What is the current status of Bitcoin ecosystem development?

1. The Bitcoin ecosystem has been silent recently, including CKB, STX, etc. Is it because all the funds have been used to speculate on the Ethereum ecosystem?

I think the main reason for the failure is not the hype of other ecosystems, but the fact that the Bitcoin ecosystem has not yet developed a very strong and innovative application ecosystem.

This application ecosystem does not imitate the old applications of Ethereum but is innovative new applications.

The Bitcoin ecosystem has actually taken shape now, and there are quite a few applications in it, but most of them are basically imitations of the Ethereum ecosystem. This model can give people hope and attract capital in the initial stage, but over time, if there is no innovation of its own, capital will gradually get tired of it and attention will gradually fade.

As for whether the Bitcoin ecosystem can take off, I still hold the same old view: it depends on whether the developers in the Bitcoin community can build innovative new applications.

2. How about the AI ​​track?

I have written several articles specifically about the AI ​​track before, including my overall views on this track and my views on some popular projects in this track.

In general, except for a few projects that I think are slightly related to AI, I don’t like most of them.

3. Are there any recommended sections in Farcaster that I can follow?

I dare not say whether I would recommend anything or not, I don’t recommend any sector.

But the sectors I pay attention to include base, degen, gaming, memes, zk, and zora.

4. Atomical has released the AVM white paper. Does it mean that the Bitcoin network has implemented smart contracts? What do you think of this protocol? And what do you think of the STAMP protocol?

I took a quick look and it still has limitations.

Due to the limitations of the mainnet technology, Bitcoin cannot achieve Turing completeness like Ethereum in terms of security and functionality. I don’t see any possibility of a breakthrough in this regard in the short term.

This determines that the functions that Bitcoin wants to achieve cannot be as perfect as Ethereum, and it needs to find an application ecosystem that is suitable for its own positioning.

In addition, I would like to emphasize my point again: the focus and emphasis of the development of the Bitcoin ecosystem should be shifted to applications. If there are no breakthroughs in applications in the future, this round of hard-earned momentum may be missed.

I was very optimistic about the STAMP protocol earlier. In theory, its security is better than that of STAMP. But its problem is that the construction of the application ecosystem is too lagging, far worse than the STAMP community, and it has missed a great opportunity and momentum. Except for a small number of players in the community who are entertaining themselves, this protocol has not received wider attention at least until now.

5. How about ONDO?

If I understand correctly, this is a project in the RWA track. I am not very interested in this track and I have not paid much attention to this token.

6. How about Metis?

This project is actually not low in terms of market value, but I like this project very much. It is a very unique second-layer extension.

The main reason is that it is committed to decentralizing the sequencer. I think this is a very important step for the long-term and healthy development of the Ethereum second-layer system, and it is also a very important means to benefit and empower tokens. This matter is beneficial to the ecosystem and has no harm. The only impact is the small interests of the project itself.

Now it seems that except for Metis, none of the other well-known second-tier expansions have taken any action in this regard. Some of them are just empty talk at best, without any actual action.

7. I want to use stablecoins for financial management. Is there any risk in USDT?

I am not quite sure what kind of financial management is referred to here. If it is a centralized exchange, I will not go there. If it is a lending application on the chain, I think it is okay.

I never take USDT in large amounts of stablecoins because I never trust it.