17 • 13 thg 6, 2024

Lombard Finance has announced a three-phase launch for LBTC, their yield-bearing, cross-chain, liquid token that is backed 1:1 by BTC.

Phase 1 - the private beta - will test and optimizes Lombard's infrastructure. Following it will be Phase 2 - the public beta - which makes LBTC publicly available while maintaining deposit caps. Finally Phase 3 - the public launch - will remove deposit caps and makes LBTC available to the public. Each phase aims to ensure stability, security, and scalability, bringing Bitcoin into the DeFi world in a secure and sustainable manner.

https://x.com/buildnexio

nexio is an on-stealth MoveVM Bitcoin Layer 2 built using Movement Labs's tech stack.

Disclaimer: this piece is purely informational and does not reflect endorsement or support of the projects mentioned. Please do your own research.

Particle Network (https://particle.network) is at the forefront of Web3 innovation with its Modular L1 powering Chain Abstraction. After successfully integrating Wallet Abstraction into 900 dApps, serving 17 million users, Particle Network is unifying the Web3 experience through its Cosmos SDK Layer-1. This empowers Universal Accounts, Universal Liquidity, and a Universal Gas Token across diverse ecosystems, such as BTC, SVM, IBC, and EVM.

Vamient Capital (https://vamient.xyz) is a quant fund specializing on trading on-chain with strategies deployed across multiple chains. As a market maker, Vamient specializes in making for order books, JIT liquidity for AMMs and can work with different hybrids in between, running liquidations and keeper bots for lending and collateralized protocols. Vamient looks to be a strong partner with new ecosystems to leverage on our niche in HFT and will be interested in contributing to lower spread, higher price stability and higher trading volume.

Atomicals Protocol ⚛️

@atomicalsxyz

Atomicals Virtual Machine (#AVM) Whitepaper

Title: "AVM: Smart Contracts on Bitcoin by Simulating The Bitcoin Virtual Machine"

PDF: raw.githubusercontent.com/atomicals/avm-…

Github Repo: github.com/atomicals/avm-…

#Atomicals #DigitalObjects

490

2:48 • 28 thg 5, 2024

Atomicals Protocol has introduced the Atomicals Virtual Machine (AVM). AVM is a smart contract system that stores smart contracts in transactions for execution in a sandboxed runtime via the overlay digital asset indexers.

They didn't rely on any new smart contract language but relying on the existing Bitcoin Script language itself, which is already Turing-complete, being a Two Stack Pushdown Automata (2-Stack PDA) and has the benefit of not having any looping instruction, but can achieve the same effect as loops using the technique of loop unrolling.

Binance Research

@BinanceResearch

Did you know that Bitcoin has only ~0.1% of its value in Layer-2s?

Our new #Binance report covers the latest in Bitcoin scalability, providing a framework for analyzing L2s, before diving into BitVM, Lightning, RGB, Citrea, Merlin, and more.

Read on

binance.com

The Future of Bitcoin #3: Scaling Bitcoin

A detailed and technical breakdown of a selection of Bitcoin scalability solutions.

469

21:42 • 30 thg 5, 2024

Binance Research continues their series about Bitcoin Ecosystem by talking about scaling efforts on top of Bitcoin.

Recent developments in Bitcoin, such as Ordinals, Inscriptions, BRC-20 tokens, and Runes, have intensified discussions on scalability solutions due to rising transaction fees. However, while Ethereum's Layer-2 solutions represent about 10% of its total value, Bitcoin's Layer-2 solutions only account for about 0.13% of its total value.

They also elaborate on key considerations for Bitcoin scalability solutions include trustless two-way bridge issues, alignment with the Bitcoin base layer, fork requirements, and incentive alignment. Additionally, more "Bitcoin-native" projects like Lightning Network and RGB aim to enhance Bitcoin's P2P transaction capabilities and introduce smart contract capabilities.

Other scaling solutions, such as sidechains, zk-rollups using BitVM and EVM Layer 1s, are also being explored. In conclusion, the growing expressivity of Bitcoin and the emergence of DeFi primitives underscore the increasing importance of Bitcoin Layer-2 solutions.

https://medium.com

Fast Transactions, Low Fees: Bitcoin's Layer 2 and Sidechains

Bitcoin is the main vault (super secure but a bit slow to access). Layer 2 is your wallet for everyday spending (quick and convenient), but you eventually need to transfer from the main vault.

This piece from Antonio Quentai argues that Bitcoin's security and decentralization features, while excellent for blockchain resiliency, can hinder usability, particularly for micropayments.

The author continues by saying that Layer 2 and Sidechains offer solutions, functioning like a smaller, quicker notebook for everyday transactions that eventually settle on the main Bitcoin blockchain. This allows for faster, cheaper transactions, and opens up new functionalities. However, these solutions add complexity and potential security risks, and bugs. Some also have deceiving marketing buzz that obfuscated their centralised nature.

All in all, these also provide a sandbox for testing and experimenting with new technologies without compromising the Bitcoin Blockchain.

https://bitcoinmagazine.com

OP_CAT and the Infinite Nothing

An analysis of the potential risks and externalities that could be created by the activation of OP_CAT.

OP_CAT, a potential upgrade for Bitcoin's script language, is neither infinitely capable nor dangerous, but a useful opcode - according to this article from Bitcoin Magazine.

OP_CAT enables introspection, checking parts of its spending transaction, and even looking back at parent transactions. However, it can lead to constructions like hashrate escrows and automated market makers (AMMs), which were considered risks of bringing centralizing Miner Extractable Value (MEV) to Bitcoin. To avoid centralizing MEV, ensure that any opportunities for MEV on Bitcoin are either easy to extract or cost more to extract than they're worth.

The author also suggests that OP_CAT should be activated with another way to do transaction introspection, such as OP_TXHASH or OP_TX, to reduce the size and complexity of the scripts needed.

https://vitalik.eth.limo

Some reflections on the Bitcoin block size war

The original debate in the block size war centered around a simple question: should Bitcoin have a hard fork to raise the block size limit from its then-current value of 1 MB to a higher value, allowing Bitcoin to process more transactions and hence have lower fees, but at the cost of making the chain more difficult and costly to run a node for and verify?

Ethereum founder Vitalik offers a comprehensive thought of the Bitcoin block size war, viewed from the perspectives of both small-block proponents and big-block proponents. The blog covers the contrasting views within the Bitcoin community on block size, the technical and governance-related complexities, and the differing interpretations of Bitcoin's intended purpose.

The small-block perspective, represented by Jonathan Bier, argues for a conservative approach to increase block size slightly, maintaining simplicity and affordability for running a node. Small-blockers also emphasize the importance of consensus among users for protocol changes, insisting Bitcoin should remain free from control by central organizations.

The big-block perspective, represented by Roger Ver, argues for a substantial increase in block size to maintain Bitcoin's original vision as a digital cash system with lower transaction fees. Big-blockers criticize the small-blocker's solutions, particularly the Lightning Network, as inadequate and potentially leading to centralization.

The blog also includes the Vitalik's personal views on the block size war, arguing for a balance between increasing transaction fees and the cost of running a node. Vitalik criticizes both sides for their unwillingness to compromise and criticizes the big-blockers for a lack of technical competence and for their shifts in principle regarding block size limits.

Particle Network

@ParticleNtwrk

Time for some action!

We're live with another great opportunity at The People's Launchpad, powered by Particle Network.

This time, in collaboration with @bitlayerlabs, we bring you not one but FOUR projects at once, each rewarding you with 1% of their Total Supply!

Please…

707

20:01 • 27 thg 5, 2024

The People's Launchpad from Particle Network is hosting the Bitlayer Mining Gala Event, offering rewards to active community members who participate in various tasks.

Bitlayer is a Layer-2 solution offering Bitcoin-equivalent security and Turing completeness. The event is a partnership with several DeFi protocols from Bitlayer's ecosystem, and The People’s Alliance. Rewards amounting to $23.24M will be distributed to participants. Four projects featured in the event are Lorenzo, bitCow, Avalon Finance, and Pell, each offering their own unique DeFi/restaking solutions. Participants can increase their Power ranking and token allocation by performing tasks related to each project.

For detailed guide of the steps, read more at: https://blog.particle.network/bitlayer-mining-gala-launchpad/

Akita Mia

@akitamiabtc

LRC20 is live on mainnet! Some of you have complained Rust is too hard, so new JS SDK is there as a bonus feature. I know more than one team will be releasing a wallet based on it very soon. Exciting times ahead. github.com/akitamiabtc/lr…

27

5:35 • 23 thg 5, 2024

Asset tokenization protocol on Lightning LRC20 has officially live on mainnet. A Javascript SDK is also launched along with the default Rust implementation "yuv".

Babylon

@babylon_chain

Exciting news! Babylon has successfully completed a $70M raise led by Paradigm @paradigm to advance trustless Bitcoin staking.

1/9

3,955

20:28 • 30 thg 5, 2024

Babylon has announced their latest 70m funding round led by Paradigm, with participations from Polychain Capital and the venture arm of crypto exchange Bullish (also CoinDesk's parent company).

This latest round of investment, follows the 18m round announced on last December, will accelerate Babylon’s mission to enable a Bitcoin-secured decentralized economy.

Nubit

@nubit_org

We're delighted to announce Nubit's integration with Babylon Devnet!

Congrats to Babylon (@babylon_chain) on their impressive $70M funding round!

As one of Babylon's closest collaborators, our collaboration reflects a shared vision for a secure and scalable blockchain…

105

0:23 • 31 thg 5, 2024

Follow the above funding announcement of Babylon, Nubit has also announced the integration with Babylon on Devnet. This integration enables trustless Bitcoin staking within Nubit to secure the network. Babylon Node manages staking operations and processes critical data. Meanwhile, the IBC Relayer facilitates efficient communication between Nubit and Babylon.

stacks.btc

@Stacks

@Grayscale, the largest crypto asset manager, is launching the $STX Trust.

This will give investors exposure to the leading Bitcoin L2 solution.

Read more about what the #Stacks Trust means and unlocks (1/5)

(Image by Grayscale)

464

0:27 • 30 thg 5, 2024

Grayscale, the world's largest crypto asset manager, has announced the Grayscale Stacks Trust, providing accredited investors with easy access to $STX. This move allows investors to gain exposure to the leading Bitcoin L2, thereby activating the Bitcoin economy.

The STX Trust reflects growing institutional interest in Stacks, with potential for increased liquidity in the Stacks ecosystem. Additionally, Grayscale's successful efforts in obtaining SEC approval for BTC and ETH ETFs suggest other crypto ETFs are now more attainable.

Lorenzo Protocol

@LorenzoProtocol

We are thrilled to unveil a new joint event, featuring the Lorenzo's Pre-Launch Staking Event for @babylon_chain and the @BitlayerLabs Mining Gala, launching on May 27th and running until June 10th.

It's time to earn points on your path to Lorenzo rewards!

Full details …

72

23:42 • 27 thg 5, 2024

Lorenzo is launching a joint event with Bitlayer, rewarding users through a point system for participating in the Lorenzo’s Pre-Launch Staking Event for Babylon and Bitlayer Mining Gala.

To participate, users stake BTC in Lorenzo, mint stBTC, and bridge stBTC to Bitlayer to earn further yields. Rewards are divided into three pools based on participation and contribution, with additional referral rewards for inviting new users. The event aims to maximize earning potential with increased points for early contributions.

Bitlayer

@BitlayerLabs

1) Bitlayer research team is proud to announce our latest breakthrough in ZK proof verification on Bitcoin - a new FRI gadget that is not only straightforward but also Bitcoin-friendly.

This thread gives a brief introduction to the basic ideas:
- Why STARK and nothing else
- Key…

147

21:54 • 30 thg 5, 2024

The Bitlayer team has claimed to have successfully implemented Fast Reed-Solomon Interactive Oracle of Proximity (FRI) verification in Bitcoin Script without relying on extra protocol changes like OP_CAT.

They do so by implementing the BitVM2 model - splitting the script into smaller segments and using BitCommitment and Taptree. The FRI prover and verifier are based on Plonky3 FRI, with the main difference being the use of Taptree for polynomial commitment. The Bitcoin Script implementation of FRI verifier verifies the FRI folding and the Fiat-Shamir Transformation, and uses Blake3 hash for the Fiat-Shamir Transformation. A more efficient BitCommitment implementation from BitVM called Winternitz Signature is also used.

This implementation is crucial for implementing STARK proof systems on Bitcoin and scaling Bitcoin through zero-knowledge proof-based rollups. However, challenges remain, such as enforcing the game responder to publish the contents of the Taptree leaves without transaction introspection.

Tap Protocol

@tap_protocol

𝐓𝐡𝐞 $TAP 𝐓𝐨𝐤𝐞𝐧 𝐋𝐚𝐮𝐧𝐜𝐡 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐋𝐢𝐯𝐞

You can participate using the link below

(Closes June 5th at 5pm UTC).

coinlist.co

TAP Protocol Token Launch - CoinList

OrdFi enabling protocol for Bitcoin Ordinals

894

1:38 • 31 thg 5, 2024

$TAP - the native token of TAP Protocol - has launched on CoinList from 29th May to 5th June at 3.57$ (75m FDV), with terms for purchasers including 10% unlocks at TGE, followed by a 12-month linear release. TGE is expected on or around June 28, 2024.

TAP Protocol enhances Bitcoin ordinals with advanced capabilities, simplifies token usage, and offers enhanced security by leveraging Bitcoin's existing infrastructure. It also introduces a novel approach to computation, enabling the development of games, metaverse experiences, productivity tools, and social applications directly on the Bitcoin Network.

UTXO Stack

@utxostack

Introducing #UTXO Stack: #Bitcoin Native Extension Stack

What sets the UTXO Stack apart:
• L1: Programmability Turing-complete capability with #RGB++ protocol;
• L2: Scalability one-click deployment of a UTXO-based appchain.

Let's #BUIDL for the future of #BTC!

83

12:36 • 30 thg 5, 2024

After the launch of RGB++ protocol on mainnet, Nervos has introduced UTXO Stack - which combines RGB++ Protocol on Layer 1 with a stack to launch UTXO-based BTC Layer 2 appchain. RGB++ assets have the capability to be "leaped" onto the Layer 2s, with the capability to also stake BTC, CKB and other assets to provide security for these Layer 2s.

Chakra 🌊 Testnet is LIVE 🌊

@ChakraChain

Chakra's Testnet-1 is LIVE!

Join the Aqua Chapter of Chakra Awakening as Chakra's Testnet-1 collaborates with @babylon_chain's Bitcoin Staking Testnet-4!

Ride the BTC DeFi Summer wave and enjoy:
Phase 1: Signet BTC airdrop
Phase 2: More to come...

Dive into…

641

0:34 • 31 thg 5, 2024

The Chakra Testnet-1 will launch at 5 PM UTC on May 30, 2024, in collaboration with Babylon Bitcoin Staking Testnet-4, enabling users to stake on both platforms simultaneously. Chakra will secure Babylon's PoS services based on the amount of BTC staked by users.

The launch includes two phases: Aqua Dropping and Aqua Merging. In Aqua Dropping, users complete tasks to claim Signet Bitcoin from Chakra. In Aqua Merging, users will stake Signet Bitcoin, with details to be announced. Note that Signet Bitcoin is a simulated currency for testing purposes and carries no monetary value.

APOLLO (zBTC SOON)

@ApolloByZeus

1/
The APOLLO Final Testnet is officially LIVE!

Testing Period: Zeus Working Group (ZWG) will now begin testing and feedback for optimization before opening to the next phase.

Launch dApp:
muses.apollobyzeus.app

280

22:58 • 29 thg 5, 2024

APOLLO from Zeus Network has started their final testnet. Users can access the testnet dApp at: https://muses.apollobyzeus.app

APOLLO introduces liquid staking solutions for Bitcoin holders to explore the Solana DeFi ecosystem. It introduces $zBTC, a ZPL-Asset on Solana pegged one-to-one with Bitcoin, allowing users to transfer their $BTC onto the Solana ecosystem seamlessly.

Potential uses of $zBTC include depositing into DeFi protocols to earn yields, providing liquidity, swapping for any SPL token, and collateralizing to create stablecoins. APOLLO opens up new DeFi opportunities like borrowing and lending, maximizing Bitcoin assets' potential on Solana.

Bitflow

@Bitflow_Finance

1/ Exciting news from Bitflow! We're launching new trading routes, continuing our mission to deliver the best Swaps Aggregator and making it a breeze to find the best swaps, rates, and fees across the @Stacks ecosystem.

1,955

1:47 • 29 thg 5, 2024

Bitflow is launching new trading routes to enhance its Swaps Aggregator.

It is expanding trading routes with Velar, featuring new pairs including STX to WELSH, ODIN, LEO, and PEPE. Bitflow is also supporting the USDA pool from Arkadiko Protocol, with new routes including DIKO<>USDA, STX<>USDA, and STX<>DIKO.

Liquidium | Bitcoin DeFi

@LiquidiumFi

While the market is slow, devs cooked

We are happy to present a new feature designed for individual loans, grail ordinals, and more!

What are OTC (over-the-counter) loans and where to access them

109

4:00 • 28 thg 5, 2024

Liquidium's Custom Offers (OTC Loans) allow lenders to make custom offers on individual ordinals. The process involves creating a loan offer, accepting an offer, and countersigning offers.

OTC Loans offer more customizability compared to regular loans and are ideal for high-value loans of special or rare inscriptions. However, they are recommended for special cases as traditional loans provide a better user experience and quicker loan matching. In Liquidium, the loan repayment and default rules, as well as the points system, remain the same as traditional loans.

Zulu Network

@zulu_network

As @robin_linus said, the Snark Verifier script on Bitcoin is very important in BitVM2 (bitvm.org/bitvm2). Today we are thrilled to announce that the Zulu Network team has Open-Sourced the first ZKP Verify Code Implementation using Bitcoin Script!
It involves mainstream…

149

17:19 • 30 thg 5, 2024

Zulu Network is a Bitcoin Layer 2 that introduce a dual-layer architecture:

• ZuluPrime acts as L2 on Bitcoin with EVM compatibility.

• ZuluNexus acts as L3 on Bitcoin expanding its features supporting UTXO & Account type.

The team has open-sourced the first Zero-Knowledge Proof (ZKP) Verify Code Implementation using Bitcoin Script, involving algorithms such as Groth16/FFlonk. The size of the verifier for Groth16/Fflonk is substantial, but the entire ZKP script only needs to be split into fewer than 2,000 sub-scripts.

This achievement sets the groundwork for a decentralized bridge based on BitVM2, with Zulu's next goal being to launch a trust-minimized Bitcoin bridge using cross-chain technology and BitVM2.

LRC-SWAP

@lrc20swap

1/ Introducing the lrcswap.xyz beta: experience the first non-custodial near real-time trading platform for tokens on Bitcoin.

Details on how to get an invite at the end of the thread

122

23:20 • 27 thg 5, 2024

LRC-SWAP, a non-custodial near real-time trading platform for tokens on Bitcoin, is launching its beta version.

The platform initially focuses on the LRC-20 token protocol on L1 Bitcoin, with plans to support more token protocols and move most of the volume onto Lightning. The beta version allows users to create, transfer, and discover LRC-20's, with the swapping feature going live in the coming weeks.

The launch is structured as a game, with the top 3 tokens listed first and their creators winning $1,000 in Bitcoin each. Users can upvote tokens with points, and beta invites are available for those who quote tweet the announcement thread.

Hedgehog from supertestnet is a two-party payment channel protocol similar to Lightning channels but simpler and offers unique benefits. It uses a Bitcoin script primitive called "revocable connectors" to facilitate off-chain transactions.

Revocable connectors operates on two primitives: revocable scripts and connector outputs. Revocable scripts allow either party to revoke their ability to receive money safely, while connector outputs enable conditional transactions. These two primitives allow the creation of Hedgehog channels, where transactions can occur "off-chain". The process can be repeated indefinitely, with each party having the ability to revoke and create new transactions, or the channel can be closed when either party decides to do so.

With Hedgehog, parties can create payments for each other, send them via any communication method, and go offline. The recipient can accept or reject the state change without the sender's assistance. The protocol also addresses potential issues such as a party's inability to force close the channel after sending money, or the inability to access funds if a party dies before completing a transaction.

Disclaimer: this piece is purely informational and does not reflect endorsement or support of the projects mentioned. Please do your own research.

Particle Network (https://particle.network) is at the forefront of Web3 innovation with its Modular L1 powering Chain Abstraction. After successfully integrating Wallet Abstraction into 900 dApps, serving 17 million users, Particle Network is unifying the Web3 experience through its Cosmos SDK Layer-1. This empowers Universal Accounts, Universal Liquidity, and a Universal Gas Token across diverse ecosystems, such as BTC, SVM, IBC, and EVM.

Vamient Capital (https://vamient.xyz) is a quant fund specializing on trading on-chain with strategies deployed across multiple chains. As a market maker, Vamient specializes in making for order books, JIT liquidity for AMMs and can work with different hybrids in between, running liquidations and keeper bots for lending and collateralized protocols. Vamient looks to be a strong partner with new ecosystems to leverage on our niche in HFT and will be interested in contributing to lower spread, higher price stability and higher trading volume.

RootstockLabs

@RootstockLabs

.@SDLerner just unveiled the new BitVMX whitepaper at @btcplusplus Austin!

It details its design, challenge-response protocol, and simplified programming model. By eliminating intricate data structures, it streamlines verification and reduces overhead.

rootstocklabs.com

BitVMX Whitepaper Explained: A CPU for Universal Computation on Bitcoin - Rootstock Labs

Deep dive into the technical details of the whitepaper, including key features of BitVMX, potential use cases, and future directions. 

40

23:54 • 1 thg 5, 2024

Researchers from Rootstock Labs and Fairgate Labs have announced the whitepaper of BitVMX, an open-source project aimed at advancing computations on Bitcoin.

BitVMX is a new design for a virtual CPU that can verify arbitrary programs on the Bitcoin blockchain. It improves on the original BitVM concept by introducing an advanced challenge-response game protocol with a simplified computational model for verification by using hash chains of program traces instead of Merkle trees. BitVMX aims to enable sophisticated computations on the Bitcoin blockchain without requiring significant changes to its existing infrastructure. It has potential applications in creating decentralized, trustless bridges for Bitcoin sidechains and enabling the optimistic verification of zero-knowledge proofs.

Link to the whitepaper: https://bitvmx.org/files/bitvmx-whitepaper.pdf

Nubit

@nubit_org

It is known that Bitcoin's lack of Turing completeness has traditionally restricted program logic execution.

Therefore, we're thrilled to unveil our latest breakthrough: A stateless and trustless execution layer for meta-protocols on Bitcoin.

35

23:39 • 19 thg 5, 2024

The Bitcoin ecosystem has evolved over the past couple of years with advancements like Layer-2 solutions and the integration of inscriptions and ordinal protocols. However, Bitcoin's Turing-incomplete script necessitates the use of off-chain Bitcoin indexers, introducing challenges to data integrity and availability.

To address these, a new modular indexer architecture, Indecure, is proposed by the team at Nubit. It uses polynomial commitments to streamline verification processes and robust data attestation procedures to ensure reliability against malicious alterations. Preliminary evaluations show Indecure's effectiveness in reducing computation time and data block size while maintaining high integrity in state transitions.

Trac

@trac_btc

A new version of the TAP Protocol w/ Privilege Authorities has been released.

Privilege authorities allow for token/unats/collectible allowlists, launchpads, burn-bridges and more.

This update requires all users of the TAP Reader to upgrade.

The activation of the new feature…

379

7:48 • 28 thg 4, 2024

This new feature on TAP Protocol generates inscription texts to establish privilege authorities. It can be used by projects to implement whitelists, launchpads, and reward systems for games. By issuing tokens in this manner, projects can distribute tokens to their target users without concerns about front-running and sniping. The Royal is the first collection that utilized Privileges authorities.

Caliber Venture Builder

@CaliberBuild

#Bitcoin #Layer2 Landscape Report by @CaliberBuild
Explore how sidechains, peg mechanisms, and rollup protocols transform scalability, security, and functionality.
Insightful analysis on @BotanixLabs @Stacks @Liquid_BTC @babylon_chain @BSquaredNetwork

mirror.xyz

Bitcoin Layer 2 Landscape Report by Caliber

Bitcoin's Layer 2 landscape with SegWit, Taproot, and sidechains, boosts scalability, security, and privacy using advanced 2 way peg or inscriptions or payment channel.

26

23:18 • 14 thg 5, 2024

In this report, Caliber presents an overview of the current Layer 2 solutions for Bitcoin. This includes basic BTC scaling methods, the challenges, and the technical architecture of several prominent L2 solutions available in the market.

Security of Stroom Network

https://blog.stroom.network

Stroom Network's Security Fortress: A Closer Look

Exploring Stroom Network's architecture and strategic approach to security, transparency, and trust.

Stroom Network aims to redefine DeFi security standards by integrating Bitcoin, Ethereum, and the Lightning Network to ensure secure and trustless operations. It uses a K-of-N multisig model for enhanced transparency and security.

Within the Stroom system, all LN nodes must adhere to the Stroom protocol, which prevents them from accessing the Bitcoin in their channels and requires system validation for any channel state changes. Nodes must also report any revoked channel states to the validating nodes' databases. This allows the Stroom-enabled hub to securely link to the federated Lightning Network Node, managed by the validating nodes. Any non-compliant LN node can be excluded from the network, maintaining system integrity and security.

Stroom's consensus mechanism uses the FROST algorithm, allowing validating nodes to independently verify operations. Key activities such as stroomBTC minting and redemption involve multi-party signatures stored in local databases. These databases synchronize through a Practical Byzantine Fault Tolerance-style consensus mechanism, ensuring censorship resistance. To bridge Bitcoin and Ethereum, each validating node incorporates full nodes for both blockchains, functioning as a DAO-managed LN Watchtower, enhancing network security and integrity.

Stroom also employs a DAO structure for distributed governance, allowing community involvement in decision-making. Future plans include regular audits by third-party security firms and dynamic bug bounty initiatives.

Luna Labs

@LunaLabsVC

You probably missed the alpha from $BTC Asia 2024.

Here's a quick recap so you don't fall behind:

43

2:31 • 17 thg 5, 2024

Luna Labs discusses key events and alphas in the Bitcoin Asia 2024 conference, including the rapid growth of the Ordinal event, the potential of Runes, the impact of the Merlin Chain and the announcement Liquidium token. The thread also highlights the success of the Nuro movement and the strong Chinese support for Book of Blob.

Babylon

@babylon_chain

The Next Phase: Babylon Testnet - 4

Ready for the next chapter in bringing native Bitcoin security to the Proof-of-Stake world?

Here's the full pre-launch announcement with details on the upcoming testnet and how you can prepare for it here babylonchain.io/blog/babylon-t…

762

20:15 • 13 thg 5, 2024

In this Babylon Testnet-4 , BTC stake will only involve BTC Signet test network without a Babylon PoS test chain. They can engage in a full range of activities including staking, unbonding, withdrawing but there are no slashing, no PoS reward, no voting.

For more details to participate in this testnet, you can follow this: https://babylonchain.io/blog/babylon-testnet-4-pre-launch-announcement

pSTAKE Finance

@pStakeFinance

Breaking: pSTAKE Finance is launching a premier liquid staking solution for Bitcoin, built atop @babylon_chain.

pSTAKE aims to become a catalyst for BTCfi growth by creating a direct pathway to generate #BTC staking yield.

Learn more blog.pstake.finance/2024/05/15/pst…

246

20:00 • 15 thg 5, 2024

pStake Finance is introducing BTC liquid staking in partnership with Babylon. This will enable Bitcoin holders to earn yields on their BTC. The collaboration leverages Babylon's innovative BTC staking protocol, which uses Bitcoin's proof-of-work security to enhance proof-of-stake chains. pStake Finance will open for BTC deposits in the coming week.

Surf Protocol

@surf_protocol

Maximize your yields by staking your Surf LP Tokens as we partner with @Mage_Finance!
Once you've staked your SolvBTC on Surf and obtained Surf LP Tokens (SolvBTC), you can further stake your LP Tokens on @Mage_Finance to maximize your return.
Don't miss out on our boosted…

31

11:03 • 17 thg 5, 2024

This partnership between Surf Protocol and Mage Finance enables users to stake SolvBTC on Surf and receive Surf LP Tokens (SolvBTC). For greater returns, you can stake your LP Tokens on @Mage_Finance.

Both Surf Protocol and Mage Finance are executing points programs to distribute their tokens. You can learn more about these programs here and here.

Liquidium | Bitcoin DeFi

@LiquidiumFi

We are back with some new added collections!

We listened to the community, and delivered , below

77

4:00 • 17 thg 5, 2024

Liquidium is a money market built on top of the Bitcoin blockchain. It has achieved over 1300 BTC in trading volume to date. They announced the expansion of their offering to support: Runemilio, Retordinal, Goldmine Tools, and more.

For the complete list of new collections, you can read it here: https://x.com/LiquidiumFi/status/1791212043330109452.

ᛤ ALEX 🟧 THE Finance Layer on Bitcoin ᛤᛤᛤ

@ALEXLabBTC

ALEX Security Update

Dear Community,
We want to keep everyone informed about the recent attack and our ongoing efforts to address the situation with ALEX. Yesterday, we became aware of an exploit using compromised private keys obtained via a phishing attack. The exploiter was…

436

15:17 • 16 thg 5, 2024

Leading DeFi protocol on Stacks ALEX had been through an exploit last week.

The exploiter gained administrative control over one of the vaults connected to the ALEX liquidity pool by compromising private keys through a phishing attack. A total of 13M $STX was stolen. The ALEX team continues to work with various exchanges to recover the funds. Additionally, they plan to use ALEX reserves, held by the ALEX Lab Foundation, to establish a treasury grant program to support the community affected by this attack.

After the successful of Pre-Alpha testnet, users can now join the Nubit Alpha Testnet. In this testnet includes running Full/Light Nodes, sending transactions to the testnet, and querying transactions on our chain explorer. For more details, you can follow by this guide: https://docs.nubit.org/nubit-da/nubit-da-guideline

https://medium.com/@bouncebit/bouncebit-roadmap-romance-of-the-three-kingdoms-b22724583c4a

BounceBit, the first Bitcoin restaking chain supported by Binance, announced its 2024 Roadmap, including BounceBit Portal acts as the operating system, BounceBit Chain as the settlement and executional layer, and BounceClub as the Lego set to build CeDeFi. Its direction is to focus on CeDeFi lego and make CeDeFi products on BounceBit chain.

Zest Protocol 🍊

@ZestProtocol

Zest Protocol raises $3.5m Seed round to redefine Bitcoin lending

Led by @drapervc, with participation from @BinanceLabs, @FlowTraders, @trustmachinesco, @goasymmetric and more

4,708

20:44 • 13 thg 5, 2024

Zest Protocol has raised $3.5M in a seed round led by Draper Associates.

Zest Protocol is a money market leveraging the security of Stacks Bitcoin L2. By upgrading to Nakamoto, it enables sBTC, a 1:1 Bitcoin-backed asset that offers developers a programmable version of Bitcoin. Zest Protocol is written in Clarity on the Stacks L2, and is based on the design of Aave v3. Zest Protocol is also running a points program on the Stacks network, and will expand to the BTC native chain when the Nakamoto update is complete.

Particle Network (https://particle.network) is at the forefront of Web3 innovation with its Modular L1 powering Chain Abstraction. After successfully integrating Wallet Abstraction into 900 dApps, serving 17 million users, Particle Network is unifying the Web3 experience through its Cosmos SDK Layer-1. This empowers Universal Accounts, Universal Liquidity, and a Universal Gas Token across diverse ecosystems, such as BTC, SVM, IBC, and EVM.

Vamient Capital (https://vamient.xyz) is a quant fund specializing on trading on-chain with strategies deployed across multiple chains. As a market maker, Vamient specializes in making for order books, JIT liquidity for AMMs and can work with different hybrids in between, running liquidations and keeper bots for lending and collateralized protocols. Vamient looks to be a strong partner with new ecosystems to leverage on our niche in HFT and will be interested in contributing to lower spread, higher price stability and higher trading volume.

Rijndael from Taproot Wizards presented about OP_CAT (BIP420) and Scroll Signatures. His talk included a detailed explanation of how to build covenants with OP_CAT and how it functions in practice.

Expanding on this, Rijndael elaborates on how we can use it to create vaults and a more generalized state machine, leading to CatVM. Finally, he mentioned other potential protocol upgrades aside from OP_CAT that could enhance Bitcoin's capabilities.

Lorenzo Protocol | 📍 Bitcoin Asia

@LorenzoProtocol

x.com/i/article/1784…

11

4:56 • 10 thg 5, 2024

The article from Lorenzo Protocol provides comprehensive coverage on the history of smart contracts, Bitcoin's scripting language, and ongoing efforts to enhance Bitcoin's computational capabilities. These include both base layer improvements such as Taproot, and second-layer developments.

The article further contemplates the future of Bitcoin's smart contract capabilities with advancements like covenants, drivechain, and additional developments on the Lightning network, such as Taproot assets.

Rearden 🍯🦡 🦢 | embrace forks

@reardencode

x.com/i/article/1787…

108

12:14 • 8 thg 5, 2024

Rearden's detailed thoughts after his involvement in the bitcoin++ conference in Austin. The future of Bitcoin's script was discussed at a conference, with a focus on the Great Script Restoration.

The Restoration aims to re-enable opcodes removed by Satoshi in 2010 due to potential DOS vectors. The proposal includes a cost-based model to limit validation costs and the introduction of new opcodes to improve transaction detail access.

There's also a proposal for a more flexible sighash system, variable length whole numbers, and the addition of CHECKSIGFROMSTACK. The risks of not improving Bitcoin's script are considered greater than the risks of changing it, as improvements can reduce the risks posed by current protocols built on existing script.

https://www.binance.com

The Future of Bitcoin #2: Tokens

A dive into Bitcoin's new fungible token standard: The Runes Protocol

Binance Research continues their The Future of Bitcoin series with a detailed coverage about the Runes protocol.

The Runes Protocol, created by the builder behind Ordinals, Casey Rodarmor, offers a more efficient way to have fungible tokens on Bitcoin using the UTXO model. Compared with BRC20s, Runes are more efficient at using blockspace and likely more compatible with Bitcoin protocols.

Since their launch, Runes have significantly impacted Bitcoin's fees and transaction count. Future developments include internal airdrop mechanics and potential Bitcoin soft fork proposals.

Bitcoin Layers

@BitcoinLayers

Another assessment has been added to the site!

@build_on_bob is an optimistic rollup on Ethereum that supports #Bitcoin-centric applications. It is built on the OP Stack, and has plans to derive more security from Bitcoin in upcoming releases.

16

19:44 • 9 thg 5, 2024

Bitcoin Layers continues their series of assessment on different protocols and second layers on Bitcoin with their risk assessments of BOB.

According to the assessment, BOB is an Ethereum rollup serving as an application layer for Bitcoin, with plans to derive more security from Bitcoin miners and full nodes over time. It uses two BTC synthetics, tBTC and wBTC, and users trust a variety of consensus participants for BTC custody and withdrawals. The state data is stored on the Ethereum blockchain, and block production is managed by a centralized operator.

BOB is developing Optimine, a mechanism for Bitcoin miners to merge-mine the BOB sequencer, and researching BitVM for an improved bridge program. Users pay fees in ETH, but can choose to pay with a separate token. BOB is also developing fraud proofs and a Bitcoin light client, and uses an EVM-compatible virtual machine. Its main use case is to provide Ethereum users access to Bitcoin applications.

BitcoinConfAsia

@BitcoinConfAsia

Official #BitcoinAsia Agenda is here!

b.tc

Agenda | Bitcoin Asia

The biggest Bitcoin conference is coming to Hong Kong

17

23:09 • 8 thg 5, 2024

The highly anticipated Bitcoin Asia conference has finally started on 9-10 of May, with bloat of events and announcements happening around it.

We will have more detailed coverage of the conference on the next edition of BTC Connect Recap.

bitSmiley

@bitsmiley_labs

The bitSmiley Alphanet is officially LIVE: bitsmiley.io.

Explore the cutting-edge features of our groundbreaking protocol now deployed on @BitlayerLabs network.

Start minting stablecoins while earning your exclusive bitPoints now!

The smart contract to mint…

bitSmiley

@bitsmiley_labs

Dear bitSmilers,
Get ready for the much-anticipated debut of our Alphanet on @BitlayerLabs set to launch on May 1st, 2024.

May 1st will mark a significant step forward in our journey to transform BTCfi ecosystem.

Here's a sneak peek at what's in store for our Alphanet launch:…

159

15:56 • 1 thg 5, 2024

Particle Network

@ParticleNtwrk

And… we’re on! bitSmiley is now LIVE on The People’s Launchpad, powered by Particle Network. Here’s all you need to know:

@bitsmiley_labs is a BTC-Native stablecoin protocol, reinventing the Bitcoin DeFi ecosystem through stablecoin, lending, and derivatives infrastructure.

…

1,712

18:59 • 4 thg 5, 2024

bitSmiley's Alphanet officially went live on bitsmiley.io on the 1st of May on Bitlayer. In addition, they introduced the pre-season of their points system, bitPoint, which started on May 1, 2024, and concluded on May 11, 2024. During this time, users could earn points by minting bitUSD on Bitlayer and providing liquidity for specified trading pairs on bitCow (such as bitUSD-USDT/bitUSD-WBTC). At the end of the pre-season, 1% of the total bitSmiley token supply will be distributed among users.

bitSmiley token $BIT is also live on The People's Launchpad by Particle Network. To participate in this launch, one needs to log in to the Launchpad with a Bitcoin or EVM wallet or social accounts, enter a referral code, and create a Universal Account on the Testnet.

Accumulate Power on the Launchpad to increase your allocation of $BIT. Activities that earn Power include staking M-bitDisc-Black, holding bitUSD, performing swaps on the bitCOW DEX, staking community assets, and referring active users. The period for accumulating Power is from 4 - 9 May, with token distribution occurring after $BIT’s Token Generation Event.

More details on $BIT's launch on The People's Launchpad can be found at: https://t.co/P28evigmri

BounceBit

@bounce_bit

BounceBit Mainnet launching in 3 days

265

14:13 • 10 thg 5, 2024

BounceBit has announced their highly awaited mainnet launch to be on 13th May. On the 12th, all LCTs(Liquid Custody Tokens) will be distributed to all early access user's wallet addresses autmatically, with BounceBit covering the gas fees.

It was also stated that the profits from Premium Yield Generation accumulated before May 13 can be claimed during mainnet launch, with approximately 8 million worth of profits being distributed. Claims can be made on either the BNB Smart Chain or Ethereum through the BounceBit portal.

Arch Network

@ArchNtwrk

Arch is proud to be building and innovating in the Bitcoin ecosystem, alongside some of the industry's top funds and strategic partners.

Announcing the closing of our seed round led by @multicoincap, hear what they have to say about us:

"Arch Network's emergence is a direct…

253

23:24 • 9 thg 5, 2024

Arch Network, has closed 7m a seed round led by Multicoin Capital.

Instead of going through the second layer route, Arch Network aims to provide a platform for programmability on Bitcoin's native base layer through dedicated ArchVM and Decentralized Verifier Network, bringing advancements from other blockchains back to Bitcoin.

Hermetica

@HermeticaFi

Introducing USDh

The first Bitcoin-backed, yield-bearing synthetic dollar.

Backed by #Bitcoin - not banks
Earn up to 25% yield
Native to Bitcoin L1 and L2s

Join the revolution now

250

20:16 • 6 thg 5, 2024

Hermetica has introduced their synthetic dollar $USDh, which integrates directly into Bitcoin L1 via Runes as well as the L2s and promised a staggering 25% yield. Hermetica is backed by delta-neutral position between native Bitcoin spot combined with short BTC position on centralized exchanges, with the yield generated from the funding fees.

Portal

@portal_finance

@demexchange, a decentralized exchange (DEX) and cross-chain platform built on Cosmos announces its integration with #Portal DeFi to Enable Cross-Chain Swaps All In-App. 

The partnership will simplify cross-chain trading of BTC native assets and enhance liquidity across…

Demex

@demexchange

breaking ground with @portal_finance

thrilled to share our partnership with Portal for effortless cross-chain trading of $BTC native assets on Demex

with this collaboration, users can atomic swap their $BTC into Demex and trade perps easily, boosting liquidity across the…

76

23:05 • 9 thg 5, 2024

Perpetual swap dex Demex has integrated with Portal Finance to improve their trading's user experience. With the Portal integration, Demex's users can now atomic swap their BTC directly onto Demex's own Cosmos chain and start to trade perps immediately.

Sovryn | DeFi for Bitcoin

@SovrynBTC

Sovryn DEX 2.0 is now live on BOB!

Live features:
• Swaps
• AMM LPs with Spice and Rune points + trading fees
• SOV staking on BOB

Borrowing, lending, margin trading and more to follow.

DEX 2.0 is the swiftest and most cost-effective dex on the market!

97

19:00 • 9 thg 5, 2024

Leading Bitcoin DeFi protocol Sovryn has announced the expansion of their dex 2.0 on Bob.

The protocol will originally support swaps, LPs for AMM and staking of their native token $SOV, with more features such as lending and margin trading to come.

APRO Oracle

@APRO_Oracle

APRO Oracle @MerlinLayer2

#APRO_Oracle proudly supports: @bitsmiley_labs, @izumi_Finance, @MerlinSwap, @surf_protocol, @Ascendant_fun, @Mage_Finance and more!

From ensuring data accuracy to enhancing security, our #oracle solutions are designed to empower every…

2

19:27 • 6 thg 5, 2024

Leading oracle solution on the Bitcoin ecosystem APRO has announced their move onto the Merlin ecosystem and supporting most of the major DeFi protocols over there such as bitSmiley, MerlinSwap and Surf Protocol.

https://pell.network

Pell Network is a restaking protocol that enhances Bitcoin security and economics. It addresses the trust and security gap in BTC Layer 2 networks and expands yield potential through a decentralized trust marketplace. The network integrates advanced technology for upper-layer applications, secures critical infrastructure, and boosts Bitcoin Layer-2 networks. It operates within the Bitcoin ecosystem through its core components and supports a range of Actively Validated Services (AVS), fostering innovative blockchain research.

Ducat

@Ducatstable

1/ We’re excited to announce the Ducat Protocol - the first Bitcoin L1-native stablecoin on Runes.

660

22:34 • 24 thg 4, 2024

Ducat Protocol, the first Bitcoin L1-native stablecoin on Runes, has been announced by the team earlier this month. It uses a proprietary meta-protocol, Ordinals Inscriptions, Runes tokens, and the Taproot upgrade to convert BTC addresses into stablecoin vaults. The stablecoin, UNIT, will be 150% BTC-collateralised at issuance and manage its peg programmatically.

Ducat aims to unlock $1 trillion of BTC for on-chain leverage, mitigate liquidity fragmentation across Bitcoin L2s, and create more DeFi use-cases for Bitcoin.

Disclaimer: this piece is purely informational and does not reflect endorsement or support of the projects mentioned. Please do your own research.

RGB, short for "Really Good Bitcoin," enhances flexibility and scalability by functioning off-chain, yet it still benefits from Bitcoin's security layer. Its original inspiration came from Peter Todd's work on client-side validation and single-use seals. This led to Giacomo Zucco's initial concept of RGB in 2016, with the first implementation taking place in 2017.

RGB operates on top of the Bitcoin blockchain and utilizes the Lightning Network, functioning similarly to a Directed Acyclic Graph (DAG). In this setup, participants cannot see the complete network state. Every new transaction must be confirmed by at least two previous transactions before it is recorded on the network. RGB enables the issuance and management of programmable and private assets. Additionally, its smart contract capabilities, powered by RGB's own virtual machine, AluVM, support DeFi, NFTs, and other common smart contract use cases. RGB transactions are private unless users opt to publicly broadcast their smart contracts, thus ensuring user privacy.

A single-use seal is an "electronic seal" that secures a message by ensuring it can only be used once. Bitcoin's unspent transaction outputs (UTXOs) can serve as seals for messages, as Bitcoin's Proof of Work (PoW) prevents UTXOs from being spent twice. The RGB protocol uses these single-use seals to link changes in RGB state with the ownership of Bitcoin UTXOs. Consequently, the Bitcoin system validates RGB state ownership and can track all state changes via the UTXOs' transaction records. Seals prevent different parties from providing varying versions of supposedly identical data. Therefore, they enable eligible parties to verify a smart contract's state history. Through the use of a single-use seal, RGB only utilizes Bitcoin script for its security model and access rights and not for its (somewhat lack of) computability.

One of RGB’s core features is Client-side validation, originated by Peter Todd. In RGB protocol, user states cannot be directly on-chain but self-verify by users through off-chain computation. Client-side validation technology allows users to focus solely on the branch history of UTXOs relevant to them, without worrying about unrelated transaction histories. The security of RGB states is maintained through client-side validation, eliminating reliance on any centralized third party.

Each RGB smart contract is represented by a genesis state and a directed acyclic graph (DAG) of off-chain state transitions, validated by client-side validation. The state is assigned to a single-use seal through UTXO. The Schema, defined by the smart contract issuer at the genesis state, contains validation rules. These rules dictate the types of state, seals, and metadata allowed within state transitions, as well as Turing-complete scripts for client-side validation. Each contract maintains its own state history and data, with no intersection or composition with others in terms of states. RGB smart contracts differ from those of Ethereum and other chains as they are defined declaratively, not imperatively. In other words, an RGB smart contract is a DAG of state changes, of which you only ever know a portion that is relevant to you.

The interaction of RGB smart contracts with the Lightning Network is facilitated through Bifrost, an extension to the LN peer-to-peer protocol. Bifrost allows you to send client-side validation data using the LN itself, make RGB-20 payments (RGB's standard of fungible token) over the LN, and will enable more advanced features in the future, such as DEX, decentralized storage, DeFi, and advanced smart contracts through AluVM.

In the upcoming RGB release, users can create simply smart contracts in RGB or use Assembly for AluVM and schema programming. A higher-level language called Contractum is under development to simplify the creation of more complex smart contracts.

RGB++ is an extension protocol of RGB, proposed by the Nervos Network team, utilizing the same concepts of single-use seals and client-side validation technology to manage state changes and transaction verification. In addition to it, It maps Bitcoin UTXOs to Nervos CKB Cells via isomorphic bindings and uses script constraints on the CKB and Bitcoin chains to verify the correctness of state computation and the validity of ownership changes. Hence, all RGB++ transactions will appear on both the BTC and CKB chains, with the latter replaces the client validation process. Users only need to check the relevant transactions on CKB to verify whether the state calculation of this RGB++ transaction is correct. This option is, however, optional, so users can also independently verify RGB++ transactions using client-side validation like with RGB. This makes RGB++ doesn't fully rely on additional security assumption about CKB chain's security.

RGB++ addresses the technical challenges faced by the original RGB protocol in practical implementation and provides more possibilities, such as blockchain-enhanced client validation, transaction folding, shared states with ownerless contracts, and non-interactive transfers.

RGB++ is live on April 4th and users can already use JoyID wallet to store and transfer assets.

CELL Studio

@ckbcell

RGB++ is NOW LIVE on Bitcoin

The RGB++ protocol transforms BTC Layer 1 asset issuance via advanced tech like isomorphic binding, single-use seals, transaction folding & more. Also, RGB++ expands Bitcoin's capabilities through enabling smart contracts & asset leap between…

100

6:15 • 4 thg 4, 2024

For sovereign rollups or non Bitcoin-settled rollups, you can still use Bitcoin only as DA layer with rollup development kits such as Rollkit or OPStack (BOB using this approach as mentioned ). The data in this case is inscribed onto the sats similar to Ordinals. The approach is also adopted by Kasar Labs’s BarkNet - in collaboration with Taproot Wizard - which develops a sovereign rollup using Mandara stack. We expect more efforts like this popping up in the future with the likes of Sovereign SDK allows pluggable modules for rollup’s DA and other components (see for example Chainway’s implementation here).

However, merely using Bitcoin as the DA layer without further Bitcoin alignment or tapping into any of the Bitcoin's strength (security, soundness of the base asset etc) might deemed to be wasteful since Bitcoin's block space is an expensive and valuable resource.

In the less ideal world whereby all Bitcoin rollup solutions and Bitcoin ecosystem projects would utilizing Bitcoin's Layer 1 as a data availability (DA) layer, it could overload Bitcoin since it wasn't designed for DA storage at the first place. A natural workaround would be switching onto an alternative DA layer such as Celestia, EigenDA as some the rollups on Ethereum, especially the app-specific rollups such as LyraChain or Aevo has been attempting. Via (formerly ViaCoin) and Mozita (app-specific rollup for their perp dex) are some of the Bitcoin rollups design that incorporated Celestia onto their architecture design. Avail or Espresso's Tiramisu are other viable alt-DA solutions to consider.

Immutability, censorship resistance, and decentralization are key features highly valued by the Bitcoin community. As such, any rollups should align with these attributes. Given that Bitcoin Ordinals and other inscriptions only require storage without a need for computation, Bitcoin's block space may not be the optimal solution. Those aforementioned DA networks have smaller validator sets, which implies a noticeable difference in the degree of decentralization and security. This is a crucial consideration for Bitcoin rollups willing to adopt such networks. Consequently, there's a demand for a separate, Bitcoin-secured DA layer specifically designed for storage.

Nubit is developing such a DA layer specifically for the Bitcoin ecosystem. It introduces the concept of Nubit tags, which are small cryptographic commitments placed on the Bitcoin blockchain that refer to the actual data stored on the Nubit network. Each tag is associated with a maximum of 8MB data, from which larger data will be aggregated. This design allows for a more efficient use of Bitcoin's limited block space.

The system utilizes Bitcoin staking and Bitcoin Timestamping methods, influenced by Babylon, in the consensus layer to maximize Bitcoin's security (more details about Babylon are provided in the section below). In addition, Nubit employs Data Availability Sampling for simpler data scaling, facilitating light nodes in data verification. A bridge system between Nubit and Bitcoin, which utilizes a Lightning Network-based Payment Channel Network, is adopted for fee payment and validator rewards distribution. This network of channels leverages Hashed Timelocked Contracts (HTLCs) to encourage intermediary nodes to route payments correctly. Lastly, Nubit's SNARK-based signature aggregation enables validators to consolidate their neighbors' signatures into a single proof, allowing a large number of validators to participate in the consensus.

Bitcoin, as the most decentralized and hard currency ever existed, has seen arguments and efforts for its "inclusion" in DeFi. There's a push to let people "put their Bitcoins to work" rather than just holding them. Early DeFi efforts focused on wrapping Bitcoin, either in a centralized or decentralized manner, to Ethereum and other smart contract ecosystems, or to side chains like RSK or Stacks V1. Examples of these include BadgerDAO and Sovryn.

However, it's important to note that new liquidity in the BTC ecosystem mainly comes from institutional BTC holders and non-crypto native holders. These holders might feel uncomfortable with the trust assumptions on wrapped assets or the increased vulnerability/risk vectors that come with Turing-complete smart contracts. They may also be unfamiliar with Ethereum or other blockchain ecosystems. Projects that align with these users' demographics may have a better chance of finding a product-market fit in this popular area.

Bitsmiley is a Bitcoin DeFi protocol that includes bitUSD, an over-collateralized stablecoin on the Bitcoin blockchain, as well as a lending and derivative protocol.

This protocol allows any Bitcoin holder to deposit BTC into the bitSmiley Treasury smart contract, which is deployed on a Layer 2 (L2) network. This allows them to mint bitUSD and redeem bitBTC back to BTC, subject to a stability fee. Similar to models like MakerDAO, any treasury with a Collateral-to-debt ratio falling below a certain threshold will be liquidated on the L2 network. The liquidation process follows a Dutch auction format, with a liquidation buffer funded from the protocol's revenue to cover any shortfall in auction proceeds.

This mechanism allows bitUSD to be minted and function on the Bitcoin blockchain itself, while still ensuring sufficient programmability for the protocol on an L2 network.

Atomic Finance uses DLCs to make it possible for people to earn a self-custodial yield on Bitcoin. Users can sell covered calls on Bitcoin whilst being totally self-custodian and does not relies on a L2 or wrapped assets. They are, however, moving on to automated covered call strategies after listening to feedback from users about their preference. In the future you will have a flexibility to choose between the automated strategies and the manual approach.

At the time of writing, the Bitcoin Layer 2's DeFi landscape is still in its infancy. Each Bitcoin layer 2 is primarily focused on developing infrastructure and attracting developers to their chain. Rootstock (RSK) and Stack, however, stand out as they have been around for many years and are therefore at a much more mature stage in terms of ecosystem development. Additionally, Merlin has shown potential this year as a Bitcoin layer 2 that is attracting projects to build on it.

RSK is, historically the largest side chain on Bitcoin with a total 200M in TVL across DeFi. At its core is Sovryn - an all-in-one Defi protocol built on Bitcoin. Sovryn incorporates spot and margin trading for crypto assets, a money market for lending and borrowing, and SovrynDollar (DLLR) - a Bitcoin-backed stablecoin. It's also developing BitcoinOS which is a network of rollups that all share Bitcoin's security and interoperable with each other.

Money on Chain provides cryptocurrency-backed stablecoins and decentralized staking options. Its offerings include the Dollar on Chain (DoC), a Bitcoin-Collateralized Stablecoin pegged 1:1 with the USD, and BPro, the interest-bearing token of BTCX (a leverage token of RBTC).

Tropykus is a decentralized lending protocol created specifically for emerging markets in Latin America. Conversely, Oku is a Decentralized Exchange (DEX) featuring an advanced front end with analytics and trading data. It allows users to trade, set up Liquidity Provider (LP) positions, and establish Uniswap v3 type of pools.

Stacks is a prominent figure in the Bitcoin L2 landscape due to the comprehensiveness of its 'DeFi legos'. In this ecosystem, Alex stands out as a DeFi super app comprising an AMM, order book DEX, money market, launchpad, and a bridge asset from Bitcoin L1.

StackingDAO simplifies the process of running a node in the Stacks network and shortens unstacking time by introducing a liquid staking token called stSTX. Currently, StackingDAO holds the highest TVL in Stacks, exceeding 100M, a number expected to rise following the Nakamoto upgrade.

Papaya offers liquid staking on Stacks v2 for sBTC (staked BTC), which is currently on their testnet. On Papaya, users receive an equal amount of an LST called stBTC when they stake their sBTC. This stBTC represents liquid staking for sBTC deposits. The liquidity from these deposits is used by their Proactive Market Maker (PMM) to dynamically rebalance the pools for capital efficiency. Besides staking, users can also provide liquidity to the PMM in the traditional manner.

Bitflow currently ranks as the second-largest DEX in terms of TVL on Stacks. It comes with a built-in AMM and enables users to borrow stablecoin using Bitcoin as collateral. Meanwhile, Velar will concentrate on a Uni v2 style AMM for spot trading in its v1.1. For V2, it aims to implement a Uni V3 style and perpetual trading.

Furthermore, Arkadiko is a decentralized liquidity protocol where users can collateralize their STX, stSTX, and sBTC to mint a stablecoin named USDA.

With over $3B secured in the Merlin Seal program, Merlin has emerged as the largest Bitcoin L2 in terms of Total Value Locked (TVL). The chain was launched in January 2024. Currently Cobo Global and Meson Protocol are the most popular venue to bridge assets from Bitcoin Layer 1 and other chains to the Merlin Chain.

Merlinswap combines both ambient liquidity (akin to Uni V2) and concentrated liquidity (similar to Uni V3). It provides enhancements such as limit orders and efficient gas usage in trading.

bitCowis an AMM offering BTC-native stable swap and automated concentrated liquidity on the Merlin BTC L2, developed by the bitSmiley team.

Merlinstarter is Merlin's native launchpad. To date, it has facilitated the launch of three projects. Additionally, Merlinswap has set a new record for the most extensive IDO fundraising, with $400M committed.

Surf Protocol (perpertual dex) and Solv Protocol (yield-bearing native asset) are the projects that first deployed on Base and Arbitrum, respectively, but are coming over to Merlin and looking to be the leaders in their corresponding segments there.

Additionally, Merlin Chain is progressively completing their DeFi Lego through partnerships with numerous projects such as Nubit, Pyth, and Stakestone.

Other Bitcoin Layer 2 projects are still under development, and their ecosystems are not fully established or even existent. We anticipate that these ecosystems will become much more robust in the future given the demand.

Bitcoin staking protocols allows bitcoin holders to stake their bitcoin for PoS blockchains which need security and are willing to pay yields for it, without needing any third-party custody/bridge/wrapping. It provides slashable economic security guarantees to the PoS chains while Bitcoin holder can earn yield on POS chain. Compared to some other traditional methods of sharing the security of Bitcoin like merge mining, Bitcoin staking solves the “Nothing at stake” problem whereby the miners can still attack the side chain or other units of economy that is supposedly sharing the security, whilst still being honestly mining on Bitcoin chain.

Babylon uses Remote staking method where users locked Bitcoin in staking Taproot contract. Once the staking transaction is confirmed on the Bitcoin chain, the stakers can start to contribute to the security of POS chain. The stake is “slashed” upon malicious behaviour using Extractable one-time signatures (EOTS) which is a signing primitive that allows the extraction of private key from 2 signatures signed with the same key. The private key is then used to send the BTC to burn address - effectively produce the same effect as slashing.

Babylon also incorporate Bitcoin Timestamping Protocol - the technique whereby hashes and signatures of the PoS chain blocks are recorded on Bitcoin blockchain. This gives an extra layer of ordering for PoS chain blocks and protects against long-range attack. Thus, it can be used to allow fast unbonding period for PoS chains. Babylon themselves is building a PoS CosmWasm chain that aggregates the checkpoints sent by the PoS Cosmos chains and posts them to Bitcoin on their behalf.

Currently there are various PoS chain especially Cosmos SDK based looking to integrate with Babylon for extra security as well as reducing unbonding period. Teams such as AltLayer also looking to leverage Bitcoin security through Babylon for rollups.

Building on top of Babylon’s staking protocol, Lorenzo’s Liquid Bitcoin Staking Protocol allows stakers to keep hold of an equivalent amount of stBTC for their staked BTC amount. Lorenzo handling the management of staked BTC by introducing a system called Liquid Staking Plan, in which the users will be able to choose from before staking. Each plan contains its own portfolio of PoS systems the staked amount will be used to secure, length of the staking cycle, and a corresponding delegate vault on Babylon Protocol which will be staked to the corresponding portfolio PoS systems.

This mechanism isn’t only lower the barrier of entry for BTC staking on Babylon (Babylon requires a min amount to become validator) but also mitigate the slashing and security risks of the staked PoS systems. Being an IBC-compatible chain, Lorenzo AppChain also allows stBTC users to tap into the vibrant DeFi economy on Cosmos ecosystem.

Beside Liquid Staking, Lorenzo also set their eyes on become a L2-As-A-Service platform on the Bitcoin ecosystem, allows easy bootstrapping of a new rollup with modular, customizable execution, settlement, DA and consensus layer - with the modular component systems like DA all secured by staked BTCs.

BounceBit has implemented a similar approach of tapping into Bitcoin security by introducing the Dual-Token Staking Consensus. This mechanism, which shares some commonalities with EigenLayer’s Dual Staking, uses two tokens to secure the same PoS blockchain - both BTC and BounceBit's native token. After staking, you'll receive an Liquid Staking Derivative ( LSD ), which can later be restaked to Shared Security Clients (SSC). These SSCs, similar to EigenLayer's AVS, can be any system that needs its own distributed validation semantics for verification. This allows sidechains, bridges, DA layers, etc. in the Bitcoin ecosystem (and technically, any other ecosystem) to tap into Bitcoin's security. This is a crucial step in reducing trust assumptions and vulnerabilities throughout the entire ecosystem. Furthermore, BounceBit's EVM compatibility enables a robust DeFi ecosystem on top of BTC and the aforementioned LSDs.

Stroom Network - on the other hand - on a mission to enhance liquidity on Bitcoin’s leading layer two for payment Lightning Network by introducing liquid staking derivatives for users that stake their Bitcoin onto Stroom’s treasury. The staked BTCs will be used to participate in Lightning Network channels, of which the fees collected will then be routed back to the stakers. Upon staking, stakers also receive an LSD called lnBTC on EVM blockchains which they can also possibly use to engage in various DeFi activities. Stroom’s treasury and bridge are based on a K-of-N multisig federation where each member of the federation monitors both ETH and BTC blockchains. The K-of-N validating nodes approve the operation for each lnBTC minting, redemption, or LN channel opening and closing. Similarly, a K-of-N federation multi-signature script will be employed on the LN hub side to manage the operation using Schnorr threshold signatures.

With the deployment of more Bitcoin Layer 2 solutions, a standard bridge between them is currently absent. Each one possesses its own bridge, secured by different methods. This scenario results in fragmented liquidity and a lack of interoperability. A unified, trust-minimized bridge is needed to address this issue and enhance the user experience when transferring assets between Layer 2 solutions. In the current landscape, WBTC issued by Bitgo has gained wide acceptance and use across many chains with over $10 billion in total value locked. However, it is centralized and controlled by a group through multi-signature wallets. There are several approaches available that offer a more decentralized design than WBTC.

Projects like eBTC and NomicBTC propose a more trustless approach. eBTC, constructed by the team at BadgerDAO, is a collateralized crypto asset on Ethereum, soft pegged to the price of Bitcoin. Unlike wrapped assets such as WBTC, which require trust in a centralized entity, eBTC is a synthetic asset backed by stETH, using a well-known CDP mechanism. It's built on the proven hypothesis that ETH and BTC are significantly correlated, giving borrowers more confidence in maintaining longer-term debt positions.

NomicBTC, in contrast, operates an IBC-compatible Bitcoin sidechain, serving as an intermediary layer for BTC to enter the Cosmos DeFi ecosystem. Using Taproot and Schnorr signatures, Nomic enables a highly trust-minimized bridge. It only requires 10% of honest validators, and includes an emergency disposal process that allows the Bitcoin on the bridge to return to depositors on the Bitcoin blockchain if the Nomic network fails.

Meanwhile, Threshold Network has already launched an SDK, simplifying the integration process for dApps and new Layer 2 solutions, and enabling seamless Bitcoin Layer 1 deposits.

Polyhedra aims to improve Bitcoin's interoperability with other blockchains using zk-SNARK. Its Bitcoin messaging protocol is fully compatible with the existing zkBridge infrastructure when Bitcoin is the sender chain. However, when Bitcoin is the receiver chain, validators must stake the sending chain's native token to write data to the Bitcoin network. Message consensus is reached by a Multi-Party Computation (MPC) committee formed by these validators. In the event of detected malicious actions, anyone from the Bitcoin chain can send a fraud proof, including the related transaction block headers. This proof is relayed to the sending chain by the relay network. If the fraud proof is verified, dishonest validators have their stakes slashed.

zkBridge Messaging Protocol for Bitcoin. Source: https://blog.polyhedra.network/introducing-the-bitcoin-messaging-protocol-with-zkbridge

Native cross-chain swapping paves another way towards enhanced interoperability. Projects such as ThorChain, Maya, ChainFlip, and Portal Finance facilitate direct trading of native assets without the need for wrapping.

ThorChain operates as a Layer 1 protocol built on the Cosmos SDK. It functions as a cross-chain liquidity protocol that facilitates non-custodial swaps of native assets between supported blockchains, including Bitcoin. It has been active throughout the last cycle and the current one, and is currently the primary venue for on-chain Bitcoin trading. After a successful year in 2023, ThorChain plans to introduce rapid swaps - a feature that combines the price efficiency of a streaming swap with the speed of a regular swap. In addition, it aims to launch perps this year and is looking into supporting memoless transactions for easier wallet integration.

Maya, on the other hand, is a friendly fork of ThorChain that introduces unique designs for capital efficiency, security, and value capture, such as liquidity nodes, dual token mechanism, and impermanent loss protection, while also supporting more chains.

ChainFlip introduces a unique just-in-time (JIT) Automated Market Maker (AMM). In this model, the Liquidity Provider (LP) creates range and limit orders, similar to the UNI V3 style, while Market Makers actively manage their liquidity ranges or limit orders, updating them based on real-time user input. When transactions are "witnessed", they compete in an auction to provide the best execution price. This DEX operates like an open, transparent, decentralized OTC desk. It's important to note that there are no actual liquidity pools on each chain. All transactions take place on the State Chain, a dedicated chain that handles all cross-chain swap transactions using virtual assets. This design reduces the effort required to support individual chains and ensures users receive the best market execution price.

Portal Finance is a non-custodial cross-chain DEX where assets stay on their native chains, and the swap's accounting occurs on a State Chain (Notary Chain). The central components of this network are the AMMs designed for each chain - a Uniswap-style AMM for EVM chains, and a Hashed Time-Locked Contract (HTLC) based AMM for Bitcoin. A group of validators controls the transaction flow to facilitate swaps and ensure accurate and timely transaction processing. These validators monitor balances across chains, handle events, and execute instructions. They also maintain the Notary layer, which records transactions and fund flow.

Finally, Atomiq Exchange and Zeus Network are projects that aim to connect Bitcoin and Solana specifically.

Atomiq enables atomic swapping, both between Bitcoin L1 or Lightning Network to Solana. For swapping from/to Bitcoin L1, they utilize a method similar to HTLC called PTLC (Proof-time locked contract), where the claimer must provide a proof instead of a secret for a hash. In this case, the proof is transaction verification through bitcoin relay.

For swapping from the Lightning Network, a submarine swap is used. Submarine swaps are a type of Lightning-specific transaction. To settle a Lightning Network invoice, the receiving party must reveal a secret whose hash equals the payment hash in the invoice. This can be used to create a similar HTLC with the same hash on Solana. An intermediary is needed to obtain the secret from the payee on the Lightning Network and then use it to receive the funds on the HTLC on the Solana network. They also offer a swap for gas service, allowing users to swap small amounts of BTC on the Lightning Network for SOL. This enables them to use Atomiq trustlessly, even when starting with a 0 SOL balance.

Zeus Network operates similarly to Nomic, functioning as a Bitcoin sidechain that runs on the Solana VM. A multi-signature consortium is established to authenticate the locking and unlocking of Bitcoin. Each node on the network includes a Verifier Registry, which requires nodes to stake SOL or a Solana LSD to participate in the consensus process. This process involves a threshold signature mechanism using Bitcoin taproot and Schnorr signature. A challenge period is also introduced for each transaction. During this period, an honest verifier can submit fraud proof to indicate any malicious actions. If the Proposal Management Program on Solana successfully verifies the fraud proof, the stakes of the malicious verifier are slashed, and a percentage is given to the honest verifier.

Zeus will release the first dApp building on top of the network this year called Apollo - which enabled native $BTC staking and offers a 1:1 two-way pegged $zBTC. $zBTC holders will then be able to engage with the robust DeFi ecosystem on Solana. More BTC-based DeFi use cases on Solana as well as Zeus Programming Library (ZPL) for general interoperability programmability is on the pipeline.

Bitcoin NFT trading volumes have grown month-over-month coinciding with major catalysts like the approval of the first Bitcoin ETF and the upcoming halving event. Every NFT ecosystem develops its own character and culture over time. With the Bitcoin network itself is a value storage chain. By adopting Ordinal protocol, users can inscribe images and create a variety of NFTs on Bitcoin with generating fully on-chain, immutable, and censorship- resistant.

Marketplaces are a core component of the growing Bitcoin NFT infrastructure. Early leaders included OKX and Unisat, due to their quick support as some of the first platforms to list Bitcoin-based collections. Initially, OKX Marketplace attracted volume with zero transaction fees for both market takers and makers.

However, Magic Eden has gained momentum after expanding into Bitcoin NFTs. It offered faster support for new projects and a creator launchpad to easily debut collections. Magic Eden also launched an incentives program to boost early activity on its platform. These initiatives helped Magic Eden surge past competitors, capturing around 50% of total Bitcoin NFT trading volume at its peak.

As more exchanges integrate Bitcoin NFT support, it increases options for users to both trade and list their creations. This enhances liquidity across the entire Bitcoin NFT ecosystem

In every NFT ecosystem, it's impossible not to mention PFPs (profile pictures) as key components. Initially, there were only a few collections within a small community. However, with the adoption of Ordinal, Bitcoin now has a more unique PFP collection within a vibrant community. One distinctive feature of Bitcoin NFTs is the inscription number; the lower it is, the more premium users are willing to pay for it. For instance, there are Bitcoin Punks with inscription numbers ranging from 89 to 34,399, and Node Monkes from 83,522 to 111,319.

NodeMonkes and Ordinal Maxi Biz have arguably become the preferred PFPs within the Bitcoin community. NodeMonkes concluded an auction of 8000 monkeys at 0.03 BTC in December 2023. Each Monkes has five attributes that are used to create it. Some traits are similar to Ethereum collections, such as Hoodies and Aliens as a tribute to Crypto Punks, and Gold as a tribute to BAYC.

Ordinal Maxi Biz (OMB), created by @ZK_shark and the art was created by Tony in 2023. A unique characteristic of OMB is that their Sats number is inscribed on Bitcoin from 2009 (block 78), making it one of the most valuable collections on Bitcoin.

Because of the 4MB block size limitation, inscribing heavily rendered artwork on-chain can be challenging. However, artists can take advantage of one unique feature of Ordinals, which is the Sats number. This number signifies historical value when inscribed in rare Sats. This method is widely used by many artists, distinguishing Bitcoin Gen art from other blockchains.

Vivid Gallery is a pioneer in supporting artists to launch collections on Bitcoin. So far, they have launched five collections, which include notable works like 'The Golden Ratio' by Harto. These collections are inscribed using a Parent/Child Provenance, with the Child inscription being made on Sats from the first Bitcoin of Block 9 450x, the oldest Sats in circulation.

Bitglyph, inspired by Autoglyph (the first on-chain generative art on Ethereum), uses a version of Autoglyphs code that has been modified and rewritten in JavaScript. Bitglyph also records all metadata and the generative art source code on-chain.

Nullish, an early Bitcoin NFT artist, focuses on the rare Sats in his artwork. He has several significant collections, including 'Uncommon Pattern.' This project comprises 50 pieces, each ranked by Sats age, all inscribed on uncommon Sats. Another notable collection is 'Remnants of a Distant Supernova,' where each piece is inscribed on block 9 satoshi, the oldest Sats in circulation.

As Bitcoin approaches the 2024 halving and the Bitcoin ETF approval, institutional adoption could substantially increase investment in Bitcoin financial products in the long run. The expansion of new use cases for Bitcoin Layer 2, Ordinals, and the growing use cases in DeFi, will likely attract more interest and capital. This integration of traditional finance could potentially use Bitcoin in a decentralized manner in DeFi or other Bitcoin use cases.

Overall, these developments are expected to significantly increase Bitcoin's market capitalization and the Total Value Locked in its ecosystem, marking a new chapter in Bitcoin’s history book.

Bitcoin, a peer-to-peer payment system without a middleman, has existed for over 15 years. Bitcoin blockchain was designed in such a way so that Bitcoin is optimized as a "hard, sound" money system. Unlike Ethereum and many subsequent blockchains, Bitcoin does not include Turing-complete smart contract functionality. Moreover, the community historically did not opt for changes at protocol level to enable such a feature at the base layer. However, efforts to expand the Bitcoin ecosystem in terms of scaling and capabilities have never ceased. The development of a second layer or sidechain, such as the Lightning Network, Liquid Network, Rootstock, Drivechain and protocol upgrades like Segwit and Taproot indicate a desire to extend Bitcoin beyond a secure digital asset.

On January 20, 2023, Casey Rodarmor launched the Ordinals software on the Bitcoin mainnet. Although non-fungible tokens (NFTs) on Bitcoin are not a new concept, with Colored Coins and CounterParty allow for asset issuances and has existed for over a decade. Ordinal NFTs, however, feature a fundamentally different architecture. They do not exist on a separate layer but are entirely native to the Bitcoin blockchain. Ordinals order sats to create the non-fungibility essential for NFTs. The "inscriptions" are essentially the content of the NFT, similar to the "metadata" of traditional ERC-based NFTs.

On March 8, 2023, Domodata introduced the concept of BRC20 and deployed $ORDI, which sparked new developments in the BTC ecosystem. In this piece, we (Vamient) would like to shed some lights on the new concepts and projects of the Bitcoin ecosystem that we believe will play a significant role in 2024 and beyond.

Runes - new standard of token on Ordinal

Ordinal enables the inscribe of any arbitrary data to individual sats. There are many different methods of inscription, each with its unique standards and advantages. The most popular standard for fungible token is BRC-20. BRC-20s are based on inscribing JSON data, a text-based data format, onto individual Sats via the Ordinal Protocol to create fungible tokens. Currently, BRC-20s dominate Bitcoin Ordinal, with a total of 4000 BTC paid in fees for minting to date.

However, as BRC-20 is not designed based on UTXO, it can result in higher transaction fees and network congestion during periods of high activity. In September 2023, Casey - the original Ordinals software creator - introduced Runes, a new token standard for Ordinal.

Runes utilizes Bitcoin’s Unspent Transaction Output (UTXO) model, allowing it to be minted, transferred, and updated on Bitcoin. The primary distinction is that Runes includes a specific number of Output in its script data. This makes raw data easier to read on the blockchain and enables it to store all information directly on the Bitcoin blockchain.

The protocol message contains a second data push that signals an issuance transaction, which is decoded into SYMBOL - the token's unique identifier and DECIMALS - recording the token's decimal precision. Any additional number would deem the message invalid.

Unlike other token standards that link token balances to wallet addresses, Runes stores them in the UTXO itself. When a new token is created, its supply, symbol, and decimal places are defined in the issuance transaction and assigned to a specific UTXO, whose acts as the balance tracker. Upon token transfers, the UTXO would divide itself into smaller ones, each recording the transfer amount.

Runes offers a unique ticker symbol service. Once a ticker name is registered, it becomes permanent to prevent duplication and ensure clarity. Despite the official launch of Runes being scheduled for April at block 840,000, various projects will compete to etch the first $RUNES token. To avoid this, Casey, the creator of Runes, suggested that the first 1-10 Runes, numbers 0 through 9, may be pre-set and open to everyone. This approach ensures a fairer token distribution for all participants. At this moment, as Runes protocol is still on nascent stage, here are some notable names in this particular ecosystem:

• RCIS: 21,000 RCIS were airdrop to Ordinal users, by holding RCIS holder can pre-mine $Runes token when it launch and $Runes will be allocated to your address until the supply is fully allocated.

• Rune Alpha: all in one platform that help minting, launchpad Runes standard. It also has marketplace built inside and the explorer

Other token standards

In addition to BRC-20 and Runes, there are several other token standards being proposed and gaining adoption:

SRC-20

The SRC-20 token standard is developed based on the Bitcoin Stamp theory. It differs from the BRC-20 token standard as it uses UTXO for data storage, enabling permanent storage on the blockchain. However, the downside is the expensive minting fee, which is approximately 5-10 times higher than the BRC-20.

CRBC-20

The CRBC-20 token standard leverages the ability of Inscription envelopes to store arbitrary data directly. This significantly reduces the cost of inscriptions and simplifies the indexing process, making CRBC-20s a more affordable and faster alternative to BRC-20s.

Atomicals

Similar to BRC-20, the ARC-20 standard also supports basic functions such as deploy, mint, and transfer. However, the fundamental designs of ARC-20 and BRC-20 differ. In Atomicals, ARC-20s are treated as first-class citizens, use sat as the unit of account, and include a built-in ticker name service. A decentralized minting operation, known as DMINT, is also provided. The ARC-20 token standard is built on the UTXO model and uses ElectrumX as an indexer, allowing anyone to run their own Electrum server and access indexes of the Bitcoin blockchain.

TRAC

TRAC is developing an ecosystem to support various Bitcoin use cases. Within this ecosystem, TAP is a token standard that facilitates features such as token staking, swapping, and liquidity pools. This standard enables the creation of DeFi applications and gaming on TRAC. Another token standard, PIPE, has similar functions to BRC-20 but is based on UTXO. PIPE is primarily focused on digital arts and collectibles.

BitVM

Bitcoin's Scripting language is not Turing complete, meaning that implementing smart contracts directly on Bitcoin is impossible. This is because Bitcoin was initially designed for secure value transfers, not complex computational tasks. Adding layers to facilitate smart contract functionality introduce additional trust assumptions and risks, plus consuming substantial block space, leading to increased gas fees. Proposals to add computation to Bitcoin, which would require a soft fork, were historically not gain enough popularity and faced too much backlashes from the community to get approved.

In October 2023, Robin Linus from ZeroSync introduced BitVM, which allows computation on the Bitcoin layer without needing consensus changes. Essentially, BitVM performs computation off-chain and confirms state changes on-chain using fraud proofs. Code written in any programming language is converted into a binary circuit by a Prover and Verifier. The prover commits to that circuit in a Taproot address which has a leaf script for every logic gate in the circuit. Additionally, they pre-sign a sequence of transactions, enabling a challenge-response game between the prover and the verifier later upon dispute.

During this challenge window, the verifier randomly checking each input and output at a circuit gate according to the pre-sign transactions sequence during the setup stage. If the Verifier proves fraud by the Prover, they can claim the Prover's fund. This interactive process stops when either the pre-sign sequence of transactions has been all completed, or one of the two parties stop engaging, which results in the other one winning the challenge. The verifier can also slash equivocation immediately in the case the prover ever reveals two conflicting values. This approach enables the final proof to be verified on-chain without requiring consensus changes.

BitVM increases expressiveness and introduces many new use cases for the Bitcoin base layer, but there are still several limitations to be addressed. At the time of writing, it's difficult to establish a universal rule for verification on BitVM. Instead, each BitVM contract sets its own rules and allows only parties within a state channel to engage in a smart contract. Additionally, BitVM requires the conversion of coding language into NAND circuit construction, which is both intricate and inefficient. Finally, Proposers and Challengers need to generate interactions off-chain repeatedly, which is complicated to design and optimise in real practice.

Albeit still being on such infancy stage, many developers are collaborating to improve BitVM. They've resolved several issues and enabled numerous use cases. To stay updated on the latest BitVM development, we suggest the interested parties to join this group: https://t.me/bitVM_chat.

L2s war, but on Bitcoin

Bitcoin is one of the most robust peer-to-peer networks, supporting a trillion-dollar economy. Any changes to the Bitcoin base layer must be carefully considered and accepted by majority of node operators before implementation. Since the launch of Ordinal, Bitcoin as an ecosystem has garnered increased attention. The fee that users pay to miners to include their transactions on the BTC network has grown tenfold year-over-year, making Bitcoin one of the top three networks where users pay the most fees.

However, the developments don't stop there. According to a report by Electric Capital, over 40% of Bitcoin developers are working on Bitcoin Layer 2 solutions. Some of these have been in development for several years. Early-stage examples include the Lightning network, which are state channels, and side chains like Liquid Network, RSK and Stack V1. Despite the progress, there are still some certain missing pieces lacking for an ultimate version of Bitcoin Layer 2 - especially for rollup, the type of Layer 2 that is popular in the Ethereum ecosystem and is considered the best form of Layer 2 for scaling without sacrificing security of the base layer.

• For a L1 to secure a L2, it needs to verify the complete state of that L2. Currently, Bitcoin's base layer lacks the ability to verify proofs from L2s. Although there have been proposals to facilate zk proof verification on Bitcoin's base layer, it’s generally difficult to achieve consensus among the community and would require a soft fork. An alternative approach is to use BitVM, which extends Bitcoin's functionality through off-chain program execution and can verify state change provide by roll up with the assurance that execution can be challenged on-chain via fraud proofs. However, the cost of verifying fraud proofs can be extremely high in BitVM (a parallel can be drawn to call data to L1 in Arbitrum and other Ethereum L2s).

• To reduce the cost of verifying fraud proofs, there's a proposal to re-introduce OP_CAT as an op code for Tapscript. OP_CAT, originally removed by Satoshi himself, is an opcode within the Bitcoin scripting language that allows two items from the script's stack to be combined into one. With this opcode, expressiveness and functionality of tapscript is massively increased. In the practice of proof verification, the increase expressiveness would allow to reduce the cost of verifying fraud proofs dramatically.

• A trust-minimized bridge: To build a fully trustless bridge on Bitcoin, new Bitcoin op-codes would be needed to verify lock/unlock on other networks/systems. The popular solution right now for bridging is using multi-sigs to store all assets of the L2. There are many different approaches, such as using multiple multi-sigs, but in the end, it's still a trusted bridge that depends on the reputation and identity of the signers, as well as a certain threshold of honest signers. There's also an initial idea by BitVM that leverages a Bitcoin full node to run a side chain and uses BitVM's fraud-proof to prevent dishonest actions by unavailable or malicious participants.

Below are the some of the new approaches to build BTC L2s or Bitcoin-aligned L2s on 2024 and beyond that we think deserve some attentions:

1. Build on BOB

BOB is a rollup developed using OPStack by the team at Interlay. It's currently in testnet, with plans for mainnet to go live around the time of the Bitcoin halving. Although they're considering using Celestia or Bitcoin as their Data Availability (DA) layer and still using Ethereum as settlement for the boostraping phase, they plan to align more closely with Bitcoin in the future. Their plans include a gradual 5-phase roadmap that ultimately transforms into an optimistic rollup and then a zk-rollup with Bitcoin-staked sequencers. They are currently working with the likes of RiscZero and Optimism to fulfill this ambitious roadmap.

For bridging, BOB accepts different types of BTC assets (tBTC, WBTC). They plan to use a two-way bridge using BitVM in the future once it's production-ready. Although BOB isn't a Bitcoin-settled rollup at the moment, they introduced a merge mining concept called OptiMine. This allows Bitcoin miners to partially contribute to the network's security. BOB runs a Bitcoin Light Client, which adds hashes of Bitcoin blocks to BOB. This allows for simple payment verification (SPV) that the submitted transactions were executed on the L1 and included in a block, enhancing the security of its L2 and reduces the trust reliance on the sequencer or block producers.

2. Botanix

Botanix is a Proof-of-Stake Layer 2, built on top of Bitcoin. Validators on Botanix stake native Bitcoin on Spiderchain to secure this second layer. Spiderchain is a distributed network of multisigs managed by the Orchestrator Nodes, which secure the actual Bitcoins.

The signers of the multisigs are randomly selected and rotate among a set of orchestrators. This process ensures that potential future malicious actors cannot control the older multisigs. Furthermore, the keys of the orchestrators are freshly generated for every new epoch to verify the orchestrators' liveness.

Lastly, the management of UTXOs selection upon bridge out follows a LIFO (last-in-first-out) approach. This means that the oldest Bitcoins staked in Botanix are secured by the oldest set of orchestrators, further enhancing the security of those coins. According to the network's documentation, there will be a maximum of 100 orchestrators.

Spiderchain functions as a bridge for pegging in and out. The orchestrators lock the user's funds on the L1 and sign an attestation to mint an equivalent number of BTC on the L2.

In the execution layer, Botanix utilizes a fork of Reth, a Rust-based Ethereum full node implementation maintained by the Paradigm team. They initially anticipate a 12-second block time, offering users an experience similar to using ETH. Furthermore, in order to achieve finality, for every Bitcoin block the current Orchestrator will inscript the Merkle Tree root hash of Botanix on Bitcoin. The other stakers are allowed the challenge in the case that Orchestrator is malicious and posting the wrong root hash. The malicious Orchestrator will then getting his stake slashed.

Botanix is currently in the testnet phase and mainnet is expected to launch soon.

3. Citrea

Citrea, developed by Chainway Labs, is a zk-rollup settled on Bitcoin. Initially, Chainway started by using the Sovereign Labs SDK to construct a sovereign rollup that utilized Bitcoin as the Data Availability (DA) layer. Citrea is now developing its own Type 2 zkEVM rollup. Currently, their EVM implementation is built using RiscZero's zkVM, but their modular architecture allows for the integration of different VMs in the future.

Citrea has implemented a trust-minimized two-way peg for bridging and uses a BitVM-based approach called Clementine for their zk proof verification process. Clementine’s process includes a BitVM challenge response period during which any single honest verifier can challenge the operator by producing fraud proof. If the operator tries to claim more BTC than the covered amount or doesn’t cover any withdrawal before the checkpoint (light client cut-off), the verifier can initiate a challenge. At the end of the challenge period, there are two possible outcomes:

• The connector source UTXOs become spendable by the operator, which means the operator can claim the amount of BTC it covered during withdrawals. This occurs when no challenge is made by any verifier, or the verifier doesn't start the challenge with the correct block height, or the connector proves it satisfied all the withdrawals and revealed the preimages that match the satisfied withdrawals.

• The connector source UTXOs are burnt alongside BitVM response UTXO, resulting in the operators' access to the bridge funds being revoked. This occurs when an honest verifier successfully initiated a challenge, and the operator’s proof has failed.

With this mechanism, as long as there's a single honest verifier in the BitVM setup, Clementine remains secure. This makes it more trust-minimized than most current federation approaches to bridges.

Additionally, rather than recording full transactional data, the prover documents only the state difference between two consecutive batches. This optimizes blockspace usage and data cost. This design, along with Citrea's trustless light client, reduces the trust requirements for Citrea's two-way peg without necessitating a soft fork.

Currently, Citrea is in the Devnet phase, featuring a synthetic native BTC integration. They have already open-sourced Clementine which you can check it out at: https://t.co/3ZWCsNWgRM

4. BSquared

Bsquared is developing a zk rollup that supports zkEVM as an execution layer, and includes an Account Abstraction module built inside. The Bsquared Network consists of two main layers: Rollup Layer and DA Layer.

The rollup layer consists of a zkEVM with native account abstraction, a sequencer set which is nominated by a mechanism akin to dPOS, and a RPC Service that performs preliminary validation, either directly sending them to the Mempool service or processing them for account abstraction before dispatch. There are also provers whose generate zk-STARK proofs for validity, and aggregators that aggregate proofs generated by the provers.

The DA Layer of Bsquared consists of a decentralized storage layer to store data sent by the sequencers, and a set of off-chain validators called B2 Nodes. B2 Nodes consists of six modules: ZK Proof Verifier of Rollup Module, ZK Proof Verifier of Storage Module, Sequencer Selector Module, Bitcoin Indexer Module, Bitcoin Committer Module, and Validator Set Module. These modules execute different features required in the network as their names suggested. The final rollup data is inscribed in Bitcoin by the Bitcoin Committer Module, whose also breaks down the verification computation from the ZK Proof Verifier of Rollup Module into bit-value commitment and places in a tapleaf script, sends those to Bitcoin for an interactive challenge-response window similar to BitVM.

Bsquared is currently in the testnet phase and plans to launch mainnet soon.

5. Stacks V2

In their version 2, Stacks introduced Proof of Transfer (PoX). To be eligible to mine blocks, miners commit Bitcoin to the Stacks network. The more Bitcoin committed by a miner, the better their chances of winning the block lottery. On the other hand, 'stackers' lock STX tokens in the protocol to validate new blocks and ensure network consensus.

Stackers also play a vital role in bridging. For asset bridging to Stacks, users deposit their BTC to a Layer 1 (L1) address, which is controlled by the Layer 2 (L2) Stackers. Once the deposit transactions are confirmed, sBTC is minted on L2 and stackers can receive BTC rewards to secure the network.

This alter in the consensus layer means that Stacks block times are anticipated to be between 5 and 9 seconds. The Nakamoto update is expected to take place around April/May this year.

6. Merlin

Merlin is an EVM zk rollup on Bitcoin, developed by Bitmap Tech (formerly Recursiverse) , the team behind BRC-420 protocol and Bitmap.game.

The compressed transaction data and ZK proofs from the sequencer are uploaded via the decentralized oracle network, whose nodes need to stake $BTC, to the Taproot on Bitcoin L1. Users can generate fraud proof initiate challenges to the ZK-Rollup based on compressed data, ZK state roots, and ZK Proof. Successful challenges result in a rollback to the last verified state, and the forfeiture of the Oracle node's locked $BTC.

To be Bitcoin ecosystem aligned, Merlin Chain will support different major Bitcoin protocols and standards, such as BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe. Particle Network’s BTC Connect is used to allow native Bitcoin wallet users to connect to Merlin’s EVM rollup, as well as supporting account abstraction for those BTC users.

Merlin also looks like bridge the gap between Bitcoin ecosystem and the others by supporting bridges from/to other EVM chains and allows them to purchase Ordinal assets.

7. Bitfinity

Bitfinity is a layer 2 Ethereum Virtual Machine (EVM) for Bitcoin, built on the Internet Computer. It enables smart contracts to use Bitcoin, BRC20, and other BTC protocol assets in a familiar Solidity smart contract environment. To bridge with Bitcoin Layer 1, Ethereum, and the Internet Computer, Bitfinity employs a threshold cryptographic scheme known as Chain-Key which is natively integrated on Internet Computer for trust minimization. Chain-key enables security of the custody Bitcoin since no node would have access to the threshold key, and the threshold key shares of each node are regenerated every 11 minutes.

Bitfinity is enabled by the deep integration between ICP and Bitcoin through their adapter. ICP has one subnet consists of nodes that actually participate in Bitcoin network. These nodes are used to fetch the Bitcoin state and blocks and send transactions to the network. The above mentioned Chain-Key allows the bridge smart contract on Bitfinity to store Bitcoin securely and directly sign Bitcoin transactions.

8. Bison

Bison is a zk-STARK rollup anchored on Bitcoin. It utilizes Cairo VM, a STARK-based virtual machine developed by Starkware for StarkNet, as its execution layer. Giza, a CairoVM prover that employs the Winterfell proof system, is used for zk-STARK proofs.

Since Bitcoin Layer 1 currently can't verify the zk-STARK proof natively using Bitcoin scripts, Bison delegates this verification to the users (self-verification). This allows each user to become their own validator and verify the proof, requiring only low computational resources.

All Layer 2 transactions and zk-STARK proofs are inscribed and stored on Layer 1 using Ordinal. To bridge assets between the BTC network and Layer 2, Bison uses multisig and Discreet Log Contracts (DLC) - a type of Bitcoin transaction that utilizes an oracle to execute smart contracts on the Bitcoin blockchain, enabling two parties to create and execute private agreements off-chain, with the Bitcoin blockchain acting as the final settlement for the agreements.

9. Mercury Layer

Mercury Layer, developed by the CommerceBlock team, is a Layer 2 statechain on top of Bitcoin. Mercury allows the transfer of individual UTXOs' ownership between two parties without requiring any on-chain transaction.

The Statechain Entity (SE) is needed to facilitates this ownership change, but without the ability to seize, confiscate, or freeze the output (hence it can be a centralised entity). Mercury Layer also enhances privacy through blinded co-signing, making it impossible for the SE to learn any details about the transactions it helps facilitate. Hence, it is more suitable to large, privacy-sensitive transfers compared to other channel approaches like Lightning Network.

For this UTXO ownership transfer process, an address is created with the private key sharded into shares owned by the SE and the original owner. Neither party knows the full private key, hence cooperation is needed to spend the UTXO. This shared secret key allows the SE to modify its key share to combine with a new owner’s key share with the original owner's cooperation, but the full shared key remains the same. This happens without revealing key shares or learning the full key, hence the private key’s security is intact. UTXO control then passes to the new owner without an on-chain transaction, and the SE only needs to delete/overwrite the previous owner's key share.

During this key transfer process, a backup transaction is also signed by the SE and the current owner, paying to an address controlled by the new owner. This can be used by the current owner to claim the UTXO's value if the SE does not cooperate or disappears. To prevent a previous owner from broadcasting their backup transaction and stealing the deposit, the nLockTime value is set to a future specified block height. Each time UTXO ownership is transferred, the nLockTime decreases by a specified value. This enables the current owner to claim the coin before any of the previous owners, when the nLockTime is reached.

Bitcoin L2s War - Short and Long-Term

This is by no mean the complete list of the new efforts on building out a layer two on top of Bitcoin to expand its capability and use cases, with names such as Via (formerly Viacoin), Rollux (formerly Syscoin), Cashu, Bitlayer, BitLynx, Flash Protocol, SatoshiVM,… also on the race. Producing the low-down of everything is out of the scope for this piece.

Given the restrictions of Bitcoin's base layer, as previously mentioned, and the fact that BitVM is still some time away from being ready and efficient for production use, we anticipate that projects which don't rely heavily on these factors could initially gain traction in the short term (less than a year) to satisfy the current demand in the ecosystem. This is despite them potentially not being the ultimate Layer 2 solution for Bitcoin due to a lack of a trust-minimized bridge or not inheriting (or very weak inheritance of) Bitcoin security, and some of them shouldn't even be considered a L2 itself (we avoid going too deep on this topic in such a pure informational piece). This expectation also factors in the general caution and complexity involved in making protocol changes/new BIP or activating an op code like OP_CAT. In the longer term, those things could totally change the picture and projects whom aligned their ethos on utilizing Bitcoin blockspace to secure its execution and providing trust-minimized bridge to the Bitcoin Layer 1 might be the “end game” of the ultimate Layer 2 that we are looking for.

Finally, here are two very useful sources to get updated and educated about Layer 2s and rollups on Bitcoin:

• https://twitter.com/bitcoinrollups

• https://twitter.com/bitcoinlayers

Written by Auris and Zany. Special thanks to Dorus and Krisma for reading through the draft and providing feedbacks.

Currently, on Solana's DEXs landscape, the volume is still dominated by AMM-based protocol such as Orca and Raydium. However, around 60% of transactions on Solana failed due to intense competition among bots. These bots aim to be included in a block and capture MEV on the network. Unfortunately, this situation negatively impacts DEX traders, especially when trading long-tail assets. It increases the likelihood of their transactions not being executed at their desired price. To increase the chances of successful trades, traders are forced to increase slippage. However, this also exposes them to the risk of sandwich attacks.

At the moment, 48% of Solana's validators are utilizing the Jito-Solana client, according to data from P2P.org. The chart provided highlights a significant increase in MEV tips for validators, emphasizing the abundance of MEV opportunities. Overall, this proves that Solana blockspace is valuable, and a portion of these fees go directly back to validators to help them maintain the node and guarantee network security. However, from other perspectives, this situation signals a clear need for user protection through alternative methods, with RFQ (Request-for-Quote) emerging as a promising solution.

RFQ is a trading mechanism commonly used in traditional financial markets, and it has also been adapted for decentralized finance. The RFQ system is designed to provide fast and efficient quotes from leading market makers, ensuring that users can execute their strategies in a timely manner.

One project leading the way in building RFQ infrastructure for DeFi in Solana is Convergence. Convergence stands out with its core feature as a marketplace that connects two parties. Dapps integrated with the Convergence protocol, acting as "auctioneers", can initiate batch auctions by specifying deal details such as the amount of tokens for sale and a minimum acceptable price. Market makers then compete for the rights to execute orders by submitting bids into a batch auction.

To ensure there is no counterparty risk in this auction, Convergence has designed a risk engine that assesses the risk associated with each trade, taking into account factors such as market volatility and credit risk to create undercollateralized RFQs. This means traders don't need to lock all of their capital until the trade is settled. All settlement transactions are fully on-chain, ensuring transparency for all parties involved.

To make it even better, Convergence's unified on-chain API enables market makers to integrate once, reducing the time and cost associated with integrating multiple protocols and DEXes on a 1:1 basis. From a DeFi project perspective, Convergence acts as a plug-and-play one-stop-shop, seamlessly connecting them with a network of liquidity providers. For traders, Convergence enhances trading versatility by supporting complex multi-leg structures. This allows them to combine spot, options, and futures contracts in their trading strategies, expanding their strategic possibilities. A key feature of Convergence's RFQ trading is its zero slippage benefit, particularly advantageous for traders executing large trade or dealing with illiquid assets. It ensures price stability and cost-effectiveness.

Started off by supporting Solana, Convergence is now extending its integration to include other chains such as Arbitrum, Sei, and Monad. As we move towards an intent-centric future, Convergence will also integrate with CoW Protocol (Batch auction), 1inch Fusion (Dutch auction), and other intent-based applications. By doing so, Convergence provides additional liquidity sources for solvers, enabling them to obtain the best execution price in the market. At Vamient, we are excited to be one of the liquidity providers for Convergence. We fully support their vision of establishing a unified RFQ liquidity network that spans across chains.

Sources data:

https://app.artemis.xyz/chains

https://dune.com/osk2020/solana

https://dune.com/ilemi/jitosol

Wasabi Protocol 🟢

@wasabi_protocol

Wasabi Perps Public Launch

To start trading, go to perps.wasabi.xyz

Wasabi's newest product, Asset-Backed Perps, is now open to the public on ETH Mainnet. With +$3M of liquidity at launch allowing traders to obtain direct, secure market influence, along with the…

139

2:49 • 3 thg 1, 2024

Wasabi Protocol has launched their Assset-Backed Perpetual product - which is designed by pairing ETH with Flooring Protocol's μ-tokens, which are ERC-20 tokens representing fractional shares of an NFT from a specific collection. These tokens are then deposited into a WLP vault. Liquidity providers can deposit ETH and μ-tokens to earn interest. While traders can utilize up to 5x leverage to go long or short on various NFT collections, with all assets being backed.

Additionally, Wasabi Protocol is planning to introduce a reward system where users can accumulate points for their activities. More comprehensive details about this system will be announced shortly.

• Fungify introduced The Great Fill

Fungify {🍄}

@FungifyNFT

The Great Fill has officially concluded. The sale ended within the span of a few seconds. Reviewing the transactions, it is our impression that this was not the result of bots but organic interest. Congratulations to all our new backers. Stay tuned for our mainnet launch.

27

0:27 • 5 thg 1, 2024

The Great Fill is an event that aimed to bootstrap Fungify during its mainnet launch. They successfully raised a total of 450ETH at a 45M FDV .

The token launch is scheduled for February 21st, which coincides with the mainnet launch of the Fungify Index. Upon launch, Fungify will provide support for various blue-chip NFTs, allowing users to borrow, earn yield, or leveraged trading.

• Unicly V3 will be deployed on Frame.

unicly

@uniclyNFT

Unicly 2024 Development Roadmap

Deploy Unicly V3

We have been working on a new Unicly V3 upgrade and we are almost there.

We have a simple proposal and that is we deploy Unicly V3 (as we already built parts of it) to Frame (frame.xyz)

#NFT

frame.xyz

Frame

The network for creators and collectors

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21:21 • 2 thg 1, 2024

Frame is an Ethereum layer 2 that focuses specifically on NFTs. By deploying V3 on Frame, users can use Unicly to fractionalize NFTs and trade them on Frame Marketplaces. Utilizing the Palette Protocol, which enforces royalty fees on NFTs, users who trade fractionalized NFTs on Frame will earn royalties fees back.

The Frame mainnet is scheduled to launch on January 31st, and Unicly V3 will be deployed thereafter.

• Astaria released Starport

joseph.eth

@josephdelong

Starport is a lending kernel built by @AstariaXYZ.

Starport is designed as a framework for enforcing loan agreements.

Link to the paper in the next tweet.

259

4:37 • 4 thg 1, 2024

Starport from Astaria is a framework that enables developers to create new lending applications on EVM chains, supporting both ERC20 tokens and NFTs. Starport consists of three core modules:

• The Pricing module establishes the specific terms for loan repayment or refinancing.

• The Status module indicates whether a loan is currently active or inactive.

• The Settlement module defines the specific conditions for liquidating an inactive loan.

For more information, you can read their full whitepaper here.

• Hook Protocol introduced Odyssey

Hook Protocol🪝

@HookProtocol

With Odyssey entering audit, we’re excited to soon be able to offer traders access to new instruments that weren't previously possible.

One we're particularly excited about is @watchesio indices powered by @UpshotHQ.

12

0:15 • 4 thg 1, 2024

Odyssey from Hook Protocol is a derivatives DEX that specializes in NFTs. Operating on an Arbitrum Orbit's Layer 3, it provides trading of options and perpetual contracts with 20x leverage.

By leveraging the Upshot oracle and collaborating with Watches.io , a decentralized marketplace for watch trading, Odyssey enables on-chain watch trading. Watch owners can also use their watches as collateral to open positions.

Currently, Odyssey is undergoing auditing. For the latest updates, you can follow them on Twitter here.

• Unlockd supports RWA assets in V2

Unlockd

@Unlockd_Finance

Exciting news!

Welcome to Unlockd V2, where we're pioneering intelligent, fair, and secure lending and borrowing backed by real-world assets (RWAs).

Step into the future with Unlockd and take a glimpse into how we’re transforming RWA liquidity unlockd-finance.medium.com/real-world-ass…

148

0:59 • 22 thg 12, 2023

By integrating with Roofstock Onchain, a blockchain-based platform specifically designed for trading Real World Assets, Unlockd V2 will allow users to obtain loans using a wide variety of assets. These assets include cards, sneakers, real estate and more. Unlockd V2 offers instant liquidity and a peer-to-pool model with no fixed expiration date.

You can find more information about Unlockd V2 here.

• BendDAO introduced BDIN

BendDAO 🛡️ Running SAFE for 600 Days

@BendDAO

Mark the date! Jan 6th, 3 AM UTC/ 11 AM UTC+8

$BDIN Launch on #BendDAO

Note:
- Snapshot will be taken before the launch.
- The rules for the Alpha Whitelist and Beta Whitelist are only applicable to the Launch on #BendDAO.
- All $BDIN launched on launchpads will be…

BendDAO 🛡️ Running SAFE for 600 Days

@BendDAO

$BDIN Launch on @BendDAO is set for January 6th!

Jan. 6th, 11 AM UTC+8 / 3 AM UTC
BendDAO.xyz

Note:
Snapshot will be taken before the launch.
The rules for the Alpha Whitelist and Beta Whitelist are only applicable to the Launch on #BendDAO.
All…

35

8:44 • 4 thg 1, 2024

Leading NFT lending protocol BendDAO is expanding its market share to the Bitcoin network. Now, BendDAO supports lending and borrowing BRC20 tokens, as well as acting as a bridge between the Ethereum and Bitcoin networks.

Initially, 70% of the total supply of $BDIN - BendDAO's BRC20 Inscription - will be distributed to the community through airdrops and IDOs, while the remaining 30% will be used to bootstrap activity on the Bitcoin network.

• Introducing Liquidium

Liquidium | Ordinal DeFi

@LiquidiumFi

The new version 0.3 will massively improve bitmap lending and borrowing.

Stay tuned, degens!

36

11:00 • 11 thg 1, 2024

Liquidium is a money market designed for lending and borrowing Ordinals on the Bitcoin network. It operates using a peer-to-peer model with fixed loan agreements. The floor price information is currently sourced from Magic Eden.

Starting from January 10th, Liquidium has also introduced a point system. Lenders can deposit BTC to earn points, while borrowers can take out loans to earn points. For more information about the point system, you can visit their discord.

Digital resource decentralized providers offer cost-effective solutions with significant price advantages across various services. Technologies such as artificial intelligence (AI), virtual/augmented reality, and metaverse are driving a meteoric rise in the consumption of digital resources, indicating a rapid evolution in technology.

Vistara is leading the development of the Hardware Availability Layer (HAL), which ensures that hardware resources are not wasted/idle and can contribute processing power to networks. At the initial effort, Vistara simplifies the creation of Celestia and Avail light nodes through a simple command, making it possible for non-coders to deploy nodes as well. Light nodes have the ability to verify data availability without downloading all the data for a block. This guarantees the safety and liveness of the network. The more light nodes there are, the greater the security.

Vistara's approach has already resulted in over 16,000 operators installing Vimana nodes (a comprehensive tool designed to simplify the creation and management of different types of nodes, including the DA layer’s light node, full node, and bridge node). By removing barriers to operating light nodes, more users are encouraged to support the growth of Celestia and Avail, as well as assist Vistara in bootstrapping at the beginning to maximize decentralized compute resources.

In addition, to support the vision of modular chains with core principles focusing on specialized functions rather than attempting to do everything, Vistara has introduced the concept of spacecore. Spacecore is a modular hardware-as-code component in Vistara that enables dynamic and adaptable resource allocation for decentralized networks.

One example of a spacecore in Vistara is the effortless rollup framework. This framework allows for the deployment of fully sovereign roll-ups, where each component - execution, sequencing, data availability, proving - can be independently selected from menus. Developers can easily connect repository links to deployment contracts.

In sovereign rollups, transactions are verified by dedicated verification nodes. When combined with Vistara's Hardware Availability Layer, developers have access to a comprehensive infrastructure for building and managing rollups. Vimana nodes serve as modular units, running microservices like provers and sequencers. This is just one example of how developers can build with spacecore. They can also build a spacecore to simulate blockchain environments for testing, debugging, and processing.

On the other hand, one would expect the demand side to face challenges in acquiring new customers. Decentralized hardware resources must eliminate the steep learning curve to attract customer acquisition. By integrating Celestia, Avail, and Near to support their DA layer, Vistara has an opportunity to capture a portion of the user base from these networks as well as the builder mindshares.

At Vamient, we are proud to contribute to the ecosystem through the investment as well as our Veda node operation (a special type of Vimana node that serve role in achieving consensus). We are pleased to support Vistara's pioneering vision from the earliest stages.

Dark Frontier ◢ ✦ ◣

@DarkFrontierGG

｢ Annoucement ｣ Dark Frontier Winners

Congratulations

We have taken a snapshot of the leaderboard, and we are excited to announce the top 10 players that will be sharing the ~$7,500 prize pool (and the secret prize)

Top 10 Dark Frontier players (by rank)
1. YANIK
2.…

43

7:23 • 20 thg 12, 2023

Dark Forest-inspired fully on-chain game Dark Frontier has ended their two weeks of first playtesting, with a 7.5k price pool for the top 10 players on the leaderboard.

Building on top of Argus Lab's World Engine and being the first on-production game running on World Engine Devnet, there are certainly a lot of eyes on it, not just about how it will takeover the torch from Dark Forest, but also to see how on-chain games can operate and scale under such architecture.

Primodium 0.9.0 & 0.9.1

tax cuts 🍊

@tax_cuts

In the 5 days since launching @primodiumgame v0.9, we had an average of 330 DAU, the highest we've had in any update.

The Goerli issues slowed down the momentum, but it was also a good way for us to learn & come back stronger w/ more bug fixes and new features in v0.10!

35

4:21 • 21 thg 12, 2023

Fully on-chain RTS game Primodium has launched their 0.9 version including new features such as:

- Buy and sell resources with other players

- A new super fast unit

- Spectate other people's bases

- Attack more pirates to raid resources

- Chat with other players

Primodium

@primodiumgame

Primodium v0.9.1 is back online, apologies for the last few days while we sort out issues with the Goerli test net.

Because of contract redeployments, the game was reset, but this was counted as an official round for [redacted].

48

2:02 • 23 thg 12, 2023

Due to issues with Goerli's testnet, this version has been taken down after a week of running and replaced by the version 0.9.1. This version also included some bugs fixed and the ability to attain Main Base level 6.

Gaul Playtest

Gaul

@engine_study

scuffed playtest begins now

gaul.app

lets go

gaul.app

Gaul

In the wild lands of ancient Gaul, we found our toil etched upon the earth.

14

2:14 • 15 thg 12, 2023

Gaul

@engine_study

absolutely beautiful playtest

thank you @_alvarius @frolic @ori_pomerantz for last minute Redstone help

and @OwnerOfJK @apixtwts for crushing the road

game will stay up at gaul.app

25

3:48 • 15 thg 12, 2023

On 15th December, the playtest of the highly awaited Gaul from @engine_study has happened on the Holesky testnet, giving the public the first real looks into the game.

Gaul is expected to launch on 2024.

Aether Sands Playtest

Aether Sands

@Aether_Sands

Greetings Settlers

We have some exciting updates for you! We're finally getting ready for our first playtest!

Here's what to expect: (1/5)

81

7:07 • 6 thg 12, 2023

Aether Sands

@Aether_Sands

Settlers

It has been a week since we launched our playtest, and we have grown to over 170 Settlers since our first announcement. We are moving full steam ahead to our next Public Playtest #2. Here’s what to expect

13

21:08 • 22 thg 12, 2023

Aether Sands is a fully on-chain open-world resources management game that draws inspiration from steampunk. The goal of the game is to grow an alien tree, harvest seeds, and excavate ancient monoliths for additional in-game utilities. Each resource is an NFT including 10 different tree types with different traits, rarities and utilities.

On 15th December, the first playtest of Aether Sands has happened. The playtest lasted for 24 hours. The team will look into the player's feedbacks during the playtest in order to make improvements on UI and gameplay.

The next playtest will happen on Redstone Holesky Testnet, with mid January being the expected timeline.

Parallel Colony Trailer

Sci-fi Web3 gaming powerhouse Parallel has released the trailer of its fully on-chain AI-agent based game Colony, which has been developed for over half a year.

Inspired by the infamous generative agents paper Smallville from Stanford and Google research, Colony is a simulation game in which the main character is your AI-powered NFT avatar. The in-house developed LLM allows the AI agents to remember experiences and perform actions based on memories. This dynamics will allow the gameplay to be shaped by both humans and agents.

Dojo Holiday Game Jam #3

https://itch.io

Dojo Holiday Game Jam #3

A game jam from 2023-12-15 to 2024-01-09 hosted by dojostarknet, gabe | cartridge, s0lness, clicksave, tarrencev, bellgloom & tzhan28. Please note: there will be no airdrops for participation in the Game Jam. Prizes will only be awarded to teams that build excellent projects that demo...

StarkNet's provable game engine Dojo is organizing the third edition of their Game Jam which lasts 2 weeks, much longer than the previous two editions. There are a total general prize pools of 16k along with 30k $STRK tokens. There are also a sum of 35.75k of bounties coming from individual tracks such as Realms, Pragma, Cartridge... for submissions that are building/integrating with those projects.

Dojo has recently released their Unity SDK, a tool that will undoubtedly expedite the progress of numerous developers participating in this jam.

Strategems Review

Composable Hub

@composablehub

<A Look Into @stratagems_eth>

When we first discovered Stratagems and read its Twitter bio, we thought it would be another grand strategy game with the standard format of farming resources, upgrading troops, and conquering the world.

Boy were we wrong.

Let's take a look

2

19:00 • 22 thg 12, 2023

Stratagem is a massive multiplayer turn-based board game developed by Etherplay (the studio behind Conquest.eth). Stratagem's gameplay including wagering tokens for placement, with player starting at 1 life after depositing and playing their way up to "Ultimate State Owner" to be able to withdraw the deposit.

The game also features FUZD, Etherplay's in-house developed Encrypted Commit+Reveal System. FUZD allows hidden information mechanics whereby player can "commit" for an action and then being able to only reveal it later.

The guys at Composable Hub has written a detailed review about the gameplay as well as the dynamics involved. You can read it from the tweet above.

Trivia.tech Teaser

trivia.tech | DeNA

@triviatech_gg

42

15:30 • 22 thg 12, 2023

Fully on-chain arcade game Trivia from Japanese studio DeNA has realized an earliest tease.

There isn't much information available to public yet but the game is expected to be launched on Q1 2024.

Influence Pre-Release Coming Soon

Influence

@influenceth

𝗔𝗿𝗲 𝘆𝗼𝘂 𝗿𝗲𝗮𝗱𝘆 𝘁𝗼 𝘁𝗮𝗸𝗲 𝗼𝗻 𝘁𝗵𝗲 𝗯𝗲𝗹𝘁?

Pre-Release is on the horizon, don't miss out, register today.

176

20:00 • 21 thg 12, 2023

Space-theme strategy MMO on StarkNet Influence which draws inspiration by the infamous Eve Online has been on developed for several years and with the upcoming launch of the StarkNet token, they have also been teasing about their own pre-release version.

The pre-release is going to be on Sephoria testnet, on anticipation of the Goerli testnet deprecation. This will be the first version that allow the players to explore the full game, with all the major features and gameplay of Exploitation (their first playable release). There will also be special events and missions, as well as opporunities to earn the in-game token $SWAY ahead of the full launch.

The game is currently on limited release version with features available including:

• Bridging mainnet assets from L1 to L2

• Arvad Crew Assignment completion

• Long-range asteroid scans

• Asteroid naming

• Crew formation and naming

• Adalian Crewmate recruitment

Paima's ZK Paper

Paima Studios

@PaimaStudios

Introducing the Paima ZK layer

A year of work has gone into this ZK layer and we're finally sharing the vision and the demo!

・Deployable ZK to any L1 ecosystem
・Use EVM & non-EVM in the same codebase

Powered by Mina, @ZekoLabs and @class_lambda

287

0:37 • 20 thg 12, 2023

On-chain gaming engine Paima has released a paper of their Mina-based ZK Layer.

This paper discusses the use of Zero Knowledge (ZK) and Data Availability (DA) layers to scale on-chain gaming experiences. It highlights the limitations of current blockchains or rollups to run games that serve a large userbase, at the same time proposes leveraging technologies like Recursive SNARKS and isomorphic L2s on top of Mina Protocol as a ZK layer, which allows to spin up new "zk instances" as needed for the game, and allows all the player's actions aggregated into a single constant-size proof.

By combining Mina's recursive zk proof with the dynamism and customability of Zeko Labs' Layer 2 solution and utilzing LambdaClass's zkBridge for zk proofs verification on EVM chains, Paima aims to enable large-scale decentralized games while maintaining security and interoperability with other chains.

Rising Renevant live for internal testing

Rising Revenant

@RRisingRevenant

Rising Revenant is currently live for internal testing.
For the next steps, we're counting on YOU.

Stay tuned over the next few weeks for any announcements from @GrugsLair if you want to participate in any of the testing rounds!

Check our bio to join the Discord server!

21

21:33 • 24 thg 12, 2023

Tactical fully on-chain game Rising Revenant which is built with Dojo engine and Slot infrastructure on StarkNet is already live internally for testing. The studio behind the game Grug's Lair will release announcements during the next couple of weeks of how to join the testings.

Rising Revenant joins an increasing list of games building on top of Loot Realms IP, including Loot Survivor, Eternum, Underdark etc...

Argus Lab's Episode on The Future of Gaming Podcast

0xResearch

@0xResearch

Will the future of gaming be onchain?
@smsunarto breaks down:

- Overcoming onchain limitations
- MMO inspired sharding
- Tailored runtimes and state machines
- Enabling emergent behaviors

→ youtu.be/26ECB1gYHjE
→ apple.co/48sCwdo
→ spoti.fi/3RzHIFK

42

3:28 • 21 thg 12, 2023

Dan and Sam from 0xResearch has sat down with Argus Labs founder Scott Sunarto to talk about his on-chain gaming perspective.

In the podcast, Scott talked about his approach to overcome limitations with fully on-chain games, Argus Lab's sharding architectures, dev tools, and enabling emergent economic behaviors through crypto integrations.

Scott also discusses their effort with the recently launched game, Dark Frontier (which is also covered in our newsletter).

Autonomous World 2.0 Ecosystem Mapping by @AW_Research

AW Research

@AW_Research

For the holiday season, AW Research brings you an Autonomous Worlds Ecosystem 2.0 Christmas advent calendar featuring projects within the ecosystem. Let's uncover the surprises together!

14

19:18 • 18 thg 12, 2023

AW Research

@AW_Research

Join us in counting down to Christmas with AW Research's special advent calendar, which highlights projects from the Autonomous Worlds Ecosystem 2.0.

Let's dive into the second day of the advent calendar. Engine & Infrastructure

14

20:34 • 19 thg 12, 2023

AW Research

@AW_Research

AW Research is counting down to Christmas with the Autonomous Worlds Ecosystem 2.0 advent calendar, where each day reveals a new sector from the ecosystem.

Let's dive into the third day of the advent calendar.Venture Capital

8

18:11 • 20 thg 12, 2023

AW Research

@AW_Research

AW Research is celebrating the holiday season with the Autonomous Worlds Ecosystem 2.0 advent calendar, unveiling a new sector from the ecosystem every day leading up to Christmas.


Let's dive into the fourth day of the advent calendar.Community/DAO

16

18:25 • 21 thg 12, 2023

AW Research

@AW_Research

AW Research is spreading holiday cheer through the Autonomous Worlds Ecosystem 2.0 advent calendar, revealing a different sector from the ecosystem each day until Christmas arrives.

Now, let's explore the fifth day on the advent calendar: Media

12

17:26 • 22 thg 12, 2023

AW Research

@AW_Research

AW Research is getting into the festive spirit with the Autonomous Worlds Ecasosystem 2.0 advent calendar, where each day leading up to Christmas reveals a different sector within the ecosystem.

Let's dive into the sixth day of the advent calendar. Grant, NFT & Token

9

21:12 • 23 thg 12, 2023

AW Research

@AW_Research

AW Research continues the festive season with the Autonomous Worlds Ecosystem 2.0 advent calendar, revealing a new sector every day until Christmas.


Today, we explore the seventh day of the advent calendar: Game Studios.

8

20:07 • 24 thg 12, 2023

Autonomous World research channel @AW_Research has published a 7-day advent calendar highlighting different players and stakeholders within the Autonomous World ecosystem, including blockchains, engines, VC, communities, medias, grants/NFTs/tokens and studios.

For convenience, we have put the links of those 7 tweets above to you access it all at once.

Cambira is a PvP fully on-chain game that allows players to engage in high-stakes 1v1 duels in a public arena. In these duels, players can wager any combination of ETH, tokens, NFTs, etc. The participants then battle each other until one is defeated, the winner can claim the entire wager as the prize. here’s some invite code if you want to try it here.

Gaul is a multiplayer Sokoban game developed by Small Brain Games. It allows multiple players to play cooperatively or competitively to solve puzzles. The developers have also conducted the first live demo with the community. For more updates about the game, you can join their Discord server.

PixeLAW is an interoperable game that allows everyone to create interesting experiences by combining four games: Paint, Snake, Rock Paper Scissors, and Pac-Man. They have announced that play testing will be coming soon.

• Loot Survivor is live on Starknet mainnet

Realms.World (for Adventurers)

@LootRealms

Loot Survivor is here FOREVER

Now Live: 'Immutable Arcade' Release of #LootSurvivor on @Starknet

This fully onchain game will run the same rules for every player: today & in 20 years time.

The leaderboard trustlessly shows who the most skilful Adventurer is:

Will it be you?

140

5:55 • 10 thg 11, 2023

Loot Survivor is a fully on-chain strategy game. The objective is to level up and keep your Adventurers alive by exploring maps and defeating monsters, gaining gold, health, and experience. Each level up enhances an Adventurer's stats and unlocks new weapons and armor, which are essential for maximizing damage and minimizing damage taken.

Currently, the game costs $5-10 to create an Arcade Account and top up $ETH and $LORD to play one game, but the gas cost will be reduced by 10x-100x when EIP4844 is implemented. However, you can still play the game for free by using their Golden gold token.

For more information, you can follow this link.

• Paima Studios introduced NFT Projection

Paima Studios

@PaimaStudios

The chain where your NFT lives may not be the best chain to build a game

However, bridging is a mess, is unpopular and introduces safety risks

Paima's novel sharded rollup solution allows building onchain games that aggregate data from multiple chains without any bridging

12

3:59 • 11 thg 11, 2023

NFT Projection from Paima Studio offers a seamless, cross-chain function that allows the use of NFTs across different blockchains without the need for bridging. For example, a project could introduce an NFT collection on Ethereum while launching their game on Cardano. Users simply need to verify the ownership of their NFTs on Ethereum Layer 1 to participate in the game, while maintaining full control and the ability to unlock them at any time. This feature for Paima engine is scheduled for release in Q1 2024.

For more updates, you can head to their Discord: https://t.co/FMORO4i5wW

• Curio released Keystone

Curio

@0xcurio

Today we’re proud to formally introduce Keystone, the best toolkit to build highly performant and composable onchain games for the most ambitious developers.

blog.curio.gg

Introducing Keystone

Today we’re proud to release the first stable version of Keystone, the best toolkit to build highly performant and composable onchain games for the most ambitious developers. Keystone represents the...

94

0:17 • 11 thg 11, 2023

Keystone from Curio is an SDK used for building on-chain games. Game logic in Keystone is written in Go, which enables fast-paced game tick processing and can handle tens of thousands of transactions per second. Keystone also provides state sync management, allowing for direct querying and subscribing to data streams from Keystone. Additionally, it supports plugins that leverage existing mature toolchains and ecosystems for games.

• Introducing Drawtech

Small Brain Games

@0xsmallbrain

Introducing Drawtech, the (first ever!) fully onchain mobile game.

Draw together on a shared canvas. Earn rewards...until you get drawn over.

422

10:03 • 1 thg 11, 2023

Drawtech is a PWA (Progressive Web App) mobile game developed by Small Brain Games that operates fully on-chain. It is live on the Base mainnet and features a 35x35 tile canvas that can expand infinitely. In this game, players assume the role of artists and color the tiles by paying with $ETH. The cost of each tile is dynamic and varies based on its popularity. When other players purchase tiles, the $ETH is redistributed back to the artists in proportion to the number of tiles they own. Additionally, players can steal tiles by drawing over someone else's work.

You can try the game at: draw.tech.

• BibliothecaDAO's BIP-15 - Expansion of Frontinus result

The Frontinus House process is a funding mechanism that utilizes DAO assets to attract talented builders and incentivize building within BibliothecaDAO and its current ecosystem. The top 3 winners include:

• ReviloTC - Stolsi: a tile-based board game inspired by Carcassonne with added depth of factional alignment and character-based play.

• Mississippi: a fully on-chain PVP rogue-like game with customizable gameplay.

• Starkland: a simulation and strategy game where players can build their own world using diverse resources. They can explore their world and also invade other worlds.

To figure out more about all the 10 projects that received grants, you can follow this link.

• Cartridge released Slot

  

  Cartridge

  @cartridge_gg

  

  We're incredibly excited to announce general availability of Slot, our managed infrastructure-as-a-service for the Dojo ecosystem
  
  Deploy managed Katana sequencers and Torii indexers and go from development to play testing in seconds
  

  

  cartridge.gg

  Introducing Slot - Cartridge Gaming Company

  Build, deploy, and scale fully onchain games and Autonomous Worlds

  113

  1:19 • 8 thg 11, 2023

Slot is a rollup-as-a-service platform that allows developers to quickly deploy Katana sequencers and Torii indexers to quickly get your Dojo-based on-chain game up and running. It enhances on-chain efficiency by aggregating and compressing proofs, thereby reducing data availability needs and boosting on-chain computation capabilities. To date, Slot has facilitated over 50 deployments, including Roll Your Own and Beer Baron .

For more details about Slot, you can visit their website: Introducing Slot.

insrt

@insrtapp

gm - the Perpetual Mints early beta is launching Thursday on @arbitrum and with the help of @chainlink VRF

anything on-chain is yours to win. get moonshot rewards with a single click.

accumulate $MINT early, so you can sit back and accumulate fees forever.

78

1:22 • 11 thg 10, 2023

Perpetual Mints from Insrt offers a unique pool lottery model where participants have the opportunity to win high-value digital assets or app credits.

Unlike traditional lotteries, Perpetual Mints rewards all players with $MINT tokens instead of losing their entry. $MINT is a rebase token, as more people use Perpetual Mint, $MINT holders will receive 10% of all newly issued $MINT tokens or use them to participate in future drawings. The beta version of Perpetual Mints is currently available on Arbitrum, providing a gamified experience.

For more information on Perpetual Mint's design, you can visit this link: https://docs.insrt.fun/perpetual-mints/faq-eli-5

• Fungify Paper trading competition started

Fungify {🍄}

@FungifyNFT

The trading competition has officially started. Participants can win over $100,000 in prizes, including NFTs like MAYC, Pudgy Penguins, and Miladys.

Late registrations remain open, but with very few spots remaining. Join us on Discord to get involved.

23

0:55 • 11 thg 10, 2023

To prepare for the launch of the mainnet, Fungify has introduced a testnet trading competition sponsored by NFTperp. Registration opens on October 11th at signup.fungify.it, but spots are limited. Top performers will be awarded blue-chip NFTs like MAYC and Pudgy Penguins, in addition to $FUNG tokens.

For more details on the rules, you can follow this link: https://blog.fungify.it/p/fungify-paper-trading-competition.

• Introducing ParaX AI

ParaX

@ParaX_ai

Introducing ParaX AI

As an AI-powered Web3 assistant, users will be able to query specific intentions into actionable requests that are triggered through our platform, hiding the technical details and reducing the barrier to entry to Web3.

finance.yahoo.com

Web3 Super App ParaX Announces First Web3 AI Demo and Whitepaper

SAN FRANCISCO, CA / ACCESSWIRE / September 28, 2023 / Web3 represents the next frontier of the internet, offering a decentralized and transparent platform that can revolutionize how we interact...

15

8:32 • 12 thg 10, 2023

ParaX is a super app that integrates DeFi and NFTFi functionality by combining Paraspace and Parallel Finance. By incorporating AI abilities through real-time language models, the protocol seamlessly translates user intent into actionable tasks. The AI assistant simplifies interactions by allowing simple commands, reducing the typically required multi-step processes.

For more details about ParaX AI, you can visit this link: https://docs.parax.ai/parax/parax-ai-whitepaper

• Blur announced the end day of Season 2

Blur

@blur_io

Blur Season 2. November 20.

3,631

23:34 • 9 thg 10, 2023

After five months of boosting liquidity and activity with token rewards, Blur season 2 is set to conclude on 20th November. A total of 300 million $BLUR will be distributed to users based on their listing, bidding, and lending points. With a total of approximately 36 million points, it is expected that users will earn around $0.7 per point.

• Protectorate Protocol released new product: Zaar

Protectorate Protocol

@Protectoratexyz

Welcome to Zaar.

168

23:10 • 27 thg 9, 2023

Zaar from Protectorate Protocol enables simple NFT trading directly through Telegram. The bot supports fundamental actions like bidding, buying and tracking trends. Aiming to expand accessibility, Zaar plans to integrate Discord as well in the future.

To kickstart activity at launch, Zaar has launched a trading competition where real NFT prizes will be awarded to the most active traders on Zaar through a lottery pool. The competition will end on October 27th.

For more information about Zaar, you can follow this link: https://gitbook.protectorate.xyz/zaar-by-protectorate-protocol/getting-started

• Sujiko is live on mainnet

Sujiko | We're live 😤

@sujiko_perps

So, we just went live on Mainnet.

But wait, what is Sujiko?!

Sujiko is a DEX for NFT perpetual futures, which enables traders to long and short blue chip BTC, ETH & SOL NFT collections with leverage and as little as $1.

Why should you care, though?

55

20:21 • 9 thg 10, 2023

After several months of testing , Sujiko is now officially live on the Solana mainnet. Users can now trade BAYC, PUDGY, and MADLADs with a maximum leverage of 2x. Sujiko offers abundant liquidity from various sources, including a hybrid vAMM and a limit order book. This guarantees that users won't encounter toxic order flow and ensures they receive the best execution price.

In the future, Sujiko will also support cross-chain trading with leverage and add more pairs to the protocol. For more updates about the protocol, you can join our Discord here.

• Punk_mstETH vault is live

MetaStreet (stETH + 7-13%)

@metastreetxyz

what punk_mstETH is in a nutshell

10

22:01 • 5 thg 10, 2023

Following up on what we have covered in NFTFi Weekly #10, Metastreet's punk_mstETH vault is now accepting public deposits. By combining fixed-rate NFT-backed loans from Arcade and NFTfi, along with stETH yield, punk_mstETH offers an approximate 4% yield on the low-risk tranches and around 9% on the high-risk tranches. This provides users with various yield strategies to explore using punk_mstETH.

• Introducing Flooring Protocol

Flooring Protocol

@flooringproto

1/ Flooring Protocol : Redefining access through µTokens.

737

14:07 • 15 thg 10, 2023

Flooring Protocol aims to enhance the liquidity and accessibility of NFT trading through fractionalization. When users deposit 1 NFT into Flooring Protocol, they will receive one million μNFT tokens per NFT, which represent their ownership. Liquidity providers can then add μNFT tokens plus ETH to Flooring Protocol to earn yield and provide ample liquidity for traders to easily buy and sell NFTs.

For detailed technical information on Flooring Protocol's design, please refer to the full documentation: https://docs.flooringlab.com/flooring-protocol/introduction/getting-started

• nftperp’s V2 released Paper-trading competition

nftperp.xyz

@nftperp

Attention traders! @nftperp's V2 Paper-Trading Competition goes live at 3PM EST (7PM UTC). Join us in our mission to save the NFT market.

94

1:57 • 14 thg 9, 2023

nftperp launched a paper-trading competition to test its new V2 hybrid model of utilizing fusion AMM and a decentralized order book. Starting September 14th, eligible traders include Mafia Nuts holders and those completing a registration form. Traders can participate risk-free to experience upgraded features and test strategies. Real NFTs and $VNFTP tokens will be awarded to top performers.

To view competition rules and prize breakdown in full, visit this link: https://t.co/WLXDc4iWOm

Pirate Nation

@PirateNationNFT

We're excited to share this news with our wonderful community.

To those with us from the start and those joining today and onward, we want you to remember that fun is all that matters.

Join our discord for opportunities to win F2P codes today!

Proof of Play

@ProofOfPlay

Introducing Proof of Play, an onchain game studio & technology company.

We are delighted to announce our $33m seed round led by @a16z and Greenoaks, with participation from incredible angels & founders incl. @naval @balajis @justinkan @jtwald @immad @nikil @gabusch & many more.

170

22:18 • 21 thg 9, 2023

Proof of Play, the studio behind Pirate Nation, has raised $30M in funding led by a16z and Greenoaks. Leveraging their experience from building the world-renowned Farmville, the Proof of Play studio aims to develop more games that are fun to play and fully decentralized, empowering players.

Pirate Nations is their debut game, which has been in development for a year. To play it, early access codes are available on their Discord channel, and enthusiasts can also obtain a Founder Pirate for game entry. The game will be released for free play in the coming months.

• Introducing Tairochi

Tarochi Game

@TarochiGame

In case you haven't seen it, we released the closed alpha for Tarochi (onchain RPG game)

The first area is already fully playable

Expect a public alpha sooner than later!

Join the Paima Discord to follow along

57

22:12 • 24 thg 9, 2023

Tairochi is an on-chain RPG game built by Paima Studio using their own Paima Engine. Players can explore vibrant villages with unique NPCs, train your monster and battle with other players across diverse landscapes. In every fight, players can change their monster to appropriate with their strategy to defeat the opponent.

The public beta will release in the coming months, you can stay up date by joining their discord.

• Doomsday: Settlers of the Wasteland season 3 ended

Doomsday

@doomsday_nft

Afternoon Settlers! The Dark Age has come to an end and only one settlement remains, Dasharatha. Congratulations to it's ruler, holographiccharizard.eth

We are making a few changes and redeploying contracts for Season 4. Announcements coming soon, stay tuned

5

21:20 • 24 thg 9, 2023

Doomsday: Settlers of the Wasteland - Season 3 started from September 12th to September 25th. After The Dark Age came to an end, the owner of the settlers named Dasharatha won 8 ETH as a prize.

In Season 3, several minor improvements were made to the game's economy. Additionally, Alliances were introduced, which are specific multi-sigs designed to facilitate gameplay. They allow multiple players to pool resources and play together.

The teams are currently making a few changes and redeploying contracts for Season 4.

• Roll Your Own: Season Two is live

tarrence.eth

@tarrenceva

Join the hustle

Roll Your Own: Season Two is live

Built with @dojostarknet
Hosted on @cartridge_gg

rollyourown.preview.cartridge.gg

160

8:40 • 21 thg 9, 2023

Roll Your Own is a fully on-chain arbitrage trading game built using the Dojo Engine and deployed on Cartridge's chain. It's a game where you buy and sell drugs. Your objective is to purchase drugs in cities where they are priced lower and sell them in other cities for a higher price. However, transporting the drugs comes with risks, as "gangs" may intercept you and confiscate some of the drugs.

Since its launch, more than 1,500 rounds have been played, resulting in over 35,000 on-chain transactions. You can play by clicking on this link: https://rollyourown.preview.cartridge.gg

• Introducing Draft Shares

Draft Shares

@Draftshares

TE DROP THIS THURSDAY AT 6PM ET

REMINDER: your shares last ALL SEASON LONG

Gambling? NO. Daily fantasy? NO. You are in the EMPIRE BUILDING BUSINESS

32 TEs will be GIVEN AWAY to the community

COMMENT with a picture of your squad to be eligible

11

20:36 • 25 thg 9, 2023

Draft Shares is an on-chain fantasy football platform that allows users to buy and trade digital shares of NFL players like stocks.

Functioning on a bonding curve, Draft Shares generate a weekly jackpot from 10% trading fees that is awarded to shareholders of the top three highest scoring players as determined by ESPN's PPR scoring system. Shareholder positions are locked in weekly, and shares can be held and traded throughout the entire season as the ultimate NFL fantasy stock market.

• Altlayers announced a new campaign "Altitude Phase IV: Autonomous Worlds.”

AltLayer

@alt_layer

Announcing 𝐀𝐥𝐭𝐢𝐭𝐮𝐝𝐞 𝐏𝐡𝐚𝐬𝐞 𝐈𝐕: 𝐀𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐖𝐨𝐫𝐥𝐝𝐬.

Phase IV will run from 𝟐𝟔 𝐒𝐞𝐩. 𝐮𝐧𝐭𝐢𝐥 𝟐𝟕 𝐎𝐜𝐭.

Campaign details in the blog post.

blog.altlayer.io

Altitude Phase IV: Autonomous Worlds

Campaign Runs from 26 September to 27 October; Complete Galxe Tasks to earn AltLayer loyalty points on Galxe

5,047

14:32 • 26 thg 9, 2023

Turbo, a rollup stack designed specifically for on-chain games, has been launched, and with that AltLayer has offered gamers the opportunity to earn up to 600 points playing three distinct games crafted on AltLayer's platform.

The selection includes Ottie 2048, a reinvented classic 2048 puzzle game; Cellula, an engrossing artificial life simulation game influenced by Conway's Game of Life; and Loot Royale, a thrilling battle royale game infused with loot NFT references.

Each of these engaging games is fully integrated within the blockchain, with Ottie 2048 and Cellula developed in-house by the AltLayer team, while Loot Royale represents an exciting creation from BladeDAO.

• Small Brain Games released a toolkit for developing on-chain mobile game

Small Brain Games (🤏, 🧠)

@0xsmallbrain

Introducing an opensource starter kit for onchain mobile games

onchain-pwa-starter uses:

- @latticexyz's MUD for smart contracts
- @privy_io for easy onboarding (social & embedded wallets!)
- All in a progressive web app (PWA)

Repo (& more info)

201

15:55 • 26 thg 9, 2023

Small Brain Games's starter kit simplifies the creation of a fully on-chain application with a progressive web app (PWA) mobile client that seamlessly integrates into users' mobile home screens. Developers get a mobile client that syncs with on-chain state updates using MUD's client and smart contract libraries while users can sign up without a wallet via Privy's social onboarding.

The starter kit can be accessed from this Github repo: https://github.com/smallbraingames/onchain-pwa-starter

• Dojo Game Jam #1 recap

Dojo

@dojostarknet

Congratulations to zKnight!!

The winner of the first Dojo Game Jam is a turn-based game where every turn, decision, and even AI mechanics are processed through a smart contract!

Shout out to @Cheelax_ and team for winning the $5K! Stay tuned for an additional reveal soon!

81

22:46 • 11 thg 9, 2023

After a 3-day of hacking sprint, Zknight has emerged as the champion of Dojo Game Jam #1 with its fully on-chain turn-based gameplay. To delve deeper into all the submissions, you can visit this link. Kudos to the team at WASD for their insights.

Dojo Game Jam #2 will start from October 20th to 22nd, 2023. The form submission is now open at: https://itch.io/jam/dojo-game-jam-2

• Minters team successfully integrated MUD x Godot.

Minters

@mintersworld

Today, we're happy to announce open sourcing of our MUD x Godot integration template.

Autonomous World developers can now easily connect MUD engine to the Godot, creating a beautiful and immersive frontends for their dApps.

github.com

GitHub - Digital-Avatars-and-Robotics/MUDxGodot

Contribute to Digital-Avatars-and-Robotics/MUDxGodot development by creating an account on GitHub.

102

16:21 • 11 thg 9, 2023

Godot is an open-source game engine that is specifically designed for creating scene systems for both 2D and 3D games. On the other hand, MUD is an engine used for building fully on-chain games. By integrating the MUD engine with Godot, developers can effortlessly leverage Godot's capabilities to build visually stunning frontends.

In line with the development of their games, including the upcoming title Battle for Blockchain, Minters has chosen to open source their integration template of Godot and MUD as a way to contribute to the MUD community and autonomous world developers community in general.

The Github repo of the integration template is accessible at: https://github.com/Digital-Avatars-and-Robotics/MUDxGodot

Decentralized exchanges (DEXes) first emerged in 2018 as innovation accelerated, but meaningful adoption was still nascent. This began to change in early 2020, when protocols like Uniswap grew traction through their AMM model. Other perpetual DEX models also saw growing adoption while aiming to offer trading experiences more similar to CEXes. DYDX leveraged a centralized order book integrated with non-custodial wallets. Meanwhile, GMX v1 attracted large traders by offering zero slippage during trading.

But the fact is that the DEX to CEX future trading volume is still around 1.3%, which is quite low when compared with the DEX to CEX spot trading volume (around 15%). Most users still prefer CEXes due to higher liquidity and a wider range of trading pairs. However, incidents like FTX have made many crypto users realize the importance of self-custody for protecting funds. This has raised the question: what if we could combine the abundant liquidity of CEXs with the self-custody of DEXs?

This is the vision behind GRVT, a hybrid exchange that offers the best of both worlds. GRVT allows users to trade using self-custody wallets, while also providing the high performance and liquidity typically found only on CEXs. GRVT offers several promising features:

• Self Custody trading and easily on - board new users: for new users, they can easily get started by registering with their email, and GRVT will automatically set up their wallet. They do not need to remember a private key or seed phrase. For existing users, they can freely connect self-custody wallets for trading. This allows users to have full control over their accounts and reduces the vulnerability to potential exchange failures.

• High-Performance Orderbook and matching engine: GRVT has an off-chain Central Limit Order Book (CLOB) that enables order matching at speeds up to 600,000 transactions per second with latency as low as 2 milliseconds. This high-performance system provides users the same experience when trading on CEXes.

• One-stop shop for all derivative products: GRVT allows both users and institutional traders to trade perpetuals, options, and Request for Quote ( RFQ ) . By leveraging Validium technology, all transactions on GRVT are "shielded" to ensure that each user's positions are not revealed to the public. This will provide a wider range of products for users and protect them from front-running and market manipulation.

With the support from Matter Labs - the team behind ZkSync - and under the adept leadership of Hong Yea, Aaron, and Matthew, GRVT's innovative approach promises a transformative user trading experience. At Vamient, we are excited and proud to endorse and support this visionary endeavor. We are proud to support liquidity efficiency at GRVT and will be deploying both taking and making strategies.

Doomsday

@doomsday_nft

1. Evenin' Settlers! The day has finally arrived and The Second Great Age has begun! You may now begin minting new Settlements at doomsday.ffg.com .
Season 2 should be bigger and better than season 1 as we've added a few new features:

36

23:45 • 13 thg 8, 2023

Building on the success of Season 1, the fully on-chain strategy game Doomsday has started its second season on August 13th with numerous improvements. One such enhancement is that players can now mine up to 20 Settlements simultaneously from a single location. This is a significant improvement over Season 1, where each settlement had to be mined individually.

Currently, the game is in "Disaster" phase, only 22 settlements remain on the map. As competition thins out, the bounty prize pool has grown to nearly 55 ETH.

• Shoshin is now open for public testing.

Topology

@topology_gg

1/ Introducing the first playable TPS-agnostic Asynchronous Strategy Game to the world on @starknet: @Shoshin_gg 初心; the beginner’s mind.
.
It’s time to go back to the basics to build an online reality that can outlive its creators.

300

3:54 • 14 thg 8, 2023

Shoshin is a strategy-based fighting game that shares similarities with Street Fighter in concept, but differs significantly in gameplay. Instead of mashing buttons, players design strategic actions for their fighters by directing them to take specific actions based on different in-game situations, ultimately resulting in defeating the opponent.

Shoshin is Topologies' first project built on Starknet, and anyone can now play the game by visiting https://shoshin.gg

• Rakku Genesis NFT minting is now live.

Rakku is minting now

@rakkuapp

Mint is LIVE

Mint here: club.rakku.app

#minting #live #nft #rakku #gamefi #game #eth

14

23:00 • 25 thg 8, 2023

Following up on what we covered in AWW #1, the top 200 players on the Snake game leaderboard of Rakku will be able to mint their genesis NFT. Users will have 7 days to mint their NFT, after which the remaining unminted supply will be burned.

By owning these NFTs, users will earn additional higher staking rewards and increased yield on staked tokens. More utilities for the NFT will be gradually announced in the future.

• Minters switched to using a MUD engine.

Minters

@mintersworld

We're are excited to announce a switch to MUD, the onchain engine for autonomous worlds

medium.com

Minters Announces Switch to MUD, the Onchain Engine for Autonomous Worlds

Today, we’re happy to unveil a momentous step forward in our journey to elevate onchain gaming. Minters is evolving its technological…

91

15:38 • 23 thg 8, 2023

Minters is an on-chain game company that created the Rhascau game, a fully on-chain strategy game built using the Mintersworld engine and launched on Arbitrum Nova.

With the recent announcement of a new game launch, switching to the MUD engine by Lattice will provide them with a larger on-chain database and more development tools to build their games. The MUD engine is rapidly expanding and becoming a standard engine for developing on-chain games, with Opstack, Skyfiled, and others already using it.

• BibliothecaDAO proposed to increase the number of Frontinus House Proposal 1 grants.

Realms (for Adventurers)

@LootRealms

BIP 14 ' Increase Frontinus House Genesis Grants from 5 to 10' is open:

Please vote now, Lords:

snapshot.org/#/council.bibl…

11

20:00 • 28 thg 8, 2023

Following up on the discussion covered in AWW #1, the BIP-13 proposal has authorized 500K LORDS to fund 100K LORDS for 5 teams. Currently, the DAO is proposing to expand the number of grants for Frontinus House Proposal 1.

Once approved, the DAO will increase the number of supported grants from 5 to 10, with each team eligible to receive up to 100K LORDS.

• Dojo Game Jam #1 is now open for registration.

Dojo

@dojostarknet

The first Dojo Game Jam is less than 2 weeks away!!

Trying to decide what to build?

Check out the Game Ideas section of the Dojo Community Hub: bit.ly/dojo-community…

48

2:51 • 23 thg 8, 2023

Dojo Game Jam is an online hackathon that encourages developers to use the DOJO engine to build on-chain games on Starknet. If you already have a team, sign-up forms are now open. If not, you can go to the Dojo Discord server and form a team there.

The event will take place from September 1st to September 3rd, and the winner can earn $5,000. For more information about Dojo community as well as the hackathon, you can refer to this link: Dojo Engine Community Hub

• Introducing 0xfable

Norswap 🏴‍☠️✨

@norswap

Hey everybody! It's time to talk a little bit more about 0xFable, the fully on-chain trading card game I've been working on with @kaijuneer since March.

(And notable contributions from @boffeez and Nabs during the initial push!)

85

17:33 • 25 thg 8, 2023

0xfable is a fully on-chain trading card game that is currently still in development. The project is open source, allowing any player to propose and directly contribute ideas. This includes suggesting new rule sets, modes of play, or NFT card concepts compatible with the existing framework. The game will run on its own appchain powered by the OP Stack, with team members including Norswap and Kai Jun Eer.

If you're interested in supporting the project, you can donate through Gitcoin Grant 18: https://explorer.gitcoin.co/#/round/10/0x8de918f0163b2021839a8d84954dd7e8e151326d/0x8de918f0163b2021839a8d84954dd7e8e151326d-54

• Pirates Nations released new gameplay

Pirate Nation

@PirateNationNFT

COMBAT v2 IS NOW LIVE.

We’ve completely overhauled our combat gameplay, introducing new depth & choices to make during each battle. Also, it's A LOT more fun.

on how we reinvented combat, and why you need to try it:

329

3:17 • 25 thg 8, 2023

In Pirate Nations Combat v1, gameplay was limited to a few actions that could be executed by clicking on just a few buttons. However, with the release of Combat v2, gameplay has been transformed into a turn-based trading card game. In each round, players have a deck of five cards whose utility is determined by factors such as the type of ship, Pirate level, and ship slots. Players can play cards from their hand during each round until they have exhausted their mana (Action Points).

Additionally, Pirate Nation teams have launched a new dashboard that provides updates on in-game economics. You can view it at here. For a comprehensive breakdown of "Combat v2", please visit this link.

• Words3 game ended after 4 days competition

Small Brain Games (🤏, 🧠)

@0xsmallbrain

Introducing Words3, a cryptoeconomic crossword game on @BuildOnBase.

In the game, you place letters on a grid to spell words. Each letter has a fluctuating price. Win (or lose) ETH based on your score.

You have 4 days to play.

221

5:31 • 10 thg 8, 2023

Words3 is an on-chain version of Scrabble that recently ran for four days on the Base network. Over 120 wallets participated in the event, competing for a prize pool of approximately $20,000.

Similar to Scrabble, points are earned for each valid word formed. However, in Words3, the price of each letter fluctuates based on demand, changing according to the VGRDA mechanism. Additionally, anyone can take a turn at any time rather than drawing letters randomly. At the end of the game, players earn ETH in proportion to the number of points they scored.