Recently, the new Bitcoin asset protocol Tacit has once again drawn market attention to the Bitcoin ecosystem. Recently, a new 10x-level gold dog has appeared in the Bitcoin ecosystem, making everyone exclaim that the familiar ordi flavor is back. Why has the Bitcoin ecosystem been so hot lately? Is there really something new emerging?

Bound Exchange

This platform's predecessor was radfi, which previously gained popularity due to the "node monkey" strategy coin $NODESTRAT . $NODESTRAT is similar to $PUNKSTR on Ethereum, both utilizing transaction fees to buy back NFTs, then listing them for sale at different profit targets, and using the profits from NFT sales to buy back and burn tokens, forming a flywheel.

Previously, radfi and Bound were separate businesses—radfi handled Bitcoin/Rune AMM and Launchpad, while Bound focused on stablecoins. Now, they have merged into Bound. The combined platform is quite comprehensive, covering trading, lending, Launchpad, and NFT trading markets.

This time, Bound attracted market attention because its token $Bound has risen approximately 46 times since May 21.

Returning to the project itself, the main points praised about Bound are as follows:

The trading process has been greatly simplified. In the past, Rune AMM generally required depositing Bitcoin first, then waiting for several block confirmations. Short confirmation times could be half an hour, and longer times, especially when blocks are not produced, could exceed an hour. Now, on Bound, besides depositing Bitcoin, users can also deposit SOL/ETH/HYPE/BNB, then swap for BTC through the corresponding BTC trading pairs, and directly trade in the platform’s Rune tokens. The overall time required has been greatly reduced, significantly improving the user experience.

Trade confirmation within seconds. Avoiding long waits for Bitcoin block confirmations has always been a goal for platforms related to Rune in the Bitcoin ecosystem. This is not difficult—after funds are deposited and confirmed on the platform, the transaction is processed internally/off-chain, using the Bitcoin mainnet as a confirmation layer. The key issue is how to ensure security. Previous platforms like odin.fun also gained popularity but repeatedly experienced asset theft incidents, which led to their decline. Bound’s solution is to add a 2-of-2 multisignature address for user assets, with one key held by the user (stored on their device) and the other on the platform’s backend.

This means that even if the Bound platform is hacked, assets cannot be stolen because the hacker can only solve one layer of signature. But what if the platform goes bankrupt? To address this, Bound added a time lock: if the platform’s signature expires after three months, users can directly withdraw their assets @SkyAAmen using their own access keys.

Price protection mechanism. Bound’s official account shared a tweet explaining this mechanism: "After the Rune tokens launched via Launchpad go live, their price is calculated based on the average price at minting. 75% of the raised liquidity is used as a buffer below this price to withstand potential sell pressure, while the remaining 25% is paired above this price."

In terms of token issuance, Bound also introduced a virtual mempool, which can be understood as a virtual chain tracking Bitcoin mainnet blocks. When users mint new Rune tokens on Launchpad, they no longer need to pay miners; the funds are used for price stabilization and liquidity provision as described above. Additionally, to incentivize holding, holders who mint 1 million or more tokens and do not sell can share 50% of the transaction fees.

These three points are the main advantages. Moreover, well-known Bitcoin ecosystem figure Leonidas has expressed support for Bound:

Tacit

BlockBeats previously published a detailed article introducing Tacit:

A new protocol, Tacit, is the ZEC of the Bitcoin ecosystem

Currently, Tacit’s leading token $TAC maintains a stable price, with a market cap of about $5.5 million. Developer @z0r0zzz continues to update intensively; on May 23, they implemented a double-blind token on Bitcoin, further enhancing the protocol’s privacy features. They are also working on an update for a permissionless ETH-BTC bridge using SP1 zero-knowledge proofs.

Alkanes

We have also previously introduced Alkanes: what is the new 10x asset protocol in the Bitcoin ecosystem? This protocol has gained attention because $DIESEL has increased about 17 times since late April and continues to rise:

Alkanes is no longer a new protocol; even the initially dominant Oyl Wallet has ceased operations. The team responsible for protocol updates and maintenance now is subfrost, which was part of the original Oyl Wallet team handling Alkanes. Despite Oyl Wallet’s shutdown, subfrost has been actively updating, including significant rate optimizations by integrating contracts into indexers.

However, the sharp rise of $DIESEL is probably due to its very small circulating supply. Previously, the mining mechanism paid the highest miner fee within each block to a single minting transaction, which took all $DIESEL rewards for that block—making it difficult for ordinary users to participate. Last August, the mining mechanism was updated so that all successful minting transactions share the block reward proportionally. This means that those who believe in $DIESEL ’s value will mine more, turning mining into a small, frequent event per block, with a fixed total (current block reward around 3.125 DIESEL, aligned with Bitcoin halving cycles), but with varying bid auction situations within each block.

At the same time, 50% of the funds used to mint $DIESEL within a block are allocated to the project’s treasury for protocol development. So, although about 3.125 $DIESEL are produced per block, the actual amount available to users is less, as some go directly to the project.

The total supply of $DIESEL is 1.56M tokens. About 640k are currently mined and circulating, but less than 10% of the total supply may be tradable. Given the recent surge, I would call it a "demon coin" in the Bitcoin ecosystem.

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