![[English Session] ビットコインエコシステムのナビゲート：このサイクルにおける機会の戦略的考察](https://listen.s3.isk01.sakurastorage.jp/p/01j146705xkr9k2kwm9e98wt35/images/EtmTVcZpq8jNIcr2UdTqRymcL3KPYgDPzMtAOBN6.jpg)
ビットコインエコシステムの探求
John Riggins
お待たせいたしました。ただいまより、IBSクリプトジャパンブロックチェンウィークサミットを開会いたします。
Kyle Ellicott
Ladies and gentlemen, madame et monsieur, we will begin the IBSクリプトジャパンブロックチェンウィークサミット.
My name is Clara. I will be your MC for today's stage.
Peter Teng
私、本日の司会進行を務めます。クララと申します。どうぞよろしくお願いいたします。
Kyle Ellicott
最初のセッションは、ビットコインエコシステムのナビゲート、このサイクルにおける機会の戦略的考察です。
John Riggins
本セッションでは、ビットコインエコシステムに関する専門家の方々をお招きしております。
それでは早速、登壇者の方々をご紹介いたします。
ピーター・テングさん、ジェフ・インさん、カイル・エリコットさん、コービー・フレイザーさん、そして本セッションのモデレーターを務めていただくのは、ジョン・ビギンさんです。
The first session is navigating Bitcoin ecosystem, a strategic look at opportunity and the cycle.
Kyle Ellicott
In this session, we have invited experts in the Bitcoin ecosystem.
Jeff Yin
Let me introduce the speakers.
Kyle Ellicott
ピーター・テング、ジェフ・イン、カイル・エリコット、コービー・フレイザー、
John Riggins
and the session will be moderated by ジョン・ビギンさん。
Jeff Yin
それではビギンさん、よろしくお願いいたします。
スピーカーの紹介
John Riggins
Good morning.
We are kicking things off with I think the right topic.
Because at least at Bitcoin Magazine and our fund UTXO, we see Bitcoin as the opportunity to cycle.
I know that everyone on stage is dedicating a lot of their time and energy into building this Bitcoin ecosystem now.
So let's jump into it.
First, if we could just get a quick introduction from each one of you,
and kind of an introduction of how your company fits in the Bitcoin ecosystem today.
ピーター。
Peter Teng
Thank you, John.
Good morning, everybody. My name is Peter.
I'm a growth lead at Zeus Network.
How many of you guys have heard of Solana before?
Yeah, Solana.
It's an honor for me to be here with the ecosystem partners from Bitcoin.
For us at Zeus Network, we are a company and a project based on Solana using SVM,
and our vision is to bring Bitcoin onto Solana, you power by SVM.
So right now, we're working with a lot of ecosystem partners from BTC, Ruins and Ordinals.
These three categories will be marked as ZPL assets,
which will be transferable onto Solana in Q3.
So that's basically what Zeus Network is.
John Riggins
Thanks.
Kyle Ellicott
Jeff.
Jeff Yin
I'm the founder of Merlin Chain.
We are building an EVM compatible chain for Bitcoin.
We started building on Bitcoin Layer 1 for Ordinals, BRC20.
And now we have Ruins.
So we're trying to build a scaling solution for all these users who want to trade BRC20, Ruins, NFTs.
That's why we started Merlin.
We launched our mainnet in February.
We grew very fast from February to March to April.
Right now, we still have the most BRC20 and Ruins on the EVM solution.
I think the spot trading volume is over 1 billion.
The per trading volume on chain is over 1 billion right now.
And we would love to have all these builders coming from Ethereum ecosystems,
coming from Solana to build for Bitcoin.
To build all these native assets, narratives, DApps for Bitcoin.
And we want to make this ecosystem fun again.
Thank you.
John Riggins
Kyle.
Kyle Ellicott
Hi, everybody. I'm Kyle Alakai.
I run investor relations for the Stacks ecosystem
and also an advising partner to Bitcoin Frontier Fund
who has been investing in Bitcoin-based companies since 2021.
So I've had 3 years of investing in this space,
over 70 plus different companies globally.
And on the Stacks side, we are a Bitcoin Layer 2,
one of the earliest, one of the original core 4
that helped to define the industry
and why we are all sitting here today when it comes to programmability
and utility around Bitcoin as well.
Corbin.
Corbin Fraser
Hi, guys. My name is Corbin Fraser.
I'm the CEO of Bitcoin.com.
We are one of the largest self-custodial Bitcoin wallets in the ecosystem.
We have over 50 million wallets created within our app.
Largely Bitcoin, large majority, but we are multi-chains.
We support Ethereum, Polygon, many other EVM chains.
ビットコインエコシステムの初期段階
Corbin Fraser
And we are looking at where the ecosystem is going in terms of L2.
So it's great to be on this panel and learn some more.
John Riggins
Thanks.
First to kind of set the stage, Kyle, we'll come back to you.
Kind of with that investment experience
and working directly with a lot of the companies building today,
can you kind of set the stage with
where the kind of key pieces of the ecosystem are now
and kind of how the narrative around Bitcoin maybe has shifted this cycle?
Kyle Ellicott
Yeah. So I'll take us a step back in time
and break this into 3 eras.
So we had the pre-2023 era.
And that was the kickoff of Bitcoin back in 2008, 2009.
We had some significant upgrades known as Segwit and Taproot
that helped to early unlock technologies
and key pieces of the technical stack that we use today.
And we also had in about 2015,
the beginnings of L2s or side chains
and early networks built on top of Bitcoin Layer 1.
Each bringing different views of what potential could look like
when it came to Bitcoin utility.
That's Rootstock, Lightning, Liquid and then Stacks.
Each of those respectfully going into mainnet between 2017
all the way through 2021, including Stacks.
And again, saw early programmability,
saw the beginnings of DeFi
and also smart contracts when it came to Bitcoin
and the early dApps or decentralized application ecosystems,
DeFi, NFTs and even some of the very first domains,
web-based domains before we had ENS as well.
2023年の技術革新
Kyle Ellicott
Now, the next big era changed everything
and why all of us are here at this entire conference today.
And that was in 2023 with the release of Ordinals
and Inscriptions.
The first Ordinals and Inscriptions went live in December 2022,
but they didn't catch on until January 2023.
And this was huge because not only was it new
and innovative technology around Bitcoin,
but also reinvigorated the culture of Bitcoin.
Because pre-2023, we had seven years of development
around Ethereum and EVM ecosystems
that were bringing us the ability to see NFTs at scale,
real world assets at scale,
DeFi summer and the craze that could be around DeFi as well.
And all of a sudden, the excitement shifted over to Bitcoin.
What was possible?
We have $1.5 trillion in Bitcoin utility.
What happens if this is unlocked?
What happens if we can forever store permanently
all different types of assets in some capacity
and have them on a forever chain?
This embarked a huge building culture in 2023,
開発者の盛り上がり
Kyle Ellicott
a lot which was private, behind the scenes.
And come 2024, which is the third era that's leading us to now,
we saw the boom of all that development.
We went from a TVL in Bitcoin
that we all participate in of about 300 million.
That represented about 0.1% of Bitcoin's entire market cap.
At the same time, Ethereum's TVL and their app ecosystem
was about 28%, right around $60-plus billion.
All of a sudden, in January 2024, that all changed.
And in six months, we saw the release of
not just the core four L2s publicly,
but over 80 different L2s in various networks.
The introduction of brand new consensus mechanisms
that were never once thought about in Bitcoin
beyond proof of work.
We saw the idea of token experiments,
not standards yet, but experiments from BRC and BRC-721,
so the same that we had in Ethereum in Bitcoin.
We saw the launch of RUNES.
We saw 12 other different experiments.
We also saw, again, this huge excitement in developers.
A ton of developers started entering into the Bitcoin ecosystem,
wanting to build.
ビットコインの機会の変化
Kyle Ellicott
We saw TVL start to rise.
Venture capital came in waves.
The amount of VCs that shifted from Ethereum or EVM base,
all of a sudden, Bitcoin was the spot
that they had to pay attention to.
And to come all the way to where we are today,
Bitcoin and BTC,
both the network and the asset,
are no longer boring.
They now have the open opportunity
to be utilized in some capacity.
And one plus trillion dollars
now has the potential to be unlocked
thanks to all of ours and everyone else's efforts.
Also the institutional demand
with over a dozen different ETFs launched globally.
And then lastly,
we had the fourth halving event,
which was very different
because of the launches with Bruins.
We also had Rootstocks upgrade,
Merlin, Bitlayer,
a number of others went mainnet
at that same time, plus or minus.
And then lastly,
that number I said in the end of the year,
of 2023,
$320 million of TVL.
Fast forward as of this morning,
that number is north
of $3.25 billion.
That's a 7X increase
in less than 7 months
in TVL
of all of our efforts
around the greater ecosystem,
which represents today
a quarter percent
of Bitcoin's total market cap.
And to close,
if we make that ratio similar
to Ethereum's TVL,
that opens up $184 billion
worth of potential
that lies ahead of us
in terms of applications
and ecosystem development.
And just a fraction of that
$1.2 trillion
or excuse me,
$1.5 trillion in utility available.
エコシステムの発展
John Riggins
Yeah, thanks.
That was really a great overview
and I think highlights
the potential moving forward
in addition to the steps
that have been important
getting us here.
One of those steps
in the third phase
Jeff, can you talk to that a little bit?
As someone who's building
one of these ecosystems yourself,
how is Merlin approaching
making Bitcoin more usable?
Where are you seeing the demand
from your users who hold Bitcoin?
Kyle Ellicott
Yeah.
Jeff Yin
I think, yeah, I agree.
Right now, Bitcoin is the third phase,
but to me, I think it's just a start.
It's the start of everything can be possible.
With Bitcoin, that's why
we start to love crypto.
It's because of Bitcoin.
I was a Web 2.0 guy way before this.
I didn't do anything in Web 3.0,
but last year,
when I saw All-in-All the first time,
I think, oh, this is huge
because right now we can put content on-chain
and we can issue assets from Bitcoin.
The Ethereum ecosystem
is not ecosystem yet
before they have ICO
with all these ERC-20 tokens.
The ability of issuing
all these tokens
and the users' ability
to do these kind of things on Ethereum.
That's why right now
we have all these Ethereum Layer 2s,
DeFi, dApps, all this kind of stuff.
So when Bitcoin has the ability
to issue all these assets,
no matter it's ERC-20, Ruins or NFT,
that gives the opportunity to users
and also to builders.
That's the reason we started to build for this.
Right now, if you look at Ethereum valuation
to ERC-20 valuation,
it's about 1 to 1.
Right now, if you look at Bitcoin,
it's like 1.2, 1.3 trillion dollars.
But if you look at Bitcoin-related assets
such as ERC-20 and Ruins,
I guess it's about 2 billion,
2 billion to 3 billion at most.
So 1.3 trillion to 2 billion,
I think the potential is huge.
If we have more builders
like Merlin with ERC-20 tokens,
and right now there are going to be
ビットコインの成長の可能性
Jeff Yin
more and more other dApps
using Bitcoin standards
to launch their tokens.
So I think in the next five years
to six years,
probably we'll have 10 times,
even 100 times more values
into Bitcoin-related assets.
I think that's the first potential
we see there.
The second thing is
when you hold Ethereum
in the past five years,
you have all kinds of things
you can do with this.
You have native yield from the POS.
You can participate in DeFi,
and you can get high yields
by holding Ethereum.
But for the Bitcoin holders,
if you hold Bitcoin in your wallet,
you have one Bitcoin,
that's all.
After five years,
you still have one Bitcoin.
But right now when we see
all these layer tools,
all these dApps,
all these bridges,
DEX, PERP, Lending,
you can find yields for Bitcoin.
So right now I'm learning
if you participate in our POS,
you will have yield.
If you participate in other LRT solutions
such as Solve, Lombard, Lorenzo,
all these protocols give you yields
by holding Bitcoin.
So I think this will drive
more people, more users,
more institutions to hold Bitcoin
because then you can finally have yields.
So what is the better investment
than holding Bitcoin,
but also by having the yield?
So I do think there's lots of potential
on the retail side,
on the institution side,
on the builder side.
And right now we only see
very few builders, very few TVL.
And also the total value is very low.
So I think it's a start for everything
and everything can be possible
in the Bitcoin ecosystem.
John Riggins
All right.
ビットコインと他のエコシステムの連携
John Riggins
Peter, you're taking a slightly different approach here.
Can you talk a little bit about
the value for Bitcoin
and connecting with other ecosystems
and kind of where you see
Bitcoin sitting in Web3
moving forward more generally?
Peter Teng
Yeah, for sure.
Just like I think these two gentlemen
just mentioned,
Bitcoin is at a very unique stage
and this is the beginning
of a brand new era.
Just like Kyle said,
the culture there,
Bitcoin is fun again.
And coming from a Solana-based project,
the meme coin maniac
and just like Pump.fun
recently just reached
2 million daily volume
compared to the entire
Ethereum network.
So coming from Solana's side,
the culture is fun,
it's daring,
it's trying a lot of new things
and I think Solana ecosystem
itself is not really afraid
to fail at this point.
So from us,
Bitcoin is a platform
that can be used
in this way
where you can earn
native yield on Bitcoin.
So huge respect to
all the Bitcoin builders
like Merlin and Stacks.
These guys have been
putting years of work
to make Bitcoin
at this stage right now
and for us,
Zeus Network here,
they have a long term vision
where Bitcoin is a true
decentralized digital asset
and I think many of us here
believe that and this is a reason
why we're in crypto.
So touch basing on Solana here
is that Solana has a pretty robust
DeFi ecosystem already,
bottle landing protocols,
perp trading, meme coin, NFT,
all this user experience
is what really interests
a lot of new users
So from Zeus Network
since 2021
actually we have been building on Solana
on multiple different projects
but we see a huge potential
with Bitcoin moving forward
because of the L2s, the solutions,
the more utility and utilization
and essentially yield bearing.
ビットコインとSolanaの融合
Peter Teng
So hence the reason
we think Solana is an answer
and why don't we try
to bring Bitcoin liquidity onto Solana
and see how this will really
propel the entire space forward
because we believe that
the ecosystem is multi-chain
or interoperable in the future
and we should let the market
let the user really decide
which one is easy to use
So I think from the culture aspect
Solana is pretty welcoming
and from our own experience
with the community
is that we have a good mixture
of Bitcoin ecosystem partners
and community including
Ethereum and Ethereum
and there's a lot of projects
that are reaching out to us
wanting to build a hybrid community
Bitcoin and Solana
just because of the culture
is already so embedded in Solana
that anything is possible
and I think having fun
is also quite important
in terms of for retail
So I think for Solana right now
we're also at a very
I would say a new era
to surpass Ethereum
and I don't think it will be possible
without the locality
coming from Bitcoin ecosystem
So I think Solana
and Bitcoin ecosystem
we work hand in hand
and hence the reason why
we're very excited to be here
and we're working very closely
with a lot of strong Bitcoin partners
including Stacks
actually Monique Stacks
the co-founder here
and we have a lot of energy builders
from years ago
pushing, propelling
and trying to make things work
through the entire years
regardless of bull and bear
but just like we said
there is a lot of opportunities
and for us mainly
we are currently in our test net
and we're in discussion
with a lot of miners
who are interested in tapping
their position into Solana
and leverage the position
and participate
by providing liquidity
or utilize a Bitcoin position
in Solana
So there's a few use cases
for Bitcoin positions
on Solana
and one of the reasons
or one of the utilizations
is for Ordinal
So we all know that Ordinal
is very hot
and I think there's a lot of
interest in Bitcoin
because of Ordinal as well
because of the art aspect
So for ZPL, for our
programming library
one bottleneck we can solve
is that we can mint on Solana
and then do the reveal
onto Ordinal
So this will prevent
a lot of, for example
transaction times or potential sniping
So there's a few use cases
already that is being built
So Solana is our start
and this is what Zooms Network is doing
We're going live in Q3
so it's quite exciting for us
to be working with these guys
and moving forward
with Zooms Network
for Runes and Ordinal
is also possible
and we're working closely
with a project called Ordinal X-Tribe
and there are hybrid projects
between Solana and Bitcoin as well
where they're also envisioning
a lot of sense
So there's quite a few builder projects
that is, I would say, taking this time
in this era where
there's huge possibilities
between the potential of Bitcoin
and all these 1.3 trillion assets
How will these assets move
which layers are going into
and what does these liquidity really want
So I think it will be interesting
moving forward for us
Zooms Network and Solana
to see what are the potential
John Riggins
Thanks Peter
Corbin, let's come to you
So we're here in Kyoto
Obviously this whole industry
is just totally global at this point
But there does still sometimes
ビットコインとシットコインの対比
John Riggins
seem to be a little bit of a disconnect
maybe between the East and the West
in terms of kind of where the energy
is focused and kind of a knowledge gap
Can you talk a little bit about that
from your perspective
Corbin Fraser
from one of these OG companies
itself at Bitcoin.com
One thing I observe, at least in North America
there's a high amount of Bitcoin maximalism
whereas in Asia
there's the polar opposite
where it's a high amount of shit-coinery
and the balance between those two
is like polar opposites
You've got extreme shit-coinery in Asia
where everything goes
and then you've got a lot of die-hard maxis
that kind of promote a Bitcoin-only future
primarily originating from North America
out of Vancouver
coastal regions in the US
I think probably some advice
I would suggest to those people
within the Bitcoin maximalist side of stuff
on the North American side
keeping an open mind on some of the innovations
that are happening
not everything is shit-coinery
There is a myriad of layers
of quality
in terms of what's happening
outside of the Bitcoin ecosystem
Things on Ethereum have been proven
to not be a scam
Things like Aave, lending-borrowing protocols
a lot of high-value volume transfer
occurring on Ethereum and layer 2s
I think if the Bitcoin maximalists
who are kind of more pushing
for a unified BTC-only world
can take some of the good ideas
from all of the innovation
and high openness society
that we see within the Asia crypto space
then we'll probably have a better result
at the end of the day
But from my perspective
there is still this
I'm still a bit of a wet blanket
extreme optimism of Bitcoin layer 2s
I see there being value there
but I also think that
there's a lot of great numbers
huge numbers and huge potential
We see the market cap of Bitcoin
but what we see at least
within the wallet ecosystem
is that a lot of the Bitcoin wallet users
aren't quite ready to make that leap
from saying I'm willing to do something risky
with my Bitcoin
A lot of the people that are holding their Bitcoin
have taken this position
from say financial tomfoolery
that's occurring in traditional financial markets
So when you have people that have been
investing and holding Bitcoin
to escape a high-risk scenario
they're less likely to go invest
in further high-risk scenarios
within the DeFi ecosystem
and that includes things like Bitcoin layer 2s
and Bitcoin yield and all these other things
So on one hand I'm optimistic
that we can get there
I'm bullish that we need people
to keep building this
and the sad reality is
the best Bitcoin layer 2 right now
is in Ethereum layer 2s
So there's a high bar to hit
We need to see Bitcoin layer 2 interoperability
We need to see an easy, proven, safe model
for Bitcoin holders to deposit yield
in a non-custodial fashion
where they're not going to risk their funds
and have an FTX solution
at the end of the day where they become a creditor
So lots of work to do
and I'm excited to see all these guys building
but there is a lot of things
going on to, you know
it's not all bullish
there's been a lot of brain drain
on the Bitcoin ecosystem
that moved into Ethereum
and for sure in the last year or two
things have gotten fun again
Bitcoin's fun again
and we're trying to bring people back
but it is a bit of a whipsaw
ビットコインと資本市場のチャンス
Corbin Fraser
when it comes to like getting people back
there's a little bit of a barrier of friction
to say hey we're fun again
and we swear it's going to be okay
it's not going to happen, will it?
Kyle Ellicott
We don't know, it could
Can I touch on something real quick?
So you made a very good point
that I think needs to be re-emphasized
Corbyn is, yes
some are moving, some are still hesitant
because of what we've seen
in the Ethereum and other ecosystems
and Bitcoin's unique to this
we have one chance
one chance
if anything bad goes on
we lose
we lose a billion dollars
in a week
this game is over
with the amount of institutional involvement
the amount of venture funds
the amount of individuals and holders
that have this capital for a variety of reasons
we have one chance to get this right
and the technical stack
from above the L1
in terms of Bitcoin
we don't fully know
what is all necessary yet
to turn on
this active
1.5 trillion dollar economy
overnight
there's still a lot to be learned
as Jeff mentioned
we're in the beginning stages of a lot of this
which is exciting
and there's a lot of people as Corbyn mentioned
that are hesitant
and they should be
because that capital does not sit in the way
that it had in other ecosystems
for a variety of reasons and uses
in many cases
this is institutional funds
hedge funds, venture funds
this is big money
we have one chance
so we have to take it slow
we have to take it at a pace
to make sure
whether it's a layer 2
it's a side chain
it's an L3 subnet
it doesn't matter what that stack will look like
as it's completed
we just need to take it slow
and make sure that we do it right
as Jeff noted in the few years
turns on overnight
because we've never seen that before
not here in Web3 globally
we've never seen that kind of capital market
turn on overnight
that we all want to be ready
so that those that are willing to start playing
feel safe and confident to enter that space
and that we as the developers
the builders, the investors
pushing that forward
John Riggins
feel confident that it's ready
to handle it as well
Bitcoin as an ecosystem is unique here
Jeff, I want to let you comment on that also
as someone who's
Jeff Yin
I think the reason
I think right now is a start
if you look at Ethereum
we have OP rollups, ZK rollups
and it took them like 5 to 6 years
so when it comes to Bitcoin
which is more
legit assets
I think it would take more than 5 to 6 years
so I think first we should have the patience here
and also I think
we as a founder, as a builder
we are more like spirited
build fast, break things
and we actually don't break things
but we try to make it safe
we have the bridge
over 15 billion dollars
Bitcoin in and out
in just like 2 months
so we try to make everything safe
but because we don't have smart contracts
on Bitcoin Layer 1
so right now everybody looks like a sidechain
we need like NPC solutions
next month we have like Babylon
coming along with self-custodial
with you know
you don't have to give your private key
or your asset to a third party
this kind of thing
so I think everything is evolving
so every month, every quarter
we will see some new builders
with new crazy ideas
with the OP cat, with the Bit VM
so I think just be patient, have some faith
probably in 7 years
ビットコインのセキュリティと市場のボラティリティ
John Riggins
we will have some real Bitcoin Layer 2s
in 7 years
we only have about 30 seconds left
so Peter, I'll give you the last word
you know
kind of coming from that
Solana move fast and break things life
give us a final word on
how Bitcoin can kind of take advantage
of some of these other networks to innovate a little bit
Peter Teng
yeah, I think first of all
it's security
I think security
is one of the biggest concerns
for all of us builders
and for retail as well
but I think
this space does move really fast
and a lot of times, timing is really important
but let's not forget
market is volatile, you know
there's ups and downs
and I see many of you guys could be retails
and maybe your portfolio is down a little bit
but you know, during the summer time
the next couple of months
maybe just sit back and relax
and really take some time off the screen
I think it's also quite important
in this cycle
so judging from experience
there's times that are bad
but don't get shaken out in the market
I think picking the right projects
and sticking with them long term
will usually result in a rewarding situation
so I think that would be my last word
John Riggins
All right, good advice across the board
Thanks everyone
ありがとうございました
皆様、大きな拍手をお送りください
この後は
11時45分より
日本におけるNFTビジネス新潮流
Kyle Ellicott
新たな可能性を下げる
を開始いたします
John Riggins
セッション開始のお時間まで
今しばらくお待ちください
