Author: Felix, PANews
Bitcoin, as the first decentralized digital currency, has gradually evolved from a niche experiment since its inception in 2009 to a globally important value storage and settlement network, and has now developed into an asset class valued at approximately 2 trillion dollars. Despite Bitcoin's numerous achievements, new investors are eager to obtain high returns, which may be difficult to achieve at current high Bitcoin prices, unlike early investors who realized substantial returns.
In addition to passive asset appreciation, how to generate earnings from Bitcoin has also become a significant market demand. Data shows that currently over 98% of Bitcoin is idle. How to unleash its potential and transform Bitcoin from an early centralized value storage method into a distributed internet infrastructure used by billions of people is also key to elevating Bitcoin's development to a new level.
Inspired by the DeFi developed from Ethereum, the idea of building DeFi based on Bitcoin emerged. Starting from tokenized Bitcoin, Bitcoin has gradually transformed from a static asset into programmable capital. Since the emergence of WBTC in 2019, the market has spawned 50 versions of tokenized Bitcoin across more than 20 blockchain networks. After six years of infrastructure development (from WBTC to transparent and permissionless solutions), there have been significant leaps in infrastructure technology, including cross-chain protocols, custodial solutions, and regulatory frameworks. Currently, the value of on-chain tokenized BTC has reached $40.18 billion.
The first (On-chain Bitcoin Economic Report) has been released, with capital integrating around three major competitive advantages.
As more and more holders turn Bitcoin to other blockchain networks to unlock new features and realize yields, the development of the on-chain Bitcoin economy is gradually moving out of the experimental phase. However, research on the on-chain Bitcoin economy has yet to form a systematic and structured approach.
Recently, Bitcoin infrastructure builder Zeus Network released its first (On-chain Bitcoin Economic Report). The report comprehensively reviews the on-chain economy of Bitcoin, noting that various blockchain platforms, based on their own advantages, have adopted differentiated development strategies, with a survival of the fittest effect gradually becoming apparent.
(On-chain Bitcoin Economic Report) shows that the top four performing blockchains (Base, Ethereum, Stacks, Solana) will see a growth of over 26,000 BTC by 2025, while the bottom five blockchains collectively lost over 8,000 BTC.
Source of the image: (2025 On-chain Bitcoin Economic Report) (Author: Zeus Network)
The report mentions that Bitcoin capital is currently integrating around three major competitive advantages: native Bitcoin integration (Stacks), mature user base access (Base), and excellent DeFi performance (Solana).
Among them, Base achieved a growth rate of 99.83%, driven by the advantages of the Coinbase user base, providing convenient bridging access for millions of users and offering institutional clients a pathway for Bitcoin deployment, highlighting the significant competitive advantage of mature platforms compared to purely technical solutions.
Following closely is Stacks, with a growth rate of 79.65%, indicating a strong market preference for infrastructure that aligns closely with Bitcoin while supporting programmability.
The head platform effect is also gradually becoming apparent, as weaker participants like Tron (-541%) and Merlin (-80%) have experienced significant declines compared to the more mature platforms mentioned above, indicating that the market is integrating around mature solutions.
It is worth mentioning that Solana achieved a growth rate of 76.56%, showcasing the performance advantages of the blockchain. Bitcoin holders will prioritize practical advantages such as speed, low cost, and robust DeFi functionalities when choosing asset deployment locations.
Currently, the Bitcoin tokenization options on the Solana platform have increased from 2 (WBTC and tBTC) in August 2024 to 8 by August 2025, forming a comprehensive ecosystem consisting of 21 projects, covering 4 DEXs (APOLLO, HawkFi, Jupiter, and Meteora), 12 DeFi protocols (including btcSOL, Drift, Kamino, Orca, and Raydium), 4 infrastructure projects (Portal/Wormhole, Zeus Network, Threshold), and 1 DAO (MonkeDAO).
Among them, APOLLO, as the first on-chain Bitcoin exchange on the Solana platform, plays an important role in expanding the influence of native Bitcoin on Solana.
The exchange APOLLO and the re-staking model btcSOL expand the user base and application scope.
As a permissionless Bitcoin infrastructure protocol on the Solana platform, Zeus Network is dedicated to accelerating the on-chain economy and application development of Bitcoin. It not only launched the first permissionless Bitcoin zBTC on Solana but also successively released dApp products that expanded the user base and application scope of zBTC, highlighting its role on the Solana platform.
In March 2025, Zeus Network launched the APOLLO mainnet v1, the first on-chain Bitcoin exchange on Solana, aiming to provide a seamless and permissionless asset trading and management method.
As the flagship dApp of Zeus Network, APOLLO differs from centralized platforms by allowing Bitcoin holders to trade, exchange, and earn various versions of Bitcoin on-chain without intermediaries or restrictions. By introducing zBTC, an asset pegged 1:1 with Bitcoin, APOLLO seamlessly integrates Bitcoin liquidity into the Solana ecosystem, providing trustless decentralized solutions for retail investors, developers, and institutional investors to unlock the full potential of Bitcoin in the DeFi space.
It is worth mentioning that APOLLO also launched the Earn feature in August, providing users with a way to earn yields. On APOLLO Earn, users can choose from lending, liquidity pools, or staking strategies, each integrated with the current protocols that support zBTC. In the future, APOLLO will continue to collaborate with DeFi protocols to update Earn and launch new strategies to provide users with more diversified Bitcoin yield options.
After the launch of APOLLO, Zeus Network's second dApp product, the re-staking model btcSOL, went live in July, providing Solana users with a convenient and permissionless way to access BTCFi. btcSOL allows holders of SOL or LST-SOL (Solana liquid staking tokens) to stake their tokens and accumulate BTC, with the system automatically converting staked tokens into btcSOL for re-staking based on price indices, generating on-chain yields that are automatically converted into zBTC.
In addition, btcSOL has partnered with Marinade Finance, a liquid staking platform on Solana, where 5.5% of the SOL staked by users will continuously convert into zBTC, steadily increasing Bitcoin exposure without any extra steps. The btcSOL v1.5 version released on September 9 added jupSOL and kySOL. Currently, users can stake SOL, mSOL, JupSOL, and kySOL to accumulate zBTC (the native Bitcoin of Solana).
Despite the fierce market competition for Bitcoin tokenization, Zeus Network has found a differentiated market position through unique design choices and functional positioning, backed by its technological advantages, a strong team, and a partner network, as well as support from the Solana ecosystem, giving it the potential to capture significant market share in this field.
However, like all blockchain projects, Zeus Network also faces certain risks and challenges, such as security vulnerabilities, regulatory uncertainties, market acceptance, and dependence on the continued growth and success of the Solana ecosystem.
In the future, Zeus Network plans to achieve multi-chain expansion, integrating more blockchain networks beyond Bitcoin and Solana; additionally, it plans to foster a thriving developer community through the release of programming libraries and developer tools, gradually achieving decentralized governance.
Conclusion
The transformation of Bitcoin into an income-generating asset is no longer a question of 'if' but 'when.' Not only have institutions created their branded wrapped Bitcoin, but the emergence of permissionless infrastructure allows any community, protocol, or collective to create transparent and verifiable representations of Bitcoin according to their specific needs. Zeus Network provides a promising solution to unlock the immense potential value of Bitcoin by innovatively addressing the cross-chain communication issues between Bitcoin and Solana.
Related Reading: Permissionless Bitcoin on Solana: Zeus Network launches APOLLO platform and zBTC