The Bitcoin decentralized application (DApp) landscape is undergoing a renaissance with the emergence of native protocols like Ordinals and Inscriptions.

One standout project, the omnichain yield-generating protocol SolvBTC, has achieved a total value locked (TVL) of $700 million with its yield-bearing Bitcoin (BTC) minted on Arbitrum, Merlin, and BNB Smart Chain. According to SolvBTC, the protocol has attracted over 10,000 BTC staked and "over 92,000 participants" since its launch earlier this month.

Founder Ryan Chow sees this as a vital step for the liquidity revolution of Bitcoin, paving the way for the true expansion of BTCFi. SolvBTC plans to extend its reach by launching and bridging to additional networks in the near future, connecting BTC users, chains, and protocols.

Utilizing BTC as collateral, SolvBTC combines staking and decentralized finance (DeFi) yields from Ethereum, Arbitrum, Merlin, and BNB Smart Chain. The protocol aims to offer annual returns of 5%–10% on users' BTC deposits.

In other developments, Bitcoin layer-2 solution BEVM secured an undisclosed investment from Bitmain, a Chinese Bitcoin mining rig manufacturer. BEVM plans to explore Bitcoin hash rate and the application of Proof of Work (PoW) ecosystem on its platform, potentially facilitating the migration of PoW hash rate assets and a significant quantity of BTC.

Since its mainnet launch on March 28, BEVM has amassed over 700,000 user addresses and hosts over 30 ecosystem projects. Built on the Taproot consensus, BEVM employs BTC as gas fees for its Bitcoin cross-chain and liquidity provision platforms, currently valued at $200 million.

Meanwhile, Bitcoin decentralized exchange (DEX) Orders Exchange and sidechain MicroVisionChain unveiled their 2024 roadmap, including integration with major exchanges' Web3 wallets and the development of a Bitcoin nonfungible tokens marketplace.

Orders Exchange's prior integration with the Bitcoin Runes protocol allowed for the issuance of fungible tokens and the construction of a Bitcoin asset bridge with MicroVisionChain for BRC-20 token swaps.

Despite recent market turbulence, the Bitcoin Ordinals market has surged to $2.3 billion, driven by ecosystem growth, meme coin fervor, and listings on major exchanges like Binance. BRC-20 tokens hit a milestone of $1 billion market capitalization in May 2023, shortly after their inception.