Alkanes is a new Bitcoin metaprotocol that enables the creation of trustless smart contracts and tokens directly on the Bitcoin blockchain, aiming to enhance Bitcoin's programmability. Developed by Oyl Corp, the protocol allows developers to inscribe smart contracts using WebAssembly (WASM) virtual machines, thereby facilitating decentralized applications that were previously limited on Bitcoin. Alkanes supports a range of functionalities such as automated market makers, staking contracts, and NFT swaps through a unique data primitive called protostones. Unlike older standards like Runes and BRC-20, Alkanes provides a more extensive framework for innovation without the need for bridges or external execution layers. The first token on Alkanes, Diesel, aligns with Bitcoin's emission schedule. The protocol fosters interoperability with existing systems like Ordinals, ensuring that Bitcoin can evolve while maintaining its foundational principles. The team's vision is to create a comprehensive ecosystem aimed at achieving composability and liquidity directly on Bitcoin, thus reshaping its utility and role in the DeFi landscape.

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