As the tide of BTC rises, the BTC ecosystem becomes more and more prosperous. A previous veDAO article took stock of the Defi projects in the BTC ecological market and shared The BTC Ecosystem is Booming and Taking Stock of New Opportunities for Defi - veDAO Research Institute. In this article, we continue to pay attention to the BTC ecosystem, and this time let us focus on the various functional markets of Ordinals.
NxHub
As BRC-20 assets widely sought after by the community continue to emerge, the infrastructure and tools that meet the needs of traders in the Oridnals ecosystem have been disconnected in the short term. The result was IDO’s NxHub at TurtSat last month.
NxHub is an aggregation market based on Ordinals. By capturing the listing order data of platforms such as UniSat, OKX, MagicEden and OrdinalsWallet and displaying it in an aggregated manner, users can choose to list orders on multiple platforms and send requests to the corresponding markets according to the users choice. Simplify the ordering process. This enables multi-platform price updates, cancellations, etc. NxHubs goal is to integrate more Oridnals asset information so that traders no longer need to repeatedly compare prices between platforms. By accessing NxHub, traders will quickly obtain information on the most popular assets in the current market, and access data such as price fluctuations, trading volume changes and supply of these assets before trading to assist their investment decisions.
In addition to providing NFT transactions, NxHub will also provide advanced functions of batch listing and batch sweeping transactions (Floor-sweeping, purchasing multiple lowest-priced NFTs at one time). Traders can send them in the corresponding market according to their own choices. Order, order cancellation and other requests. By providing traders with more convenient batch operations, NxHub simplifies the entire order placing process and makes it easier to operate. In addition, NxHub will allow traders to add multiple BRC-20 tokens to the shopping cart. The platform will perform intelligent processing based on traders preferences and purchase needs, and use technology to package multiple UTXOs in the same block. The specific implementation process The picture is as follows:
With the recent mushrooming of BRC-20 assets, public chain inscriptions such as eths, bnbs, pols, sols, etc. have been discovered one after another, and the prices of some of the earliest inscription tokens online have also continued to rise. Under such a craze, an Oridnals trading aggregation platform is particularly necessary. There is no doubt that the emergence of NxHub has brought further prosperity to the BTC ecosystem. With its first-mover advantage, it is expected to become the first choice for BTC inscription traders.
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Liquidium
NFT can be said to be one of the contributors to the prosperity of the Ethereum ecosystem. Therefore, part of the popularity of Ordinals this year lies in its significance to the BTC ecosystem. Like NFTs, Ordinals lending is also an important part of the BTC ecosystem. After all, NFT lending releases liquidity, thus opening up the prosperity of the ecosystem. Liquidium is the first Ordinals lending protocol in the BTC ecosystem.
Liquidium is a peer-to-peer lending protocol that runs exclusively on the BTC chain. This innovative solution allows users to lend and borrow native BTC using native Ordinals as collateral, eliminating the need for intermediaries or custodians. Transact securely with Partially Signed Bitcoin Transactions (PSBT) and Discrete Log Contracts (DLC). Users can use borrowed BTC to purchase more Ordinals Inscriptions or any other BTC ecosystem asset without having to map their Inscriptions to another chain, without changing wallets, blockchains, or platforms. Currently, Liquidium is only compatible with Xverse wallets.
Liquidium’s mechanics are transparent and simple: borrowers first apply for a loan by setting the required loan terms and locking their Ordinals inscriptions as collateral. The lender then reviews the loan request and offers BTC to borrowers who meet the loan criteria, thus initiating the loan. If the borrower then fails to repay the loan on time, the loan is in default and the Ordinals inscription is transferred to the lender. To maintain fairness and security, Liquidium will utilize oracles to verify loan outcomes by checking on-chain activity, allowing the protocol to ensure minimal trust issues and transparency of transactions.
Liquidium and Blend
When it comes to NFT lending, we have to mention the lending protocol called Blend launched by Blur in May this year. The biggest difference between Blend and Liquidium is that Liquidium mainly provides loans for Ordinals. There are some subtle differences outside of origin.
Blend has two models: peer-to-peer lending and peer-to-pool lending, while Liquidium currently only has a peer-to-peer lending model.
Blend mainly targets three types of people: 1. NFT collectors, whose purpose is to obtain ETH liquidity without selling NFT; 2. bargain hunting traders, hoping to purchase blue-chip NFT at extremely low cost; 3. Players who receive airdrops can not only list and bid, but also lend NFT and receive airdrops. For Liquidium, Ordinals holders target the above-mentioned NFT collectors. Currently, Liquidium does not have the function of purchasing and aggregating Ordinals. The NxHub mentioned above can realize this function; currently, Liquidium has not released any news related to airdrops.
With Liquidium, Ordinals owners can access liquidity without giving up ownership of their assets. This is an important step in NFT lending, specifically catering to the needs of Ordinals owners. By providing a P2P lending platform that uses Ordinals as collateral on the BTC main network, Liquidium also realizes BTC DeFi and enriches the BTC ecosystem. This agreement may reshape the lending landscape and open up new opportunities in the world of Ordinals.
Chamcha
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. Total supply of CHAX tokens is 2, 100, 000, 000 and current market cap is $15.7M. CHAX plays a key role in managing the platform, incentivizing liquidity provision, providing staking rewards, and conducting various activities and transactions in the Chamcha ecosystem.
TurtSat
TurtSat is a project launch platform based on Ordinals, similar to Gitcoin in the Ordinals ecosystem. It establishes a basic PSBT donation agreement to support open source developers and communities to participate in the construction of the Ordinals ecosystem and thereby earn profits. TurtSat is committed to creating a positive, community-led Ordinals ecosystem and cooperates 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 bilateral 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 growth after the project was launched.
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Conclusion
Recently, the momentum of BTC ecological development has been strong. The price of the leading ORDI has continued to rise, and various inscriptions have emerged in an endless stream, which has even attracted the attention of the inscriptions of various public chains. Under this circumstance, the needs of the BTC ecosystem, including lending and aggregation, have become urgent. BRC-100, an extension protocol based on the Ordinals theory, has also become a hot topic in the community. BRC-100 is specially designed to implement various decentralized applications on Bitcoin Layer 1. If BRC-100 is applied on a large scale, the BTC ecosystem will enter a new round of blowout period, and the various functional markets of the BTC ecosystem will become more prosperous.
BTC is currently the largest cryptocurrency by market capitalization, and the emergence of Ordinals has opened a new chapter in the development of the BTC network and blockchain technology. The Ordinals protocol introduces new features to BTC that have never been implemented before. As BTC’s underlying technology continues to develop, we can expect new features to make inscriptions more efficient, secure, and versatile.
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