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#数字货币市场调整 The issue with ORDI is actually quite clear - the UTXO model leads to on-chain data redundancy, and the order book mechanism inherently lacks liquidity. In simple terms, the Bitcoin network is not Turing complete, cannot run smart contracts, and thus cannot implement AMM and Swap; this set of DeFi mechanisms simply cannot be put into operation.
BRC2.0 aims to address this pain point. It leaves asset confirmation on the Bitcoin layer, while the execution of smart contracts is handled by EVM, driving AMM to achieve DeFi functions through sequencers. This design is equivalent to equipping BTC with an Ethereum engine—the combination of BTC + EVM, which theoretically can activate an asset pool worth 5 times more than BTC's market value, especially the 1.8 million BTC in the hands of miners; this is indeed a significant pot.
Compare the data: the market value of the Ethereum Layer 1 ecosystem is about 200 billion, while the market value of ETH itself is around 400 billion, with the ecosystem accounting for half of the native currency's market value. The core driving force of this ecosystem is Decentralized Finance. Looking at BTC, with a market value of 2 trillion, but the total market value of the ecosystem is less than 10 billion.
If the BTC ecosystem can replicate the path of Ethereum, and the Layer 1 ecosystem achieves half of the market value of its native currency, that would mean a trillion-dollar space. From 10 billion to 1 trillion, this track has at least a hundredfold growth potential. This increment of 990 billion needs to be filled by the DeFi and AMM of the BTC ecosystem.
History may repeat itself—those protocols that have operated on other chains may very well run through the BTC ecosystem again. However, the key now is consensus: more people need to understand the logic of the BTC ecosystem and participate in this narrative. Whether the market will accept it still depends on execution.