Author: Blockchain Insights
1. The recent quietness in the Bitcoin ecosystem, including CKB, STX, etc., is not necessarily due to the funds flowing into speculation of the Ethereum ecosystem. The main reason for the quietness is the lack of a strong and innovative application ecosystem within the Bitcoin ecosystem.
This application ecosystem needs to be innovative and not just a replication of the old applications seen in the Ethereum ecosystem. While the Bitcoin ecosystem is starting to take shape with some applications, most of them are mere imitations of the Ethereum ecosystem. This initial imitation may attract funds in the beginning, but without true innovation, interest will fade over time.
In order for the Bitcoin ecosystem to thrive, it is essential for developers within the Bitcoin community to create innovative new applications.
2. How is the AI race going?
I have previously written several articles on the AI race, sharing my overall views on this field and some opinions on popular projects within it. Generally speaking, I find only a few projects somewhat related to AI, while the majority do not appeal to me.
3. Are there any recommended sections to follow in Farcaster?
While I do not make recommendations, the sections I personally follow are base, degen, gaming, memes, zk, and zora.
4. Atomical has released the AVM whitepaper, does this mean that the Bitcoin network has achieved smart contracts? What are your thoughts on this protocol and the STAMP protocol?
After a brief review, I found that it still has limitations. Due to the technical constraints of the main network, Bitcoin cannot achieve Turing completeness like Ethereum in terms of security and functionality. Therefore, the functionalities that Bitcoin can achieve will not be as perfect as Ethereum’s. It is crucial for Bitcoin to find an application ecosystem that suits its own positioning.
Additionally, I want to emphasize that the development focus of the Bitcoin ecosystem should now shift towards applications. Without breakthroughs in applications, the momentum gained so far may be lost.
I was optimistic about the STAMP protocol before. In theory, its security is better than plaintext. However, the slow development of its application ecosystem compared to the plaintext community has led to missed opportunities. The protocol has not gained widespread attention so far.
5. What about ONDO?
If I understand correctly, this is a project in the RWA field. I am not very interested in this field and have not paid much attention to this token.
6. How is Metis?
Although this project has a relatively high market value, I really like it for its unique second-layer expansion. Its commitment to decentralizing the sequencer is a crucial step for the long-term and healthy development of the Ethereum Layer 2 system. This action benefits the ecosystem greatly and only affects the project’s minor interests.
It seems that, apart from Metis, none of the other well-known second-layer expansions have taken such action, with some merely making empty promises without any real progress.
7. Is there any risk in using USDT for stablecoin investments?
I am not sure what kind of investments are being referred to here. If it is centralized exchanges, I would avoid using USDT. However, if it is decentralized lending applications on the blockchain, I believe it can be a viable option.
I personally do not hold large amounts of USDT as I have always been skeptical about its reliability.
