Taking stock of BRC20 ecological practicality narrative popular projects
Original author: Shenchao TechFlow
In 2023, the Bitcoin ecosystem has shown continuous highlights, with new protocols emerging one after another, and the ecosystem surrounding protocols such as Ordinals, Lightning Network, Stacks, RGB, Atomics, etc. is rapidly enriching.
Especially recently, as the price of Ordi has exceeded $60 recently, its increase has exceeded 10,000 times. This significant wealth effect makes the Bitcoin ecosystem the focus of investors keen attention.
Although many Bitcoin-related protocols are still in their early stages of development, in the inscription ecosystem outside of Ordi, Brc-20 has emerged as many other popular investment targets worthy of attention. After detailed research, we will introduce the recent market popularity in this article. Higher Brc-20 Ecological Project.
BitStable ($BSSB): Bitcoin-based stablecoin system
Introduction
BitStable is a decentralized asset protocol based on the Bitcoin network that allows users to globally generate $DAII stablecoins, a collateralized asset tied to the Bitcoin ecosystem. This platform uses a dual-token system, mainly including $DAII and $BSSB tokens. It also supports cross-chain operations and enhances compatibility with other blockchain networks.
Project official website:https://bitstable.finance/
Twitter:https://twitter.com/bssbstable
$BSSB token
BitStable has a dual-token system, with the tokens being $DAII and $BSSB.
$DAII is a stablecoin whose value and stability are derived from assets in the Bitcoin ecosystem, such as BRC-20, RSK, and the Lightning Network. DAII is designed to bring the Ethereum community into the Bitcoin ecosystem through its cross-chain functionality. The total supply of the token is set at 1 billion.
$BSSB is the platform’s governance token, which is used to maintain the system and manage $DAII. BitStable also encourages $BSSB holders through dividends and other incentives. The total supply of BSSB is 21 million, and the tokens are distributed as follows: airdrops account for 4.1%, public sales account for 41.2%, staking rewards account for 42.9%, and teams account for 5.9% (locked for 6 months and then divided into 15 months Linear unlocking), LP accounts for 5.9%.
$BSSB current market capitalization 20.81 M
It is worth noting that in the IDO on November 29, 2023, BitStable suffered a DDoS attack on the Bounce Finance platform, resulting in uneven token distribution. To address the issue, BitStable took a series of measures, including destroying 75% of BSSB tokens and retaining 25% for claims. This actually increases costs for participating parties due to high gas fees and other additional costs.
Overall, BitStable provides more liquidity and stability to the Bitcoin ecosystem through its unique token system and cross-chain capabilities, while also providing community members with the opportunity to participate in and influence the development direction of the platform.
Multibit ($MUBI): Bridge for BRC-20 assets
Introduction
Multibit is an emerging bridging protocol launched in May 2023 focused on connecting BRC-20 assets to EVM networks. This protocol enables users to seamlessly transfer tokens between the Ethereum (ETH) chain, Binance Smart Chain (BNB), and the Bitcoin (BTC) network.
The working principle of Multibit is quite simple and efficient. First, users transfer BRC-20 tokens to a dedicated BRC-20 address. Once confirmed, the Multibit protocol goes to work minting an equal amount of tokens on the Ethereum or BNB chain. These tokens are then securely stored in a unified cold wallet. When a user needs to withdraw tokens, the Multibit protocol will destroy the corresponding number of tokens from the EVM chain, and then transfer tokens of equal value from the cold wallet to the user.
On November 26, Multibit also launched a staking system, allowing users to stake MUBI tokens and receive rewards in the form of ERC-20 or BRC-20 tokens on the Multibit platform. Currently, users can obtain NHUB and BSSB tokens through staking, and so far more than 360 million MUBI have been pledged on the Mutibit platform.
Project official website:https://multibit.exchange/
Twitter:https://twitter.com/Multibit_Bridge
$MUBI Token
Multibits token MUBI has a total supply of 1,000,000,000 tokens. All of them have now entered circulation, with a current market value of $154.2M.
The $MUBI token is a core component of the MultiBit platform, providing users with a range of features and benefits. The following are the rights of holders of $MUBI tokens:
Governance rights: Users holding $MUBI tokens have a voice in the governance of the MultiBit platform. They can vote on important decisions of the platform, including but not limited to platform upgrade proposals, new token listings, fee structure adjustments, etc.
Users can stake their $MUBI tokens on the MultiBit platform to earn rewards in the form of ERC-20 or BRC-20 tokens. This not only increases the liquidity and security of the platform, but also provides stakers with additional tokens in return
Additionally, a portion of the transaction fees collected by MultiBit will be tokenized and distributed to $MUBI stakers. The distribution is as follows:
50% is used for growth, including 5% for core contributors, 5% for team finance, 20% for development, and 20% for marketing.
The other 50% is allocated to staked $MUBI holders as part of the protocol revenue generated by Multibit trading.
Note that due to the lack of public information, the current specific distribution of tokens is unknown.
Chamcha ($Chax): Inscription Asset Management Platform
Introduction
Chamcha is a platform based on the Ordinals asset liquidity protocol, focusing on providing a safe and convenient environment for buying, selling, earning and hosting NFT assets. It combines blockchain technology and smart contracts, combining traditional financial scenarios with the potential of circulating and streaming NFT assets.
Chamcha also adopted the BRC-20 cross-chain protocol and launched CHAX (Chamcha token) to support the new cross-chain bridge. This new bridge is designed to alleviate the congestion problem of the old cross-chain bridge caused by excessive user withdrawal requests caused by the large price difference between MEXC and the chain. Currently, more than 20 million CHAX tokens have been cross-chained to the Ethereum network.
Project official website:https://chamcha.io/
Twitter:https://twitter.com/0x Chamcha
$Chax Token
The total supply of $CHAX tokens is 2, 100, 000, 000 and the current market cap is $15.7M.
Token distribution is as follows: 68% for public sales, 12% for ecosystem growth, 10% for staking rewards, and 10% for liquidity reserves.
$CHAX is not only a participation token on the platform, but also grants governance benefits to holders, incentivizing them to actively participate in the development of the platform. The usage scenarios and benefits of CHAX are as follows:
Governance: $CHAX token holders can participate in the governance process, exercise voting rights, and influence important decisions for the development of the platform. This ensures that the community has a direct say in shaping the direction and development of the Chamcha ecosystem.
Liquidity rewards: Users who provide liquidity to the Chamcha liquidity pool and participate in the automated market maker (AMM) system can receive $CHAX tokens as rewards to encourage liquidity provision and promote a healthy trading environment and platform liquidity. .
Staking: $CHAX token holders can stake their tokens to receive additional rewards, including a portion of the platform’s trading fees or other incentives, thereby earning passive income.
Platform Utility: CHAX tokens have multiple uses within the Chamcha ecosystem, including paying transaction fees, accessing premium features and services, and participating in specific token sales and events.
Overall, $CHAX plays a key role in governing the platform, incentivizing liquidity provision, providing staking rewards, and conducting various activities and transactions in the Chamcha ecosystem.
TurtSat ($Turt): Ordinals project launch platform
Introduction
TurtSat is a project launch platform based on Ordinals, similar to Gitcoin in the Ordinals ecosystem. It supports open source developers and communities to participate in the construction of the Ordinals ecosystem by establishing a basic PSBT donation agreement and thereby earn profits. TurtSat is committed to creating a positive, community-led Ordinals ecosystem and collaborates with some influential organizations to jointly promote the development of the Ordinals protocol and the Bitcoin ecosystem.
TurtSat already supports BRC-20 and ERC-20 two-sided markets, and BRC-20 users can trade through Unisat and OKX. Since its launch, the TurtSat platform has launched a total of 4 BRC-20 projects, including asset protocol CHAX, cross-chain bridge MUBI, Ordinals aggregation platform NHUB and Ordinals lending platform DOVA. These projects were early builders of BRC-20 infrastructure and saw good gains post-launch.
With the wealth effect brought by TurtSat, multiple Ordinals builders and open source platforms have applied for project launches in TurtSat, demonstrating its influence and attraction in the industry.
Project official website:https://turtsat.io/
Twitter:https://twitter.com/Turtsat
$Turt Token
TURT is the platform token of TurtSat and also the MEME Token based on the turtle concept of BRC-20, with a current market value of $17.17M.
$TURT is an experimental BRC-20 MEME token with unique properties. It aims to gather the value consensus between BTC and Ordinals, allowing more individuals to understand and participate in the ecological development of Ordinals and return to the BTC network.
The total circulation of TURT is 1 billion, and the public offering price is set at 2.5 Sats. So far, all tokens have achieved full circulation through IDO and airdrops.
The token distribution mechanism is as follows: public sales account for 80%, airdrops account for 7.5%, private donations account for 7.5%, and future donations account for 5%.
Dova Protocol ($Dova): DeFi Protocol on Bitcoin
Introduction
Dova Protocol is an emerging decentralized finance (DeFi) protocol focused on the Bitcoin (BTC) ecosystem and aims to bridge the gap between the Bitcoin ecosystem and compatible EVM chains. As DeFi grows, Dova Protocol aims to introduce some DeFi functionality and liquidity to the Bitcoin network.
Three major characteristics of Dova Protocol technology:
Trustless two-way anchoring: Dova Protocol provides trustless two-way anchoring between Bitcoin assets and BTC assets tokenized on the EVM chain. This allows for wider adoption of Bitcoin ecosystem assets in the DeFi ecosystem.
Dual peg mechanism: BTC assets are locked on the Bitcoin blockchain, while tokens representing these locked BTCs are minted on the EVM chain, and these tokens can be redeemed back to the original BTC assets.
Multi-Bit BTC-evm Bridge: This bridge provides the foundation for expanding Bitcoin’s use cases through DeFi, enabling features such as lending, staking, inter-chain interoperability, and more.
Dova Protocol main products and functions:
Dova Lending Protocol: Users can lend out their BRC-20 holdings, gain access to attractive yield opportunities, and earn unique BRC-30 S token incentives. Users can lock BRC-20 assets on the Bitcoin network while providing BRC-20 tokens to lending pools on the EVM chain.
Dova Staking Protocol: Bitcoin positions on the Bitcoin native blockchain cannot be staked until exchanged for BRC-20 tokenized on the EVM chain. Dova will implement BRC-20 staking, allowing Bitcoin holders to participate in more DeFi protocols and receive BRC-30 s incentives.
$Dova Token
The total supply of Dova tokens is 2, 100, 000, 000, and the current market value is $55.56M.
The distribution of tokens is as follows: 60% minting, 10% team allocation, 10% IDO round raising, 5% treasury, 10% airdrop distribution, 5% liquidity pool. The specific token functions are not introduced in detail.
Traverse ($TRVS): Cryptoasset Vault
Introduction
Traverse is a security solution designed for Web3. Given the complexity and privacy of blockchain, it has become a haven for cyber hackers. Currently, blockchain users have poor experience with Web3 applications. Traverse’s vision is to transform blockchain into a seamless and stress-free technology.
Although Traverse is not explicitly related to inscription assets on the official website, it appears repeatedly in the inscription market and is currently quite popular.
product description:
Traverse’s first product is a free, user-owned vault that brings traditional security features like multi-factor authentication (MFA) to the blockchain.
All asset withdrawals require MFA approval, even if the seed phrase is compromised. By using a new iteration of security questions, it allows users to recover lost vaults by leveraging episodic memory (i.e., people are more likely to remember details related to an event rather than unrelated details from a different event).
Project official website:https://traverselabs.io/
Twitter:https://twitter.com/traverse_io
$TRVS Token
The $TRVS token is a cross-chain, cross-protocol utility token with a current market value of $3.7M.
$TRVS is mainly used for
Reduce platform fees such as decentralized exchanges (DEX), NFT marketplaces, and business transaction fees;
Help users improve the appearance of Vault, optimize UI design and other functions.
BRC-20 Fair Mint will account for 33.33% of the total cross-chain token supply. The total (cross-chain) token supply is 300 billion, of which 100 billion constitute the BRC-20 token supply. The token distribution is as follows: Fair Mint accounts for 33.33%, collaborator incentives account for 13.89%, bounties account for 19.44%, platform incentives account for 19.44%, and project teams account for 13.89%.
Traverse aims to improve the Web3 user experience by integrating traditional network security features and policies into blockchain technology. Its product and token economic strategy is clearly focused on increasing user engagement, providing greater security, and providing services across multiple chains and protocols, thereby enhancing the accessibility and usability of the entire blockchain ecosystem.
