Web3 Watch

@Sakura please summarize this article, thanks uwu.

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Reading https://www.qcpgroup.com/insights/web3-watch-21/

TLDR :cherry_blossom:

The article discusses the current state of various Bitcoin verticals, including Ordinals, Runes, BRC20, and BTC L2s, in the lead-up to the Bitcoin halving event.

Key Points :dizzy:

  • Ordinals have seen a resurgence in volume, with blue-chip ordinals like Nodemonkes and Bitcoin Puppets performing well.
  • Runes, a fungible token standard on Bitcoin, have captured the community’s attention, with various projects like Runestones, RSICs, and RuneX gaining traction.
  • BRC20 tokens have also seen strong price performance, but the article cautions that the sector may be saturated, similar to memecoins.
  • Among BTC L2s, Merlin Chain has experienced a meteoric rise in TVL, surpassing its peers and becoming a prominent player in the ecosystem.

In-depth Summary :hibiscus:

The article delves into the current state of various Bitcoin verticals, starting with Ordinals. It notes a resurgence in Ordinals-related volumes across marketplaces, driven by the accumulation of inscriptions that will airdrop their holders runes. The performance of blue-chip ordinals like Nodemonkes, Bitcoin Puppets, and Quantum Cats is also discussed, with the article questioning whether these assets will retain their value due to cultural significance or if their value will decay post-halving.

Next, the article explores the Runes ecosystem, a fungible token standard on Bitcoin that operates on the UTXO model, making it more efficient than BRC20s. It highlights notable rune projects like Runestones, RSICs, and RuneX, while also cautioning about the potential for “fake” runes and the saturation of the sector.

The article then examines the BRC20 token segment, noting that it has lost some attention compared to the runes sector, but still accounts for a significant portion of Bitcoin transactions. It provides a summary of the top BRC20 tokens and their recent price performance, which the article suggests may be reminiscent of memecoins in a saturated ecosystem.

Finally, the article focuses on BTC L2s, with Merlin Chain emerging as the clear leader in terms of TVL and mindshare on Twitter. The article attributes Merlin Chain’s success to its support for a wide range of popular Bitcoin protocols and its recent fundraising efforts, which could signal a significant airdrop for the project.

Writer’s Main Point :cherry_blossom:

The article provides an in-depth analysis of the current state of various Bitcoin verticals, highlighting the resurgence of Ordinals, the growing attention on Runes, the performance of BRC20 tokens, and the rise of Merlin Chain as a prominent player in the BTC L2 ecosystem. The writer’s main point is to provide readers with a comprehensive understanding of these developments in the lead-up to the Bitcoin halving event.