Red

@redvelvet

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90 Followers

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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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hi can I get an invite to me a member of this channel :)

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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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What would you like to see from the project next? -opcodes -bridges -product-market fit for crypto (difficulty: impossible) -ecosystem data (BTC TVL, “L2” rev, shitcoin fdv) -financial data (miner rev) -all of the above?

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We’re also releasing our glossary on terms related to #Bitcoin scaling. Semantics enjoyer? Check it out and contribute your fav definition to the site! http://bitcoinlayers.org/glossary

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We have drafted a number of reviews for Bitcoin scaling solutions against a standardized framework. We also have write ups on related infrastructure and proposed projects.

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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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-BTC (the asset) has a larger community than Bitcoin (the network). Metaprotocols and other layers will flip this over the next 210,000 blocks -After that, BTC.D will rise as liquidity, narratives, and entire sectors migrate from crypto to Bitcoin (layers). Crypto was the testnet happy halving

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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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let this man cook

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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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are you bullish on tradfi asset issuers eg blackrock tokenizing things themself or do you think RWAs can be better run by crypto native orgs that take other's assets and go tokenize them onchain (ie act as a custodian) option 2 gives you dedicated focus (they only care about crypto) but another trust assumption

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2 weeks ago I tried an experiment in bounty based research. Could a $1k @bountycaster bounty successfully solve a research question? TL;DR: Bounty-based research worked pretty well!

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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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