Bitcoin and Ethereum, despite acting as twin forces for accelerating and adopting cryptocurrencies and blockchain technologies, have historically been at odds with each other due to the “L1 wars” and their vocal online proponents. To some, the rivalry may seem like a mere culture war within the crypto community. However at its’ root, it's a reflection of distinct foundational beliefs resulting in divergence.
An example of this commitment was the blocksize war between 2015 and 2017 where small blockers prioritized decentralization over scalability. Small blockers were adamant about not compromising on Bitcoin's decentralized nature, even if it meant limiting its scalability. Proponents of increasing the block size counter argued that it would help scale the network, reduce transaction fees, and improve Bitcoin's ability to handle more transactions per second.
Bitcoin also continues to be the largest single cryptocurrency by market capitalization, valued at ~$500B, and representing ~50% of overall crypto liquidity. It has benefited from increased asset hardness due to its high stock-to-flow ratio, which is second only to gold. Its increasing prominence in global markets has led to discussions positioning Bitcoin as a reserve currency, as one of the main factors of “the stealth erosion of dollar dominance.
Recently, there has been a growing movement towards “the inevitability of EVM,” due to interoperability, security and developer efficiency. With the large ETH developer community behind the converging EVM standard, more and more protocols are migrating to the Ethereum ecosystem and building bridging mechanisms to facilitate interoperability. Hence, real world applications need to center EVM compatibility to leverage the largest developer community.
Botanix exemplifies this vision, functioning as a decentralized layer 2 EVM integrated with Bitcoin. Learn more about it at:This is a guest post by Willem Schroe. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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