Developers have traditionally concentrated on enhancing the Ethereum network, but there's a resurgence of interest in the Bitcoin ecosystem, with various initiatives seeking to innovate on its original blockchain. The rising connection between Bitcoin and decentralized finance (DeFi) has spurred the demand for layer-2 protocols to alleviate congestion on the Bitcoin blockchain and mitigate transaction fees amidst escalating on-chain activity.

Notably, major industry players like Coinbase are reevaluating their Bitcoin offerings. The crypto exchange recently integrated the Lightning Network as an alternative for users looking to transfer Bitcoin swiftly and affordably, following a similar move by Binance almost a year prior. Concurrently, software company Animoca Brands has partnered with the Opal Foundation, a novel Bitcoin ecosystem protocol, marking its entry into the Bitcoin industry.

The recent introduction of Runes on the Bitcoin blockchain has generated considerable excitement. Launched on April 20, this new token standard enables the creation of fungible tokens on the network. Within less than ten days, Rune transactions have contributed over 1,200 BTC worth of transaction fees to miners, underscoring its early traction.

In this week's Crypto Biz roundup, notable developments include Avalanche's integration with payment firm Stripe to facilitate fiat-to-crypto onboarding, MicroStrategy's first-quarter financial results amidst its ongoing Bitcoin buying spree, and BlackRock's BUIDL fund emerging as the world's largest tokenized treasury fund. Additionally, Coinbase's integration of the Lightning Network for Bitcoin transactions offers users expedited and cost-effective transfer options compared to traditional Bitcoin blockchain transactions.