I. Project Overview
The B2 protocol is an innovative infrastructure project in the Bitcoin ecological finance (BTCFi) track. By constructing mining pool protocols, low-fee trading systems, and institutional-level financial tools, it achieves a closed-loop of on-chain value flow in the Bitcoin ecosystem. The project has received strategic investment from Binance Labs and is selected for the Binance Alpha program for key incubation, forming a triple growth engine of "protocol revenue + ecological incentives + exchange empowerment".
II. Core Value Analysis
1. Initial Stage Value Anchoring Logic
- Cost Coverage Support Level: The target price of 1U is based on the VC investment cost coverage model, combined with the token release mechanism (circulation in the first year is about 25% of total supply), forming strong price support
- Growth Space Estimation: Based on protocol revenue growth rate (weekly increase of 15%+) and TVL/Market Cap ratio (current 0.87, industry average 0.35), mid-term valuation can benchmark leading projects in the BTCFi track, supported by data for a 4-5x baseline increase
- Value Release Rhythm: Q3 contract product launch in 2024, Q4 secondary listing on mainstream exchanges, and cross-chain expansion of mining pool protocols in 2025 constitute key nodes
2. Three-Dimensional Competitive Advantage System
(1) Ecological Empowerment Barriers
- Backed by Binance Resource Network: Gaining exchange traffic support (expected trading volume to exceed $1 billion in the first week of contract product launch), technical interface support, and liquidity injection from market makers
- Strategic Reserve Mechanism: 10% of token reserves will be directed towards cross-exchange listing sponsorships and miner incentive pool expansion, forming a continuous ecological feedback loop
(2) Positioning in the BTCFi Track
- Business Closed-Loop Verification: Achieving diversified protocol revenue through the "Miner Staking - BTC Hash Power Tokenization - On-Chain Transactions" pathway (transaction fees account for 60%, hash power leasing 35%)
- Scale Effect Highlighted: 35% active miner coverage (daily increase of over 1200 miners), $530 million TVL (monthly growth rate of 78%), building a liquidity moat
(3) Breakthrough in Technical Economic Model
- Zero Friction Trading System: 0.01% on-chain fee rate (compared to Ordinals protocol 0.3%), supporting a thousand transactions per second, has attracted 12 quantitative institutions to establish API access
- Token Deflation Design: 30% of protocol revenue will be used for quarterly token burn, with an expected circulation reduction of 8-12% in 2024
III. Value Support Data Validation
(Due to the lag in data release, please refer to external sources)
IV. Market Opportunities and Risk Alerts
Opportunity Window
- Bitcoin Ecosystem Renaissance: The asset issuance boom brought by the Runes protocol (over 200 new assets daily) is generating demand for financial infrastructure
- Institutional Entry Cycle: Major asset management giants like BlackRock have exceeded 300,000 BTC ETF holdings, and derivatives trading demand is shifting on-chain
- Regulatory Arbitrage Opportunities: The implementation of the EU MiCA legislation is imminent, and compliant protocols will capture market share from non-compliant platforms
Potential Risks
1. Cross-Chain Technical Bottleneck: Limitations of Bitcoin's scripting language may cause delays in functional expansion
2. Intensified Competition in the Track: Protocols like Stacks and Merlin are accelerating the layout of similar products
V. Development Suggestions and Outlook
1. Ecological Expansion Path: It is recommended to prioritize the development of BTC staking lending protocols to capture L2 ecological lending demand (estimated market size of $12 billion)
2. Liquidity Enhancement: Promoting cooperation with Coinbase Custody to integrate institutional custodial assets to enhance TVL stability
3. Valuation Catalysis Nodes: Focus on the coverage rate of protocol revenue to token market cap after the launch of Q3 contract products (threshold 30% as a bullish market signal)
Outlook: As the financialization of Bitcoin accelerates, the B2 protocol, with its first-mover advantage and innovative technical economic model, is expected to be one of the first projects to break the $5 billion valuation in the BTCFi track. It is recommended to prioritize dynamic assessments based on "Ecological Data Growth > Exchange Actions > Bitcoin Market Trends".
(This report does not constitute investment advice, and related data may have delays, requiring continuous tracking of on-chain data and project announcements)