CDS Crypto News Trustless Market Developers Deploy Uniswap Contracts on Bitcoin as BRC20-Based SHIB, PEPE Gain Popularity
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Trustless Market Developers Deploy Uniswap Contracts on Bitcoin as BRC20-Based SHIB, PEPE Gain Popularity

Developers have integrated Uniswap's smart contracts into the Bitcoin network with the aim of taking advantage of the growing popularity of BRC-20 tokens and expanding the decentralized finance (DeFi) ecosystem.

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CryptoPunks NFT burned and reborn on Bitcoin network

Developers have integrated Uniswap’s smart contracts into the Bitcoin network with the aim of taking advantage of the growing popularity of BRC-20 tokens and expanding the decentralized finance (DeFi) ecosystem. The resulting protocol, Trustless Market, has gained more than 2,000 users and generated daily trading volumes of $500,000. Liquidity providers who participate in the network can earn a 2% commission on all swap transactions made.

Trustless Market Developers Deploy Uniswap Contracts on Bitcoin as BRC20-Based SHIB, PEPE Gain Popularity

Trustless Market Developers Deploy Uniswap Contracts on Bitcoin as BRC20-Based SHIB, PEPE Gain Popularity

A group of developers has integrated Uniswap’s smart contracts into the Bitcoin network to tap into the growing demand for BRC-20 tokens and expand the DeFi ecosystem. The protocol, Trustless Market, has attracted more than 2,000 users and generated daily trading volumes of $500,000.

Liquidity providers who join the network can earn a 2% commission on all swap transactions made. While most of the tokens on the network are meme coins rather than sophisticated DeFi applications built on Bitcoin, the project marks a promising start in this direction.

According to @punk3700, one of the developers at Trustless Market, the aim is to make Bitcoin more versatile and useful beyond just a currency. The team started with Art, then AI, and now DeFi is the next area to focus on. Although it’s still early days, with the current state of Trustless Market resembling that of Uniswap in 2018, the team is excited about the possibilities.

Trustless Market Developers Deploy Uniswap Contracts on Bitcoin as BRC20-Based SHIB, PEPE Gain Popularity

DeFi relies on smart contracts to provide financial services such as lending and borrowing to users. According to DefiLlama data, nearly $47 billion worth of tokens are locked on such protocols. Until recently, Bitcoin’s usage in DeFi was limited to tokenized representations of Bitcoin on other chains, such as Ethereum or Solana.

However, the introduction of the “Bitcoin Recent for Comment” token standards has allowed developers to issue tokens natively on Bitcoin, leading to a surge in digital artwork and meme tokens built on the network.

Data from OrdSpace shows that over 11,000 BRC-20 tokens are available on the open market with a total market capitalization of $500 million. Of these tokens, Ordi (ORDI) is the most valuable, with a market capitalization of $400 million and 8,300 unique token holders. Ordi is the first BRC-20 token deployed on Bitcoin, which has helped to increase its value proposition.

Trustless Market Developers Deploy Uniswap Contracts on Bitcoin as BRC20-Based SHIB, PEPE Gain Popularity

Trustless Market is one of the few protocols focused on developing the Bitcoin ecosystem, which has resulted in higher transactional fees. Nevertheless, @punk3700 and the team believe that this is a necessary step towards fueling adoption in the long term.

To access more crypto news: cryptodataspace.com

Written by
Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

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