Binance Report Reveals 3 Protocols to Expand Bitcoin’s Footprints
Binance’s Navigating the Inscription Landscape report highlights three protocols that can further expand Bitcoin’s presence in the non-fungible token (NFT), decentralized finance (DeFi), and tooling sectors. These protocols have played a significant role in the transformative growth of the Bitcoin ecosystem in 2023.
Bitcoin Inscriptions Expanding into Various Sectors
The report emphasizes that Bitcoin inscriptions have expanded into various sectors, including DeFi, NFTs, and tooling. Innovative projects like bitSmiley have emerged, which integrate stablecoin, lending, and derivatives into a cohesive protocol. This development marks a significant stride in integrating conventional financial instruments within the Bitcoin ecosystem.
Liquidium, on the other hand, is a peer-to-peer lending protocol that allows loans using Bitcoin assets as collateral. This highlights the rising demand for the Bitcoin network in DeFi and showcases the economic potential of inscriptions.
Liquidium Facilitating Transactions and Loans
Binance reveals that Liquidium has facilitated transactions exceeding 118 BTC since its inception. It has processed over 2,700 loans that are either completed or currently active. The platform allows borrowers to collateralize their ordinals according to their preferred terms while lenders provide BTC loans that align with their risk-reward preferences.
Portal Enhances Cross-Chain Liquidity
Portal is a cross-chain liquidity solution focusing on decentralized exchange and wallet services. It facilitates BRC-20 swaps to other chains, highlighting the potential for Bitcoin’s integration into the broader blockchain ecosystem.
Inscriptions Impact Beyond Bitcoin
The impact of inscriptions and BRC-20s extends beyond Bitcoin, with other chains adopting similar protocols. Despite network congestion and elevated fees, proponents see inscriptions as an opportunity for Bitcoin’s evolution, enhancing scalability and security in the ecosystem.
Disclaimer: In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased reporting. Readers are advised to verify facts independently and consult with professionals before making any decisions based on this content.
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