First Principles on the BTC Ecosystem and BTCFi Many people see the BTC ecosystem and think this sector is doomed, but I still believe it can be examined closely. The sectors related to the BTC ecosystem / BTCFi can be divided into three directions. 1/ Ecosystem Tokens Represented by various protocols like BRC-20, the main narrative is about issuing altcoins on Bitcoin, which initiated the inscription wave of 2023. However, due to the inherent limitations of Bitcoin's infrastructure, some complex DeFi-related ideas envisioned by the community are difficult to implement, leaving only ordi, sats, and other meme coins in the ecosystem. 2/ Ecosystem Chains Represented by various BTC Layer 2 solutions and EVM-compatible sidechains, people gradually realize that these chains are essentially unrelated to Bitcoin; they are just another new chain that is not decentralized, has average security, and needs to build an ecosystem from scratch. Moreover, the market cap of the public chain...
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