Trillion Market Demand: Can the Bitcoin on-chain economy become the next hot narrative?

Author: Felix, PANews

Bitcoin, as the first decentralized digital currency, has evolved from a niche experiment since its inception in 2009 into a globally significant value storage and settlement network, now developing into an asset class worth approximately $2 trillion. Despite the many achievements of Bitcoin, new investors are eager to achieve higher returns, and with Bitcoin's price currently high, it may not be possible to realize the significant returns that early investors enjoyed.

In addition to passive asset appreciation, how to earn returns on Bitcoin has become a major market demand. Data shows that currently over 98% of Bitcoin is in idle status. How to unlock its potential and transform Bitcoin from an early centralized value storage method into a distributed internet infrastructure used by billions of people is also the key to advancing Bitcoin's development to a new level.

Inspired by the emergence of DeFi from Ethereum, the idea of building DeFi based on Bitcoin has emerged. Starting from tokenized Bitcoin, Bitcoin has gradually transformed from a static asset into programmable capital. Since the introduction of WBTC in 2019, the market has birthed 50 versions of tokenized Bitcoin across more than 20 blockchains. After six years of infrastructure development (from WBTC to transparent, permissionless solutions), there has been a significant leap in infrastructure technology, including cross-chain protocols, custodial solutions, and regulatory frameworks. Currently, the on-chain tokenized BTC value has reached $40.18 billion.

####The first "Bitcoin On-Chain Economic Report" is released, capital integrates around three major competitive advantages

As more and more holders turn to other blockchain networks to unlock new features and realize profits, the development of the on-chain Bitcoin economy is gradually moving out of the experimental phase of "wilderness." However, research on the on-chain economy of Bitcoin has yet to form a systematic and structured approach.

Recently, Bitcoin infrastructure builder Zeus Network released the first "On-Chain Bitcoin Economic Report." The report comprehensively analyzes the on-chain economy of Bitcoin. Currently, various blockchain platforms are adopting differentiated development strategies based on their own advantages, and the survival of the fittest effect is gradually becoming apparent.

The "On-Chain Bitcoin Economic Report" shows that the top four performing blockchains (Base, Ethereum, Stacks, Solana) are projected to increase by more than 26,000 BTC by 2025, while the bottom five blockchains have collectively lost over 8,000 BTC.

Source: "2025 On-Chain Bitcoin Economic Report" (Author: Zeus Network)

The report mentions that Bitcoin Capital is currently consolidating around three major competitive advantages: native Bitcoin integration (Stacks), access to a mature user base (Base), and excellent DeFi performance (Solana).

Among them, Base achieved a growth rate of 99.83% driven by the user base advantage of Coinbase, providing convenient bridge access for millions of users, and offering a deployment pathway for institutional clients in Bitcoin. Its outstanding performance indicates that mature platforms have significant competitive advantages compared to purely technical solutions.

Following closely is Stacks, with a growth rate of 79.65%, indicating a strong market preference for infrastructure that remains aligned with Bitcoin. This infrastructure maintains a closer connection to the base layer while also supporting programmability.

The head platform effect is gradually becoming apparent. Compared to the more mature platforms mentioned above, weaker participants such as Tron (-541%) and Merlin (-80%) have seen significant declines, which may indicate that the market is consolidating around mature solutions.

It is worth mentioning that Solana achieved a growth rate of 76.56%, highlighting the performance advantages of the blockchain. Bitcoin holders will prioritize practical advantages such as speed, low cost, and strong DeFi capabilities when choosing effective deployment locations for their assets.

Currently, the Bitcoin tokenization options on the Solana platform have increased from 2 in August 2024 (WBTC and tBTC) to 8 in August 2025, forming a comprehensive ecosystem consisting of 21 projects, covering 4 DEXs (APOLLO, HawkFi, Jupiter, and Meteora), 12 DeFi protocols (including btcSOL, Drift, Kamino, Orca, and Raydium), 4 infrastructure projects (Portal/Wormhole, Zeus Network, Threshold), and 1 DAO (MonkeDAO).

Among them, APOLLO, as the first Bitcoin exchange on the Solana platform, plays an important role in expanding the influence of native Bitcoin on Solana.

####Exchange APOLLO and Re-staking Model btcSOL expand user base and application scope

As a permissionless Bitcoin infrastructure protocol on the Solana platform, Zeus Network is dedicated to accelerating the on-chain economy and application development of Bitcoin. It has not only launched the first permissionless Bitcoin zBTC on Solana but also released a series of dApp products that expand the user base and application scope of zBTC, further highlighting its role on the Solana platform.

In March 2025, Zeus Network launched the APOLLO mainnet v1, which is the first Bitcoin on-chain exchange on Solana, aiming to provide a seamless, permissionless way to trade and manage assets.

As the flagship dApp of Zeus Network, APOLLO differs from centralized platforms by allowing Bitcoin holders to trade, exchange, and earn various versions of Bitcoin on-chain without intermediaries or any restrictions. By introducing the asset zBTC, which is pegged to Bitcoin 1:1, APOLLO seamlessly integrates Bitcoin liquidity into the Solana ecosystem, providing retail users, developers, and institutional investors with a trustless decentralized solution to unlock the full potential of Bitcoin in the DeFi space.

It is worth mentioning that APOLLO launched the Earn feature in August, providing users with a way to earn rewards. On APOLLO Earn, users can choose lending, liquidity pools, or staking strategies, each of which integrates the current protocols supporting zBTC. In the future, APOLLO will continue to collaborate with DeFi protocols to update Earn and introduce new strategies, offering users a more diversified selection of Bitcoin earning options.

Following the launch of APOLLO, Zeus Network's second dApp product, the btcSOL staking model, was also launched in July, providing Solana users with a convenient and permissionless way to access BTCFi. btcSOL allows holders of SOL or LST-SOL (Solana liquid staking tokens) to stake their tokens and accumulate BTC. The system automatically converts the staked tokens into btcSOL for re-staking based on the price index, generating on-chain yields that are automatically converted into zBTC.

In addition, btcSOL has partnered with the liquid staking platform Marinade Finance on Solana, allowing users to stake 5.5% of their SOL to continuously convert into zBTC, steadily increasing their Bitcoin exposure without any extra steps. The btcSOL v1.5 version released on September 9 introduced jupSOL and kySOL. Currently, users can stake SOL, mSOL, JupSOL, and kySOL to accumulate zBTC ( Solana native Bitcoin ).

Despite the intense competition in the tokenization market for Bitcoin, Zeus Network has found a differentiated market position through unique design choices and functional positioning. With its technological advantages, strong team, and partner network, as well as the support of the Solana ecosystem, it has the potential to capture a significant market share in the field.

However, like all blockchain projects, Zeus Network also faces certain risks and challenges, such as security vulnerability risks, regulatory uncertainties, market acceptance, and a reliance on the continued growth and success of the Solana ecosystem.

In the future, Zeus Network plans to achieve multi-chain expansion, integrating more blockchain networks beyond Bitcoin and Solana; additionally, there are plans to foster a thriving developer community by releasing programming libraries and developer tools, gradually realizing decentralized governance.

####Conclusion

The transition of Bitcoin to a yield-generating asset is no longer a question of "if" but "when." Not only have institutions created their branded wrapped Bitcoin, but there is also the emergence of permissionless infrastructure, allowing any community, protocol, or collective to create transparent and verifiable representations of Bitcoin based on their specific needs. Zeus Network offers a promising solution to unlock the immense potential value of Bitcoin by innovatively addressing the cross-chain communication issue between Bitcoin and Solana.

Related reading: Permissionless Bitcoin on Solana: Zeus Network launches the APOLLO platform and zBTC