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Bitlayer Co-founder: The "complete fade" of Bitcoin NFTs, Layer 2 networks, and re-staking craze shifts focus to sustainable rise.
According to Deep Tide TechFlow news on March 21, reported by Cointelegraph, the once hot narratives in the Bitcoin ecosystem such as NFT, layer two networks, and re-staking are gradually losing their heat. Industry experts attribute this to the weakening of excessive hype and a shift in focus towards sustainable growth. Charlie Hu, co-founder of the Bitcoin layer two network Bitlayer, stated that the previously "overhyped" narratives in the Bitcoin ecosystem have completely disappeared, which includes the craze surrounding Ordinals, layer two networks, and re-staking.
Hu pointed out that Bitcoin NFTs are one of the narratives that have been overly hyped. Although the inscriptions once "flew to the moon," that era has "completely passed." Data shows that the trading volume of Bitcoin NFTs in the first quarter of 2024 was 1.4 billion dollars, while in the first quarter of 2025 it was only 280 million dollars, a decrease of 80%. Hu believes that the "thousand-fold rise" era of Bitcoin NFTs may have ended, and people can no longer expect similar "crazy" price performances.
Besides NFTs, Hu stated that venture capitalists' enthusiasm for Bitcoin's layer two networks and re-staking is also declining. He revealed that at least 80 layer two network projects were seeking funding when the narrative around layer two networks was strong in early 2024. Many projects are pitching their ideas to investors, media, and different communities, but this craze "has certainly come to an end." Other cryptocurrency executives also agree with Hu's viewpoint. Stacks co-founder Muneeb Ali has stated that the "honeymoon phase" for Bitcoin's layer two networks is over, and most projects will disappear as the initial enthusiasm fades.
Hu also mentioned that Bitcoin re-staking is the third "overheated narrative". Currently, only 2 to 3 projects are still alive after the peak of the 2024 boom. Although some of the hype narratives are beginning to fade, Hu believes that there are still many aspects of the Bitcoin ecosystem's development that are worth looking forward to. He stated that layer 2 networks are a great narrative, but they see it more as an engine driving the decentralised finance (DeFi) ecosystem of Bitcoin, which allows holders to explore yield opportunities.