Today let's talk about AlkanesFi. Previously, I mentioned that Alkanes would have different gameplay compared to the previous BTC ecosystem. Whether it was the inscriptions, runes, or ordinals we played with, we were essentially speculating on pure memes, all relying on community consensus to drive up value. However, through the experiences with brc20, ordinals, and runes, it has become clear that relying solely on strong community consensus can achieve a significant market value but is often unsustainable, leading to many newcomers getting trapped.
The emergence of Alkanes has introduced more gameplay options within the BTC ecosystem, not just depending on community consensus. For instance, during minting, it’s not just about competing for gas; smart contracts can be utilized to make the otherwise dull minting phase more engaging. NFTs can be used for token swaps, GameFi, etc. Tokens can be staked, mined, and so on. This wave of ALKAMIST has realized token staking and mining on the BTC mainnet, expanding the imaginative space for more developers who are still observing.
In fact, the idea of incorporating smart contracts into the BTC ecosystem has been desired for many years, but the limitations of the BTC mainnet have always been a barrier. However, Alkanes has finally broken this constraint. The existing capital in the BTC mainnet is undoubtedly the largest, and these BTC whales are also hoping for the emergence of a native layer of BTCFi that allows them to earn more from their holdings. However, the ecosystem is still in a very early stage, with many foundational infrastructures under construction. I believe that as these infrastructures become more robust, there will eventually be brilliant developers who come to Alkanes to write exceptional smart contracts, and larger institutions will come to Alkanes for BTCFi. The mainstream narrative for the second half of this year will definitely be BTCFi, and we are looking forward to it.