The cross-chain bridge track will be a rigid demand for the long-term development of the inscription market

Cross-Chain Bridge Track

In the Bitcoin network, the total number of Ordinals inscriptions minted has exceeded 51 million, and the cumulative fee income has exceeded 5028 BTC. At the same time, the market value of the BRC-20 narrative direction alone has exceeded 3 billion US dollars, and as the types and number of inscription assets increase, this value is still growing. We see that the inscription fever is still continuing, and there are still a large number of inscription assets facing the market every day.

Although Ordinals’ solution is revolutionary for the Bitcoin ecosystem, not only bringing it an asset issuance solution, but also forcing the innovation of various technologies in the ecosystem, we have to admit that inscription assets can only be traded in a way similar to NFT transactions so far. For example, inscription trading markets including Ordinals Market and Unisat Marketplace still use point-to-point matching transactions to promote liquidity, and the transaction efficiency is extremely low.

Based on the low pricing model, the lack of liquidity of inscription assets can easily produce extremely exaggerated paper gains. Therefore, how to make inscription assets better capture liquidity and participate in DeFi more reasonably can help the inscription sector deleverage and promote the positive development of the sector.

The reality is that Bitcoin Layer1 does not support smart contracts, and the development of Bitcoin Layer2 is still slow, making it difficult to provide better support for it in the short term. Therefore, bringing the inscription assets in the Bitcoin ecosystem into the Turing-complete ecosystem, playing a role in mature sectors such as DeFi and GameFi, and capturing liquidity and value will become the trend or main tone of the future development of the inscription sector.

On the other hand, there are already some facilities on the market that can provide financial scenarios for inscription assets, such as the inscription lending protocol Toka Finance on Ethereum, the multi-chain inscription AMM DEX Allins, etc., but these facilities require long-term bridging support from cross-chain bridges.

Therefore, judging from the overall trend, the inscription market will have a huge demand for cross-chain (the number and types of inscription assets are increasing every day), so the inscription cross-chain bridge track will have great imagination and development potential.

Multibit is the earliest cross-chain bridge in the Inscription sector. It mainly transfers BRC20 assets between EVM chains (ETH chain, BNB chain, Polygon chain) in both directions. After the Multibit LaunchPad in November, its token has increased by 500 times, with a total market value of approximately US$232 million. In more than 40 days since its launch, the transaction volume of MultiBit Bridge has exceeded US$440 million.

After MultiBit, will SoBit be the new king of the Inscription cross-chain track?

Although Multibit has seized the initiative in cross-chain integration between the EVM chain and BRC20 assets, especially since the main liquidity is still in the Ethereum ecosystem. But SoBit is the first cross-chain bridge that supports cross-chain integration between Solana and BRC20 assets. Similarly, we also believe that Sobit is the real leading protocol in the Inscription cross-chain sector.

SoBit

1. Ability to emphasize originality more

It is an established fact that the inscription system forms a non-Turing-complete BTC ecosystem. Even if other chains support smart contracts, BRC20 is still a strong leader in the past year of development, surpassing other ecosystems including Ethereum in the inscription sector. We believe that one of the values ​​of inscriptions is that they are essentially a kind of Bitcoin asset, inheriting the consensus of the Bitcoin ecosystem, that is, the popularity of the inscription market lies in the strong consensus of more retail players on the underlying Bitcoin and the Bitcoin system, so cross-chain facilities should maintain the originality and orthodoxy of inscription assets, which is usually irreplaceable.

In fact, any second-layer or third-layer network is trying to optimize on the basis of Bitcoin inscription assets, which may break the original value foundation of inscription assets. Therefore, what Sobit Bridge needs to do is to maintain the originality of inscriptions generated by consensus in the Bitcoin ecosystem, and at the same time connect with DePIN leader Solana to complete DeFi financial attributes in a 1:1 cross-chain manner and expand liquidity.

2. Solana ecosystem may be the main battlefield for cross-chain inscription track in the future

Relatively speaking, Solana may be the final destination for cross-chain migration of inscription assets, rather than the currently popular EVM ecosystem.

In fact, Solana has maintained its advantage in the inscription wave. We see that there are 7,000+ nodes in the Ethereum ecosystem, while Solana has less than 3,000 nodes, but the TPS of the ETH mainnet is only between 12 and 15, while Solana officials claim that it has 65,000, and its daily operation is also between 2,500 and 3,000. At the same time, Layer2 downtime including Arbitrum and ZkSnyc, Avalanche, BNB Chain, Polygon, etc. have also soared in costs. Therefore, Solana is almost the only Layer1 public chain that can withstand artificial DDOS, so it is showing a strong underlying advantage for the Solana ecosystem.

The GPU computing network Render network announced that it will migrate from the public chain Polygon to Solana, which shows the importance of Solana to DePIN projects. With the recent explosion of Mobile, Solana also meets the needs for a large number of hardware deployments with its advantages in synchronization speed. Therefore, developers may prefer Solana.

Stimulated by multiple factors, the value of the Solana ecosystem has achieved a new explosion, and Solana's market value has also hit a new high in nearly 20 months, reaching 35.3 billion US dollars, surpassing the public chains Ripple and BNB in ​​one fell swoop to become the fourth largest cryptocurrency. The surge in SOL has further stimulated the attention of more investors and developers. With the full blossoming of many fields including DeFi and RWA, the inscription section of the Solana ecosystem is expected to realize value return first and become the first largest ecosystem to undertake the inscription section of the Bitcoin ecosystem.

Therefore, the Sobit cross-chain bridge, which is backed by Solana and the BRC20 system, has greater long-term development potential than MultiBit. In particular, Sobit has hit the two hot spots of Solana and Inscriptions, which will attract more attention from investors and players, and is expected to exceed billions of dollars in cross-chain volume in a short period of time.

Sobit is also about to open the LaunchPad of the SOBB token in the form of Fair Launch. The current over-the-counter whitelist price has been hyped up to $1,200. With the empowerment of imaginative multiple narratives, the SOBB token may be able to exceed a thousand times in a short period of time.