🪙 What is BitFi? #Crypto investors continue to go crazy and actively develop the ...

hp333x / hp333ⓧ🇺🇸⚡️

npub1vel…wrun

2023-06-03 20:17:13

🪙 What is BitFi?

#Crypto investors continue to go crazy and actively develop the DeFi ecosystem on the Bitcoin blockchain.

As you understood, BitFi is a derived word from Bitcoin and #DeFi.

Let's briefly recall: this whole movement began in early 2023 with the appearance of the Ordinals protocol, with the help of which users created NFTs directly in the Bitcoin blockchain. And then people learned to create tokens... and it started...

Some believe that this is a cool innovation, while others insist that Bitcoin is not intended for this. But in any case, nothing can be done about it, because anyone can build anything on top of Bitcoin.

Some statistics:

● About 24 thousand Bitcoin tokens (BRC-20) reached a total market capitalization of almost half a billion dollars in less than six months
● The total number of #Ordinals exceeded 10 million, and miners earned $44 million in commissions from this trend
● Crypto startup Stable created the first dollar-pegged stable coin issued on the Bitcoin blockchain using the Ordinals protocol
● Domains .sats = ENS analogue appeared in the Bitcoin blockchain
● The BRC-721E token standard allows transferring #NFT from Ethereum to Bitcoin
● Bitcoin tokens can be stored not only on Ordinals Wallet, Hiro, Unisat Xverse, ledger, but also on exchanges

An interesting fact: the development of the BitFi ecosystem indirectly increases the security and decentralization of Bitcoin, because miners earn many times more money from commissions, and this motivates them to increase their capacity and "do not leave" the network.

Moreover, after about an hour, the basic rewards for mining will decrease by exactly 2 times due to Halving, which occurs once every 4 years. This means that miners will be even more dependent on commissions in the network.

#bitcoin #btc #BitFi

#nostr #nostrich #nostriches #nostrichs #amethyst #plebs #pleb #plebchain #coffee #coffeechain

#lightning #lightningnetwork #zap #zaps #zapper #zappers #zapping #zapped #zapathon #zapraiser #zaplife #skullofsatoshi

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npub1velaa7ppdsnl0tjqwhe6g3prdhraxg3xaaxlnxn5f4tlshm69e2q59wrun

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Published at

2023-06-03 20:17:13

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Event JSON

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