Bitcoin undergoes update with BRC-20 Indexer enhancement, introducing Ethereum-equivalent functionalities.

In a significant development for the Bitcoin ecosystem, the BRC-2.0 upgrade has been successfully implemented, integrating Ethereum Virtual Machine (EVM) functionality into Bitcoin's core layer. This groundbreaking update, developed collaboratively by Ordinals developer Best in Slot and BRC20's pseudonymous creator Domo, is set to revolutionise the Bitcoin native asset market.

The BRC-2.0 upgrade has already surpassed nearly one-third of all meta-protocol related transactions in Q3, according to the Alkanes standard, a WASM-based programmable Bitcoin layer. This surge in activity indicates a growing interest in the new smart contract functionality that BRC-2.0 offers.

Since its launch in early 2023, BRC-20 has seen over $3 billion in asset value traded. Over the last six months, it has registered 5,636 BTC (US$633 million) in on-chain volume, demonstrating its growing popularity.

With the upgrade, developers can now deploy Ethereum-style smart contracts on Bitcoin without relying on bridges, oracles, or trusted intermediaries. This opens up a world of possibilities for Bitcoin-native assets, expanding their potential beyond meme coins and speculative trading.

Domo, the creator of BRC-20, aims to combine Bitcoin's decentralization and security with the EVM's proven virtual machine, offering users an Ethereum-like experience of composability and programmability. Asher Corson, CIO of Unbroken Chain, predicts that this programmability and the potential for DeFi will spark renewed interest in Bitcoin native assets, potentially driving another bull run.

The BRC-2.0 upgrade also addresses the issue of limited application diversity in the Bitcoin native asset market. By allowing BRC-20 assets to interact with EVM-compatible chains and scaling layers, they become composable and interoperable instruments, similar to assets on Ethereum. This brings Ethereum's more diverse application ecosystem onto Bitcoin, a significant step forward for the Bitcoin ecosystem.

Corson compares BRC-2.0 to Runes, stating that BRC-2.0's programmability allows it to support a DeFi ecosystem, unlike Runes which is not programmable. This programmability could lead to the development of a robust DeFi ecosystem on Bitcoin, potentially attracting a new wave of users and developers.

The BRC2.0 upgrade was developed by Best In Slot, a key infrastructure player in the Ordinals ecosystem. This collaboration between Ordinals and BRC20 underscores the growing synergy between different blockchain projects, as they work towards enhancing the functionality and utility of Bitcoin.

In conclusion, the BRC-2.0 upgrade is a significant milestone in the evolution of the Bitcoin ecosystem. By integrating Ethereum-style smart contract functionality, it opens up a world of possibilities for developers and users alike, potentially driving renewed interest in Bitcoin native assets and attracting a more diverse range of applications to the Bitcoin blockchain.

Bitcoin undergoes update with BRC-20 Indexer enhancement, introducing Ethereum-equivalent functionalities.