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@redvelvet

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@redvelvet
this week I added data support for cbBTC to bitcoinlayers.org and look at that, new cbBTC supply ATH today of 6.5k BTC ($441m)! Had to get more cbBTC data up after building a "Bitcoin on Base" dashboard two weeks ago base.bitcoinlayers.org that shows supply and usage of all BTC tokens on Base (cbBTC, tBTC, dlcBTC, axlBTC)
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another 633 cbBTC (~$40m) minted on Base yesterday. this thing is gonna be up-only for months
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releasing v0 of the Bitcoin on Base data dashboard when Coinbase launched cbBTC two weeks ago, I was eager to see how it would fare adoption-wise To track that adoption and usage, we launched a data dashboard for Base, exclusively displaying network metrics related to cbBTC, tBTC, and other bridged/wrapped BTC tokens cbBTC quickly surpassed tBTC this month as the largest BTC token on Baseby TVL (and all? other metrics) cbBTC is custodial, like WBTC, but Coinbase (the issuer) is a trusted player, so I’m not surprised by this initial growth, and expect a lot more of it tbh we’re two weeks in and it’s becoming clear how ridiculously profitable this move will be for Base. the Base sequencer has already pulled in $30k in fees from cbBTC txs! (yes some of that goes to Ethereum as the underlying L1 but I havent broken down that revenue data yet so bear with me) https://base.bitcoinlayers.org
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V1 of the bitcoinlayers.org website has officially shipped 🎉 Check out our site for the latest reviews on #Bitcoin L2s, sidechains, and more.
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despite seemingly everyone's attention being on bridges, there are other problems to be solved to achieve usable bitcoin rollups one being data availability (or the lack thereof)
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Fifth Epoch Forecast Bitcoin programmability is the name of the game for Epoch Five. It will be defined by community rebalancing and liquidity rebundling
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ok I'm convinced, I'll start running Ord alongside my Bitcoin node
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Dove into Bitcoin layers in the latest Messari quarterly Check out the Layer Analysis section https://messari.io/report/state-of-bitcoin-q1-2024
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State of Bitcoin Q1 2024 Get up to speed on Ordinals, network activity, ETFs, layers, and more https://messari.io/report/state-of-bitcoin-q1-2024
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Here's a neat idea for storing arbitrary data in blocks through tx ordering A formalized metaprotocol could become more accessible with the rise of hashrate marketplaces (eg Lumerin) and private mempool as a service products (eg marathon's slipstream) https://twitter.com/salvatoshi/status/1772619501370036477
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BitVM 2 looking super cool. Unlike the first model, this one supports permissionless verification of proofs Looking fwd to seeing some implementations of the concept
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Stay tuned for analyses on live layers to launch Stacks, Core, Lightning, and more will be reviewed and available soon!
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We launched bitcoinlayers.org , an open-source tool for keeping up with the many Layers being built and analyzing their risks and security assumptions
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There are many projects that identify as Bitcoin Layers. We analyze them against the five different criteria pictured below:
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At the risk of being reductive, there are only two areas to focus on for Bitcoin layers to be realized 1. A ‘safe enough’ BTC bridge 2. Tx validity enforcement And 2 doesn’t reallyyy matter until we have 1
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New desoc @drakula 👀
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Chainway opensourced their BitVM zk verifier woop woop https://github.com/chainwayxyz/bitvm-zk-verifier
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bitcoinlayers.org has a list of 27 layers so far (and will soon have qualitative analysis on each layer)
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Why FriendTech didn't work, but Warpcast will: https://redvelvetzip.substack.com/p/desoc-warpcast-and-friendtech
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Tell me this is related to their slipstream private-mempool-as-a-service 👀
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