Trustless Market, a protocol with daily volumes of $500,000, and over 2,000 users, has recently been deployed on Bitcoin. This platform allows liquidity providers to earn 2% on all swaps conducted. The introduction of the "Bitcoin Recent for Comment" token standard, has allowed developers to create DeFi applications in an environment native to Bitcoin. This has driven the creation of digital artwork, meme tokens and other BRC-20 tokens, with a collective market capitalization of over $500 million. Of these, Ordi (ORDI) tokens are the most valued at $400 million and 8,300 holders. The move to create Bitcoin-compatible applications has resulted in a fee spike of over $17.4 million in the last 24 hours; however, this is a welcome development, as it drives adoption of the cryptocurrency in the long run.
Robert Ward
- 2023-05-11
Trustless Market Protocol Deployed on Bitcoin to Create DeFi
Trustless Market, a protocol recently deployed on Bitcoin, allows liquidity providers to earn 2% on all swaps conducted. With the introduction of the "Bitcoin Recent for Comment" token standard, developers can create DeFi applications native to Bitcoin, driving collective market capitalization of over $500 million.
