May 25, 2024
OKX Dominates Over Half of Bitcoin Runes Market
Latest Cryptocurrency News

OKX Dominates Over Half of Bitcoin Runes Market

OKX, a prominent cryptocurrency exchange, has emerged as a significant player in the trading of Bitcoin Runes, capturing a majority share of 51.08% in the token’s daily trading volume through its Web3 marketplace.

Bitcoin Runes’ trading activity by the exchange. Source: GeniiData

This data, sourced from GeniiData, a reputable analytic platform, highlights a notable decline in trading activity for Bitcoin Runes on other platforms such as UniSat and MagicEden, which collectively hold a 48.83% market share. The overwhelming majority of Bitcoin Runes’ trading activity is now concentrated within these platforms, underlining OKX’s dominance in facilitating transactions for this particular token.

Growth of Bitcoin-Based Protocols in DeFi

The decentralized finance (DeFi) sector continues to witness remarkable growth with the introduction of SolvBTC, an innovative Omnichain yield-generating protocol. This protocol allows users to earn attractive yields on their Bitcoin holdings by participating in minted derivatives available on platforms such as Arbitrum, Merlin, and BNB Smart Chain. Since its launch in April, SolvBTC has accumulated an impressive total value locked of $920.62 million. With over 12,000 BTC staked among 30,000 participants, SolvBTC has quickly established itself as a prominent player in the DeFi ecosystem.

Babylon explains the mechanism of its BTC staking protocol. Source: Babylon

Additionally, MicroVisionChain, a leading Bitcoin smart contract developer, is pioneering a Proof of Build model aimed at incentivizing developers to build essential infrastructure for the Bitcoin ecosystem. This includes the development of Bitcoin interchain asset bridges, decentralized exchanges, wallets, and support for BRC-20 assets. As part of this initiative, MicroVisionChain plans to distribute 65% of its native SPACE token to developers based on their contributions, with a current diluted market cap standing at $166 million.

Bitcoin’s Transaction Milestone and Market Impact

In a significant milestone, the Bitcoin blockchain recently surpassed 1 billion transactions on May 6. Over its 5,603-day existence, Bitcoin has maintained an average daily transaction volume of 178,475 transactions. This milestone underscores Bitcoin’s robust network activity and enduring relevance as the pioneer cryptocurrency. Meanwhile, Ethereum, Bitcoin’s primary competitor in the cryptocurrency space, has processed well over two billion transactions since its inception in July 2015.

These developments underscore the growing prominence of Bitcoin-based protocols and the expanding role of Bitcoin in decentralized finance. As Bitcoin continues to integrate into various financial ecosystems, its impact on the broader cryptocurrency market is poised to increase significantly, shaping the future of digital finance.

Image by Pete Linforth from Pixabay

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