MicroVisionChain

Bitcoin

DeFi

April

Crypto exchange OKX now accounts for 51.08% of Bitcoin Runes' daily trading volume through its Web3 marketplace.&nbsp;
According to data from Ordinals analytic platform GeniiData, Runes' trading activity on other platforms, such as UniSat and MagicEden, has steadily declined since April, holding a combined 48.83% market share. Almost all Bitcoin Runes' trading activity is conducted through the three aforementioned firms and their platforms.&nbsp;
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/09f06548-ea28-4e51-a6f6-5bb87b7cf412.png" alt="" title="">
 <figcaption style="text-align: center;">Bitcoin Runes' trading activity by exchange. Source: GeniiData
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Runes is a new protocol for issuing fungible tokens on the Bitcoin network that launched on April 20, the day of the <a href="https://cointelegraph.com/news/bitcoin-halving" rel="noopener noreferrer nofollow">Bitcoin halving</a>. Less than one month after its inception, the protocol has <a href="https://dune.com/cryptokoryo/runes" target="_blank" rel="noopener noreferrer nofollow">generated</a> a staggering 2,287 BTC ($143.6 million) in transaction fees and now forms the basis of the Bitcoin DeFi ecosystem along with Ordinals and BRC-20 tokens, which were invented <a href="https://cointelegraph.com/news/wallet-providers-sentiment-remain-mixed-despite-brc20-momentum" rel="noopener noreferrer nofollow">last year</a>.&nbsp;
It's not just Bitcoin Runes that are gaining traction within the ecosystem.&nbsp;
Since its launch in April, Omnichain yield-generating protocol SolvBTC, which allows users to earn yields on their Bitcoin through minted derivatives on Arbitrum, Merlin, and BNB Smart Chain, has <a href="https://defillama.com/protocol/solv-protocol#information" target="_blank" rel="noopener noreferrer nofollow">accumulated</a> $920.62 million in total value locked. The protocol currently has over 12,000 BTC staked among 30,000 participants and generates annual <a href="https://solvprotocol.medium.com/introducing-solvbtc-the-first-ever-yield-bearing-bitcoin-871179c73ca6" target="_blank" rel="noopener noreferrer nofollow">returns</a> of 5% to 10% on users’ BTC deposits.&nbsp;
On April 30, the firm <a href="https://solvprotocol.medium.com/solvbtc-will-integrate-restaking-yield-from-babylon-1dba0c5a5193" target="_blank" rel="noopener noreferrer nofollow">announced</a> it would introduce re-staking yields for its users’ Bitcoin through a partnership with Babylon. The Babylon protocol allows users to self-custody their idle BTC and earn rewards from using the underlying BTC to verify transactions on proof-of-stake networks. Fisher Yu, co-founder of Babylon, said that he hopes that Bitcoin can become more than a store of value but also a “source of dynamic, secure yield” for DeFi.&nbsp;
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/06009057-e4e1-450c-823a-ec09f6c567e0.png" alt="" title="">
 <figcaption style="text-align: center;">Babylon explaining the mechanism of its BTC staking protocol. Source: Babylon
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Similarly, Bitcoin smart contract developer MicroVisionChain plans to enact a Proof of Build model to incentivize ecosystem developers to build Bitcoin interchain asset bridges, Bitcoin decentralized exchanges, wallets, and support for BRC-20 assets on the protocol. Under the <a href="https://mvcdao.gitbook.io/mvc-dao/mvcdao/the-constitution-of-the-mvcdao" target="_blank" rel="noopener noreferrer nofollow">proposal</a>, 65% of its native SPACE token would be distributed to builds according to their respective contribution. The project currently has a diluted market cap of $166 million.
On May 6, the Bitcoin blockchain surpassed <a href="https://cointelegraph.com/news/bitcoin-reaches-one-billion-transactions" rel="noopener noreferrer nofollow">1 billion in transactions</a>. During its 5,603-day existence, Bitcoin has had an average of 178,475 daily transactions. Meanwhile, Bitcoin’s biggest rival, Ethereum, has <a href="https://etherscan.io/chart/tx" target="_blank" rel="noopener noreferrer nofollow">processed</a> well over two billion transactions since it launched in July 2015.&nbsp;
Related:&nbsp;<a href="https://cointelegraph.com/news/el-salvador-bitcoin-treasury-website" rel="noopener noreferrer nofollow">El Salvador launches $360M Bitcoin treasury monitoring website</a>

OKX surpasses 50% of Bitcoin Runes market share

Cointelegraph

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