Building on Bitcoin in the Era of Web3

The vision Moy articulated was shared by nearly every Bitcoin enthusiast, but opinions on how to realize these ideas of decentralized money and finance varied widely. From stablecoins to NFTs, nearly every category of application widely used in decentralized finance today can trace its roots to Bitcoin, but a strong ideological undercurrent began to create a cultural shift to discourage and combat these projects. From Satoshi Dice in 2012 to Ordinals in 2024, Bitcoin’s history is littered with experimental projects that have been criticized for spamming, polluting, or distracting from the Bitcoin community’s mission. As a result, the developers, users, and capital that could have flowed into an industry of financial applications on Bitcoin were gradually pushed to other public blockchains.