The group has deployed Uniswap smart contracts on the Bitcoin network in order to take advantage of the rising popularity of BRC-20 tokens, and create the DeFi ecosystem.

Trustless Market is a protocol that has generated daily volumes in excess of $500,000. It has attracted more than 2,000 users and allows liquidity providers to earn 2% on all swaps performed on the network.

DeFi’s growth on Bitcoin has been steady, but muted. (Trustless Markets)

Even though most of these tokens can be used to build a DeFi application that is built on Bitcoin and are not tokens, they still count as a good start.

In a tweet, @punk3700, a developer at Trustless Market said, “We want Bitcoin to be as generalized as we can — usable for much more than just currency.” “We began with Art, followed by AI, and DeFi was the next natural area to add.”

It’s still very early. It’s almost like Uniswap 2018. “But it’s fun,” said @punk3700.

DeFi uses automated smart contracts for financial services such as lending and borrowing. Data from DefiLlama show that nearly $47 billion in tokens have been locked up on these protocols.

Bitcoin was only used in DeFi apps as tokenized representations on other chains such as Ethereum and Solana. The recent introduction of the “Bitcoin Recent for Comment token standards” allows developers to create tokens and DeFi applications natively using Bitcoin. This has led to a recent collection of digital artworks and meme tokens created on Bitcoin.

OrdSpace data tracking BRC-20 shows that over 11,000 Bitcoin tokens are currently available on the market. The market capitalization is $500 million. This figure was $1.5 billion earlier in the week.

To date, the tokens of Ordi marketplace (ORDI), which are part of Ordinals, have a capitalization of 400 million dollars and 8300 unique holders. Ordi, the first BRC-20 token deployed on Bitcoin may be helping its value proposition with holders.

The Pepe tokens on Bitcoin (PEPE), which are different from those on Ethereum, are the third largest BRC-20 issuer. However, they have a market capitalization of only $17 million. Bitcoin also has its own version of the shiba (SHIB), which is worth $3.7 million. This is a tiny amount compared to Ethereum’s original SHIB, which was worth $5.5 billion.

Trustless Market, as one of the few protocols that are part of a growing cohort, is a protocol that aims to develop the Bitcoin eco-system. has seen transactional fees spike.

DefiLlama , a tool that analyzes data, tweeted on Thursday.

Some, like @punk3700, say the fee issue is a step to encourage adoption on the long-term.

@punk3700: “I actually think it’s a great problem!” Always think about the utility/use cases first. “The infrastructure upgrade will follow.”

Parikshit Miishra is the editor.