OKX dominates Bitcoin Runes Trading Volume By Over 50%
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OKX Dominates Bitcoin Runes Trading Volume

In a notable development for the Bitcoin ecosystem, leading cryptocurrency exchange OKX has captured over half of the daily trading volume on the Bitcoin Runes (RUNE) protocol. Less than a month after its April 20 inception, the protocol has generated 2,287 BTC ($143.6 million) in transaction fees, signaling a growing interest in decentralized finance (DeFi) applications built on the Bitcoin network.

Accordingly, Bitcoin Runes has become a foundational component of the Bitcoin DeFi ecosystem, alongside Ordinals and BRC-20 tokens.

The Rise of Bitcoin Runes and SolvBTC

Meanwhile, the rise of Bitcoin Runes proves the increasing diversification within the Bitcoin DeFi space. Despite being launched last month, SolvBTC, an Omnichain yield-generating protocol, has amassed a total value locked (TVL) of $920.62 million.

With over 12,000 BTC staked by 30,000 participants, SolvBTC offers 5% to 10% annual returns on users’ BTC deposits. Thus, users earn yields on their Bitcoin holdings through minted derivatives on platforms like Arbitrum, Merlin, and BNB Smart Chain.

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Moreover, initiatives like Babylon enable users to self-custody their idle BTC and earn rewards through staking. Through a partnership with SolvBTC, Babylon offers re-staking yields for users, harnessing the underlying BTC to verify transactions on proof-of-stake networks.

This innovative approach aims to transform Bitcoin into a dynamic source of yield within the DeFi ecosystem, as articulated by Fisher Yu, co-founder of Babylon.

MicroVisionChain Propels Bitcoin DeFi Ecosystem

MicroVisionChain, a Bitcoin smart contract developer, is also contributing to the expansion of the Bitcoin DeFi landscape. The project has announced plans to implement a Proof of Build model, incentivizing developers to build interchain asset bridges, decentralized exchanges, wallets, and support for BRC-20 assets.

With 65% of its native SPACE token allocated to builders based on their contributions, MicroVisionChain aims to foster the development of a robust ecosystem around Bitcoin. The recent milestone of the Bitcoin blockchain surpassing one billion transactions underscores the network’s continued relevance and scalability.

Meanwhile, Ethereum, Bitcoin’s primary rival, has processed over two billion transactions since its launch in July 2015, indicating blockchain technology’s continued growth and adoption.

dYdX’s Leadership Transition 

In a significant development for the crypto derivatives platform dYdX, Antonio Juliano, the firm’s founder and CEO, has announced his decision to resign after seven years of leading the company. As outlined in a recent blog post, Juliano will assume the positions of Chairman and President. At the same time, Ivo Crnkovic-Rubsamen, the former chief strategy officer, takes over as the new CEO.

Crnkovic-Rubsamen, with a background as a trader and extensive experience within dYdX since 2022, will lead the decentralized exchange through its next growth phase. Juliano’s decision to step down from the CEO position comes amid a period of notable achievements for dYdX. 

Recent data from DefiLlama showed that the firm’s market capitalization has exceeded $1.1 billion, and the TVL has reached $463 million. Furthermore, dYdX’s annualized revenue is $35.4 million, highlighting its significant presence in decentralized finance (DeFi).

Strategic Developments Propel dYdX Forward

Recent developments surrounding the dYdX protocol have contributed to its increased trading activity. For instance, the launch of dYdX’s layer-1 blockchain in October 2023 has introduced innovative features such as returning gas fees to validators and stakers as rewards.

Additionally, the platform’s migration from Ethereum to the Cosmos network with the rollout of its v4 upgrade in January signifies a move towards scalability and interoperability. Before founding dYdX, Juliano held roles as a software engineer at prominent tech companies, including Uber, Coinbase, and MongoDB. 

His leadership has been instrumental in establishing dYdX as a leading player in the DeFi ecosystem. Meanwhile, Crnkovic-Rubsamen’s appointment as CEO signals continuity and stability for dYdX, as he brings insider knowledge and a fresh perspective.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

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