After receiving investment from Bitmain, the world's largest Bitcoin mining server manufacturer, we have re-evaluated BEVM's development strategy. Among numerous Bitcoin L2 solutions, BEVM needs to carve out a unique and effective path.
In June 2024, BEVM announced a $10 million Hashrate RWA Ecosystem Support Program, aiming to support 10-20 hashrate RWA startup teams. The goal is to migrate the $20 billion annual hashrate market on-chain, ultimately unlocking a nearly $100 billion on-chain hashrate finance market.
Within three months, the program has received over 30 applications, with nearly 10 hashrate RWA startup teams deploying on the BEVM chain. Notable projects include BitTera, Miner Club, and LRWA. BitTera launched its first batch of Bitcoin hashrate RWA in July, selling out within 36 hours, reflecting the market's recognition of hashrate RWA products alongside BitTera's excellent operational capabilities.
Moving forward, BEVM will continue to promote the HashFi ecosystem and adopt "On-Chain Hashrate Finance—HashFi" as its strategic development focus. To fully support this strategy, BEVM will use user-owned hashrate RWA assets as one of the most important credentials for future BEVM token and ecosystem project token airdrops.
Why is BEVM focusing on on-chain hashrate finance (HashFi) as its strategic development?
1. Validated Hashrate Market:
The hashrate market, or mining ecosystem, has been a validated crypto business sector for over a decade but has long been isolated from on-chain finance.
Users want to buy hashrate and earn real mining returns; miners have genuine and urgent borrowing needs. Whether it's electricity loans, hashrate loans, or BTC loans, the market has grown to over $10 billion. However, these needs have been inefficiently met off-chain without leveraging efficient on-chain financial tools to improve efficiency and scalability.
Connecting these traditional hashrate market demands through on-chain finance could unlock a nearly $100 billion on-chain HashFi market, which is one reason BEVM is focusing on this area.
2. Lack of Sustainable Business On-Chain Models:
The current crypto market, whether L1 or L2, largely lacks sustainable business models and effective user retention mechanisms. Many chains attract users with various incentives and on-chain activities before token issuance, but user activity drops sharply post-airdrop, as these chains fail to provide genuine, essential services and sustainable business models.
Migrating the hashrate market on-chain would bring real, effective business to the chain. On-chain asset yield protocols can offer miners more earning opportunities, and on-chain financial tools can efficiently meet miners' genuine borrowing and leverage needs.
With real business and real needs, more business models will naturally emerge on-chain, and the chain will no longer lack genuine users. This is the second reason BEVM is focusing on developing the HashFi ecosystem.
3. Unique Resource Advantage from Bitmain:
As the world's most influential Bitcoin mining institution, Bitmain not only leads in Bitcoin mining hardware but also has long-term plans and resource advantages in Bitcoin mining pools, hashrate markets, and HashFi markets.
BEVM, as Bitmain's only investment in the Bitcoin Layer2 space, can leverage these unique resources to migrate substantial off-chain hashrate market demands on-chain, developing a distinctive on-chain HashFi ecosystem.
Therefore, BEVM will not only support the hashrate RWA market but also venture into on-chain mining pool businesses and on-chain hashrate lending businesses.
How will BEVM support the development of the on-chain HashFi ecosystem from strategy to tactics?
1. BEVM will continue to advance the $10 million HashFi Ecosystem Support Program, aiming to support 10-20 on-chain HashFi startup teams.
2. BEVM will use on-chain hashrate RWA as one of the most important credentials for airdrops. The amount of hashrate RWA held will correlate with the airdrop size. Future BEVM and ecosystem project airdrops will also favor users holding hashrate RWA assets.
In summary, these are the reasons and specific strategies for BEVM's vigorous development of the on-chain HashFi ecosystem. Ultimately, BEVM aims to become a Bitcoin Layer2 ecosystem with a real business model and long-term user retention, characterized by HashFi.
Let's build and look forward to this together!