Amidst the constant noise of peaking, the Bitcoin ecosystem has given the community a little shock.

On December 19, the AMM NFT trading platform BakerySwap held its first Launchpad. The project on which IDO was conducted was the Bitcoin chain game project Bitcoin Cats. In the first round, 2 billion $1 Cat will be released, and the limit for each participant is 2 ETH, whitelist members are eligible for double allocations. The Launchpad lasted for two hours. It is reported that 37,383 ETH and 73 million BAKE participated. The total value of participating tokens reached US$106 million, which was oversubscribed 150 times.

At 4 p.m. on December 20, $1 Cat was listed on uniswap and bakeryswap exchanges. It increased more than 15 times after the opening and was 0.007 U at the time of writing. What surprised the community even more than the huge fundraising and increase was that its IDO platform BakerySwap became the center of market focus through its first Launchpad, and its token BAKE had a 64% increase today.

Bitcoin Cats: Bitcoin Ecology+GameFi+NFT

According to the official website, BitcoinCats is positioned as the GameFi platform of the Bitcoin ecosystem. By mapping Bitcoin assets (BRC 20, Ordinals NFT, etc.) to the Ethereum (and other Layer 2) network, it brings new ways of playing to Bitcoin assets including but not limited to Play 2 Earn, staking, farming, SocialFi, etc.

Token 1 Cat, which increased more than 10 times in the first half hour of the opening, is the native token of the Bitcoin Cats game ecosystem. The total supply is 10 billion, and 2 billion were released in this issuance. According to the official website, 1 Cat can be used to purchase and upgrade in-game assets, including avatars, pets, equipment, farmland, etc. It can also serve as a ticket, allowing players to access special features of the game.

In addition, while 1 Cat serves as a utility token for the gaming ecosystem, “it is also a meme coin, with a super cute cat as its logo.”

1 Cat is a BRC 20 token and an ERC 20 token. The team explains that it was originally engraved in Bitcoin, and part of it was bridged/wrapped to Ethereum. In this Lanchpad, the team distributed a mix of BRC 20 and ERC 20 1 cat tokens to participants with larger allocations in BRC 20 addresses, while others only received ERC 20 tokens. The explanation given by the team is “Since 1cat will be listed on multiple centralized exchanges soon, there is no need to worry about the price difference between BRC 20 and ERC 20 tokens.”

Given this premise, if Bitcoin Cats can indeed realize its vision, there will be many obstacles to overcome in terms of in-game asset movement. Relying on the recently developed Bitcoin cross-chain protocol and DEX protocol, BRC 20 and ERC 20 can already realize swap transactions, but there is still some distance before they can be applied to the game ecosystem. In addition, as it is both an ecological governance token and a meme token, how the value of the 1 cat token can develop stably is also an issue that the team needs to consider when designing the game.

In addition to tokens, the assets launched by Bitcoin Cats also include Bitcoin Cats NFT, which is a pixelated cartoon cat NFT engraved on Ordinals, with a total amount of 10,000. On the official website of Bitcoin Cats, it has been mentioned about its IP ecology Various ideas for the system involve different media forms and product fields, including video clips, games, ARVR (augmented reality and virtual reality), metaverse, and toy models.

Currently, BitcoinCats NFT has not been released yet, and you can obtain NFT airdrop whitelist qualifications by pledging 1 cats token. In addition, the official website provides a channel for downloading BitcoinCats NFT images. Users who use BitcoinCats NFT images as social media avatars also have the opportunity to qualify for the NFT whitelist.

Bitcoincats has not yet released specific information about the game. According to the official website, the game may involve fighting, socializing, farming and other gameplay. Its official website was launched on December 11. After the success of IDO, Bitcoin Cats released a short roadmap on social media. First, it will start an activity to pledge 1 Cat token to obtain an NFT whitelist, and then launch Bitcoin Cats first game, which will involve 3D yuan. elements such as the universe, but no specific time is mentioned.

In addition to BakerySwap, BitcoinCats has also cooperated with Turtsat, an IDO platform focused on the Bitcoin ecosystem. During the IDO warm-up period, projects such as the Web3 social platform Port 3 Network and the inscription market Ave.ai also announced partnerships with BitcoinCats.

The space advantage is so popular, can it last?

It has to be said that the narrative of the first gaming platform on the Bitcoin ecosystem is indeed attractive enough, but from the perspective of the project itself, Bitcoin Cats has not yet fully demonstrated its gaming capabilities to the community. At present, the close correlation between Token 1 Cats and the game platform does not seem to be significant. Some people in the community also pointed out that the style of BitcoinCats is very similar to the blockchain game Worldwide Webb. The latter is a pixel-style Yuanverse mmorpg game well-known in the NFT community and has received tens of millions of financing.

What is certain is that the market values ​​the narrative space of the Bitcoin ecosystem more than the game itself. As the first gaming platform in the Bitcoin ecosystem, Bitcoin Cats position advantage has attracted market favor and investors FOMO sentiment. But the game is not as good as Inscription, and the project still needs to demonstrate real capabilities to truly retain the influx of funds.

It is worth noting that the win-win cooperation between Bitcoin Cats and BakerySwap is not the first in the Bitcoin ecological craze. TurtSat, a platform that announced that it will not accept any investment and specializes in IDOs for Bitcoin ecological projects, has launched Launchpad for 5 projects in the past month, and said that more than 20 projects are still on the way to IDO, and its token TURT It has also achieved an increase of more than 10 times in the past month. On December 21, TurtSat also announced a strategic partnership with DWF Labs.

Related ReadingTurtSat: Incubating the BRC-20 Experiment that increased $MUBI by 10 times, how far can the IDO platform focusing on the Ordinals ecosystem go?》

Attention is easily attracted, but consensus is not easily gathered. BlockBeats will continue to pay attention to how these projects will perform after the boom.