What does it mean to be bitcoin-native? The term is gaining in popularity but its definition might catch you by surprise. Rather than describing an early adopter or seasoned bitcoin developer, it defines the growing number of platforms and infrastructure anchored by the Proof-of-Work (PoW) network.
Bitcoin isn’t just a provably scarce cryptocurrency, nor an attack-proof decentralized ledger: it’s the foundation for a wave of next-gen products and services, particularly those related to trading, payments, and real-world finance. Gradually, BTC has evolved from being a straight-up store of value to the epicenter of digital finance, where tools operate fully on a so-called bitcoin standard.
From Speculation to Utility
For most of its history, bitcoin adoption has been driven by retail speculation and, latterly, institutional interest. Inevitably, headlines focus on price – on El Salvador’s determined hodling and the US Treasury’s strategic bitcoin reserve. But there is a dawning sense that the next wave of adoption will come not from speculation but the expansion of bitcoin-based companies and infrastructure. Which, in turn, could smooth the path for more meaningful use cases to emerge.
At the time of writing, we are less than a month on from bitcoin’s July 14 all-time high (ATH), so it’s natural to speculate about the direction of travel. Not just in terms of price but in terms of how the next generation views and uses the currency.
Logically, given capital inflows and general accumulation over the last few years, it will remain an attractive alternative market. But the ‘price go up’ narrative is just one of several. And it may even be the weakest.
New Platforms, New Possibilities
Long-term, companies actively building around Bitcoin could do more to enhance its appeal than anything else. These entities aren’t just enabling BTC exposure, they are making it spendable, tradable, and programmable while simultaneously strengthening the network.
Companies like Mobilum, which is set to enable bitcoiners to earn yield, borrow, and spend satoshis without ceding control of their assets. Now in its eighth year of operation, Mobilum’s non-custodial architecture and payment cards have served customers in over 40 countries, acting as a convenient bridge between tradfi and defi.
One of the nifty features of Mobilum’s payment cards is that they can be funded using any crypto from any wallet, with no limits on deposits and global ATM access. The company is currently in the midst of developing a bells-and-whistles bitcoin bank, granting users the ability to cover bills and buy insurance directly using BTC.
Another bitcoin-native company is Roxom, which is responsible for the first-ever capital market platform denominated exclusively in BTC. If bitcoin is the future of finance, it reasons, it must be the settlement currency, not USD. Set to launch this September, Roxom will offer spot and derivatives trading, priced, traded, and settled entirely in BTC, eliminating the need for fiat conversions or navigating third-party brokerages.
“By providing the critical infrastructure that gives investors exposure to BTC treasury stocks without tradfi barriers – such as the need to convert bitcoin and navigate brokerages – we’re building on the legacy of bitcoin pioneers like Mircea Popescu and Erik Voorhees,” says Roxom CEO Borja Martel Seward.
Bitcoin Swift (BTC3) is on a different track, furnishing bitcoiners with programmable staking rewards based on network activity in a system it calls Proof-of-Yield (PoY). The protocol, which utilizes smart contracts and AI to reward low-emission behavior, is in the throes of a 64-day presale during which investors can secure BTC3 tokens at less than the launch price of $15: the sooner you get in, the lower the price. Stage 3 holders, for instance, get to earn 121% APY automatically without having to lock up their tokens.
Midl, meanwhile, obviates the need for sidechains by enabling decentralized apps and products to flourish directly on the PoW network. Currently in testnet, with a mainnet expected before the end of the year, Midl sets the stage for an avalanche of bitcoin-native dApps and with it, increased utility for the base asset. The venture is backed by Draper Associates, whose previous investments have included the likes of Coinbase and Ledger.
A New Era for Bitcoin
It is becoming increasingly clear that bitcoin’s next growth phase could hinge on the innovative companies building on its network, rather than the continuous supply of fresh speculators. With the aforementioned entities and others like them expanding the asset’s utility for payments, trading, and more, a bitcoin-native financial future is coming into sharp focus.
Image by Gabrielli Pereira from Pixabay
