Original author:Joyce，BlockBeats
Original editor: Jack, BlockBeats
In the last two months of 2023, the shovel craze that emerged from the Bitcoin ecosystem has shown a surprising wealth effect. MUBI and BSSB have taken off AUCTION and TURT, plus BAKE, which appeared later, each Shovel Coins all have glorious moments when they double in a few days. In the encryption community, there are many voices that connect this IDO boom with the history of ICO and IEO from 2018 to 2021, viewing it as a powerful booster for a new round of bull market.
However, from November 12, 2023, when Bounce Brand completed MultiBits IDO and launched MUBI, to January 1, 2024, the shovel market seemed to have come to an end in 50 days.
Midas touch
In early November 2023, the news that Binance launched the ORDI 1-50 times U-based perpetual contract pushed the Bitcoin ecosystem to a higher climax. Various BRC-20 tokens surged, and related assets within the Bitcoin ecosystem have accumulated considerable amounts. scale. Once the money has arrived, the infrastructure protocols that serve it have also entered the markets attention. The cross-chain protocol MultiBit, DeFi protocol BitStable, etc. have become the focus of the community as soon as they were launched. Naturally, the IDO platform, which incubated and participated in the early development process of these projects, has also come to the forefront.
After two IDOs, Bounce took off
The first one to start is Bounce Brand, a decentralized auction platform on Ethereum founded in 2020. In 2021, Bounce V2, which introduced the initial IDO function, was launched. Riding on the craze, its token AUCTION once reached $60. For a long time in 2023, AUCTION has been below $10, and Bounce’s TVL has been hovering around $2 million.
In mid-November, AUCTION suddenly took off, and increased by more than 500% in the following month, driving the currency price all the way to the height of 2021.
On November 12, the ERC 20 and BRC 20 cross-chain protocol MultiBit token MUBI completed an auction on Bounce Brand, with an IDO unit price of US$0.00047, raising 88 ETH.
At that time, this wave of Bitcoin ecological craze was beginning to emerge. ORDI had just risen from US$5 to US$21 in two weeks, and the cumulative income of Ordinals had justbreakthrough$88 million. Not long after the inflow of capital, the token protocol of the Bitcoin ecosystem was booming, and the limitation of asset liquidity was the main reason why more new investors have not yet entered the market.
As the first cross-chain bridge project in the Bitcoin ecosystem, MultiBit provides liquidity possibilities for funds gathered in the Bitcoin ecosystem. Among the many Bitcoin ecological targets, MUBI is narratively empowered. Undoubtedly, it has attracted the attention of investors. MUBI has quadrupled within 4 days of its IDO.
Bounce began to gain momentum in a low-key manner during this period, and AUCTION rose by about 17% in the next two weeks.
On November 27, Bounce, having tasted the sweetness, announced that the Bitcoin ecological DeFi protocol BitStable will launch the native token BSSB on the Bounce Launchpad two days later. Users can obtain the corresponding BSSB share by staking the Bounce token AUCTION or through the auction mechanism. Within two hours after the announcement, AUCTION rose by more than 15%. On the day of IDO on the 29th, AUCTION rose by more than 35%.
Related Reading:How to participate in the BitStable token sale of the upcoming IDO Bitcoin DeFi Protocol?》
Entering December, MUBI continued to grow nearly 50 times in the month after the IDO, and BSSB also created an astonishing 45-fold increase in 20 days. Therefore, Bounce’s next IDO will become the “deterministic wealth effect”. On December 11, Bounce announced that it would launch the DID market aggregator GoDID (BDID). From the announcement to the completion of IDO, AUCTION increased by more than 200%.
Bounce strikes while the iron is hot. On December 19, Bounce Launchpad announced the launch of a token issuance strategy called Two Birds, One Stone. Two projects will issue single tokens on Bounce, and users can pledge AUCTION and BitStable Brand (BSSB). The stablecoin DAII participated in the issuance. At that time, BSSB had broken through a new high of $8.6. From the announcement to the completion of the IDO, AUCTION once again proved its gold content with a 90% increase.
Ambush for half a year, TURT 20 times in January
Also reaping the MUBI dividend is TurtSat. TurtSat was founded in May 2023 and is positioned as a donation platform focusing on the Bitcoin Ordinals ecosystem. At that time, the Ordinals protocol had just emerged and the potential of the Bitcoin ecosystem was beginning to emerge. Before MultiBit, TurtSat only IDOed one project, Chamcha, a programmable Ordinals asset liquidity developer.
TurtSat conducted MultiBits IDO on the same day as Bounce, raising 4.64 BTC. Since then, TurtSat has begun to attract the attention of the community with its IDO speed that exceeds its peers and its projects that closely follow the Bitcoin ecosystem.
On November 24, Ordinals aggregation market NxHub conducted an IDO on TurtSat, and its token NHUB increased 20 times in two weeks. Three days later, TurtSat announced a new project: Dova Liquidity Protocol, a Bitcoin ecological LSD protocol integrated with the MultiBit bridge. Dova completed its IDO on December 1, and its token DOVA increased 15 times in two weeks.
Although the infrastructure is still far away, the concept of games in the Bitcoin ecosystem emerged first. TurtSat stated on December 8 that IDO’s project Rabbitgames is a “revolutionary Bitcoin ecosystem gaming platform.” Although RAIT quickly launched It fell by 50%, but after hovering at a low level for 3 days, RAIT still had a five-fold increase in three days.
For investors, not every new project can have the power to continue to rise like MUBI. Therefore, if you want to get certain profits in the shovel track, in addition to holding the platforms own tokens and waiting for growth, you can also pledge tokens , Participating in the innovation of the platform is a more attractive way to make profits. On December 6, TurtSat announced the launch of the staking system TURT POOL. Users who pledge TURT will receive EGG, which is a new asset issued by TurtSat. The application scenarios of EGG include but are not limited to project online voting, direct exchange for cooperation token gift packages, etc.
According to TurtSat official information, this will be a new way for users to participate in project launches on the TurtSat platform, which can balance fairness and efficiency, and at the same time effectively prevent robots from using scripts to plunder large donation shares, allowing TURT holders to participate and get what they deserve rights and interests.
After being dormant for half a year, TurtSats positioning advantage has attracted market attention and funds. The most direct manifestation is that the price of TURT has increased 20 times in one month.
In the Bitcoin ecological boom, Bounce Brand and TurtSat have emerged with unique positioning. The success of the double shovel combination has demonstrated the development potential of the IDO platform to the market, brought new concepts to the forefront, and introduced liquidity to the new ecosystem. In the new round of bull market, the changing landscape will give rise to more emerging projects, and the IDO platform may be the most efficient player in connecting the market with project parties.
It seems like anyone can win
In the Bitcoin ecosystem where new narratives continue to emerge, people are constantly paying for the new narrative, even if it doesn’t sound practical enough. The take-off of TURT and AUCTION has attracted more and more investors and project developers to pay attention to the shovel track. No one wants to fall behind in the craze. The encryption market seems to be ushering in an IDO Summer.
Solana Shovel evolved from the inscription craze
The project side needs to raise funds, and investors want to be the first to hold the project sides tokens, so the IDO platform is created to help the project side issue tokens, raise funds and provide liquidity services. Now, inscriptions and memes that have no actual value have a launching platform.
December 13, early Ordinals OG, Solana developersPlandFounded the protocol Analysoor. According to Pland, the launch of Analysoor was influenced by Solana inscription sols. Analysoor introduced the Index Protocol off-chain indexer, using Solanas historical data to prevent robot participation and achieve a fairer distribution when meme coins are released. , and can guide the liquidity of tokens.
The first inscription deployed by Analysoor is ZERO, with a total supply of 21 million coins, of which 10.5 million coins were minted at a price of 0.08 SOL, raising a total of more than 600,000 US dollars. When Analysoor deployed the first NFT series ONE, several delays and address errors caused the community to question Analysoors ability. The price of ZERO has been falling, and it seems that it cannot escape the fate of the meme returning to zero.
On December 20, Plan announced in Analysoors Discord community that Analysoor would launch a community-led meme currency, and Analysoor was only responsible for starting token minting and locking the liquidity pool. Among the meme coins launched by the community, 48.5% of the total supply is minted with 0.05 SOL and 1 ZERO, and the remaining funds are still stored as ZEROs liquidity pool. And 3% of meme coins will be airdropped to ONE holders.
Afterwards, Analysoor announced that it will continue to deploy other projects, and ZERO tokens will participate in each deployment until its total supply reaches 5%, so that it can be listed on the top three centralized exchanges in the future. The funds raised will be ZERO after being listed on the exchange provides liquidity.
At this point, ZERO is no longer an experimental attempt, but has the properties of a golden shovel. The price of ZERO has also been rising since the 20th, until it exceeded US$2 on the 22nd. After falling 60% in two days, ZERO recorded a two-day increase of more than 250%.
Related Reading:ZERO Resurrected from the Dead, Reviewing Analysoors Transformation of the Golden Shovel》
BRC 20 turns into a Bitcoin chain game, IDO raises over US$100 million
In addition to Bounce Brand, there are also AMM BakerySwap in the BSC ecosystem that have become famous by participating in the IDO of the Bitcoin ecosystem. Before December, the price of BAKE would not exceed US$0.3 in 2023. In one week from December 19th to 26th, three IDO projects allowed BAKE to achieve a three consecutive jumps, with a weekly increase of more than 300%.
On December 19, 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 Cats will be released. The limit for each participant is 2 ETH. Whitelist members Eligible for double distribution. 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.
The next day, 1 Cat was listed on Uniswap, Bakeryswap and other exchanges, and increased by more than 15 times after the opening. The market quickly focused its attention on this shovel, and BAKE lived up to expectations, with a 64% increase.
Related Reading:IDO raises over US$100 million, why is Bitcoin Cats so popular?》
With Bounce and TurtSat at the forefront, investors perceptions are already sensitive enough. On December 24, BakerySwap announced that its new Launchpad will be listed on BitLand (BLLB), the first artificial intelligence-driven 3D yuan based on the Bitcoin ecosystem. Universe, BAKE rose 57% on the day.
On December 26, BakerySwap announced that the third phase of the Launchpad project was about to be launched, but did not disclose specific project information. It only stated that the current Launchpad project was invested by Binance Labs, and the FDV was US$630,000. As soon as the news came out, BAKE rose by 28% that day. %.
The shovel nesting dolls also started. On December 25, Bitcoin Cats announced the launch of the “1 CAT Golden Shovel Plan”, in which participants can earn tokens from ecosystem partners by pledging 1 CAT tokens. In the two projects launched on Launchpad after BakerySwap, users have Participation can be done through BAKE and 1 CAT tokens. 1 CAT will not only be the main asset in the Bitcoin Cats game, but will also serve as the golden shovel to the broader ecosystem.
Agreements in the DeFi field have also transformed into the market. On December 25, NFT+DEFI aggregator Dego Finance announced the completion of its BRC 20 Launchpad BETA version test. After the news was announced, the price of its native token DEGO exceeded $4.2, a 24-hour increase of 64.1%.
On December 27, the decentralized leverage trading platform LeverFi announced the launch of the BRC 20 Launchpad platform LeverPro. After the news was announced, the price of LeverFis native token LEVER rose to $0.0025, an increase of more than 50% in 24 hours.
Related Reading:BNB Chain strives to develop the Bitcoin ecosystem and take a look at the four potential “new shovel” projects》
The wealth effect of shovels does not only occur in the Bitcoin ecosystem.
TonUP, an asset issuance platform based on the TON blockchain, was launched in August 2023, and completed its platforms first IDO project token issuance at the end of the same month. On December 20, TonUP launched a new issue of Bitgets Launchpad, and the investment channel opened. Within hours, more than 6,700 people participated, and more than 17 million BGB have been invested.
The popularity of shovels is so high that it has even spilled over to the mobile phone market. The Solana Saga mobile phone, which will be launched in 2022, has attracted attention due to the airdrop of meme token Bonk after being in the doldrums for a year. Its premium on eBay has soared by 500%, with a selling price of up to US$3,000. Since its launch, The Saga mobile phone, which was criticized by the market, was resurrected in this way.
gold mine, red sea
With new shovels appearing all the time, can the old shovel remain attractive? For the IDO platform, under competition, the platform needs to continuously prove its advantages to the market.
For projects waiting in line for IDO, the advantage of occupying a popular ecosystem is fleeting. After various asset protocols in the Bitcoin ecosystem occupied the market focus, in less than two months, from DEX, stablecoins, From DeFi protocols such as cross-chain bridges, to asset management tools such as inscription management and trading platforms, to chain games and metaverse projects based on the Bitcoin ecosystem, various application layer projects have emerged one after another, with the first xxx of the Bitcoin ecosystem names vying to attract the attention of the community.
Doubling has become slower, and the golden shovel is no longer golden.
The bubbles quietly dissipated. TurtSat holders may be the first to feel the impact. During BAKEs triple jump, TurtSat announced its cooperation with DWF on December 21, and TURT exceeded $0.1 at that time. After that, TURT began to fall all the way. Three days later, TURT fell by more than 40% from its highest point. As of the time of writing, the price of TURT was US$0.04.
Some people in the community believe that after the entry of BakerySwap, TurtSats advantage as an IDO platform focused on the Bitcoin ecosystem was weakened, and therefore it lost the attention of investors. Comparing the development of TurtSat and IDO projects, you will find that all this has been foreshadowed.
On December 14, TurtSat completed the IDO of the new project Svarga. According to reports, Svarga aims to reshape the NFT world on the Bitcoin network. Transform traditional PFP NFTs into dynamic, interactive Avatar assets. Compared with the 5-fold and 10-fold growth of previously launched projects, SAGA began to decline after doubling in three days.
After the launch of Svarga, TurtSat stated on social platforms that it has received IDO applications for 28 projects, and these projects will be sold on the platform one after another. At that time, the number of IDO Bitcoin ecosystem projects on TurtSat was greater than the number of projects on Bounce Brand and BakerySwap combined. However, the subsequent development of these projects was not satisfactory. The project tokens after SAGA, ZOOA, which was released on December 19, failed to double in price. QUIQ, which was released on the 28th, followed the peak at the beginning route. According to OKX data, the transaction volume on the day of its release was 2.9 BTC. Three days later, QUIQ only attracted a transaction volume of 0.03 BTC.
Related Reading:After falling nearly 50% from its high point, can the golden shovel TurtSat withstand the test?》
The problem of lack of project momentum is not limited to TurtSat. On the other hand, although 1 Cat performed strongly after the opening, its subsequent development was somewhat weak. In the three days after its launch, 1 Cat only increased by less than 20%. On December 25, with the announcement of the “1 CAT Golden Shovel Plan” plan, 1 Cat participated in the next two phases of BakerySwap as a shovel token. The price of the project IDO has been able to rise, with an increase of more than 150% in 2 days, and this is probably its peak.
The rise in project tokens is only the most direct signal. After all, the growth time of these projects is less than a month. Whether there can be targets that can build consensus and continue to return investors needs to be considered from more aspects. So, what is the development potential of these platforms?
The growth flywheel is an endless pie
The IDO platform needs to show its development space to users from two aspects. The first is the subsequent development of the launched projects. In this regard, the rise in project tokens is the most direct signal, but it is not the only evidence. The development history, team experience and business performance of the project itself will also be taken into consideration by users. However, problems in this area have emerged, and more than one platform has similar situations.
On December 15, Bounce Brand was affected by the controversy over its Launchpad project Bdid (BDID)s Tokens that were supposed to be airdropped were used for pre-sale. AUCTION, which was originally rising, retraced more than 20% in a short time.
On December 21, TurtSat released a new phase of IDO project Copycat Dex. According to TurtSat, Copycat Dex is an innovative P2P derivative protocol based on PVPAMM, supporting the BRC 20 ecosystem and Bitcat DEX, and comes from Copycat Finance supported by BinanceLabs .
However, discussions in the community soon pointed out that the delivery capabilities of the Copycat Dex team were unsatisfactory, and the current currency price of its 21-year-old project was less than 3% of the price at the time of sale. This made the community begin to question TurtSats product selection ability. 12 hours Later, TurtSat announced on social media that it would postpone the release of the Copycat Dex token BICA.
BitcoinCats, which brings BakerySwap to the shovel track, is positioned in its introduction as the GameFi platform for the Bitcoin ecosystem, by mapping Bitcoin assets (BRC 20, Ordinals NFT, etc.) to the Ethereum (and other Layer 2) network , bringing new ways of playing to Bitcoin assets including but not limited to Play 2 Earn, staking, farming, SocialFi, etc.”
When BitcoinCats was first announced, some communities 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 to the NFT community and has received tens of millions of financing. Some people also found that the design of BitcoinCats is very similar to BakerySwap’s previous NFT series Hello Pets. The only difference is that BitcoinCats uses a pixel style.
Currently, BitcoinCats has not responded to its relationship with Hello Pets, but the Hello Pets official website lists an introduction to the NFT series called Bitcoin Cats and provides the homepage navigation of BitcoinCats. According to BlockBeats, Hello Pets was formerly known as Battle Pets, a fighting pet-raising game similar to Axie Infinity and imitating CryptoKitties. Battle Pets changed its name to Hello Pets in January this year and changed its positioning to a globally renowned cute brand in the digital and real world.
The development of the project attracts the attention of users to the platform, and the participation mechanism of the platform itself affects user retention.
Unlike Bounce, TurtSat sells projects in a whitelist manner. The whitelist targets include members who have contributed to the community and holders of a certain number of TURT. On December 7, TurtSat launched a new staking mechanism, staking TURT to get EGG, and some of the quotas in the new projects whitelist will be redeemable for EGG.
The egg laying mechanism has no cost, allowing TurtSat to have more than 300 million TURT pledged. If it can get a white order, the returns from staking TURT will be huge. Take IDOs project token QUIQ on December 28 as an example. According to OKX data, the average trading price of QUIQ on the day of sale was 232 sats, and the value of QUIQ obtained by a white order was nearly 2,000 U.
However, the requirements for EGG vary according to each project. In addition to the Christmas special sale brought about by the partnership, TurtSats recent project white list qualification requires at least 25,000 EGG to be redeemed. The GWGW released on January 2 has even increased to 30,000 pieces.
According to community feedback, staking 10,000 TURT will result in approximately 80 EGG. If calculated according to the requirement of 50,000 EGG per week, users need to pledge nearly 900,000 TURT to ensure that they are qualified to participate in the white order of each period. . Obtaining the qualification to participate does not mean that you can grab the whitelist. Even if you deposit TURT at a unit price of US$0.025 on the day the mechanism was launched on December 8, it would still cost US$20,000. As the price of TURT subsequently rose to US$0.08, the threshold for success in the later period became higher and higher.
What are the profits for big players? The staking time of TURT is one month. If TURT is withdrawn in advance, a handling fee of 5,000 TURT will be deducted. As of the time of writing, the price of TURT has dropped to US$0.04, which is equivalent to the price on December 14. Users who pledge TURT after the 14th to participate in new trading will need to bear the shrinkage of their assets while waiting for the white order to be drawn. loss.
For BakerySwap, it is urgent to prove whether it can meet the influx of investor expectations. A total of 37,383 ETH and 73 million BAKE participated in the Launchpad of the first project Bitcoin Cats. The total value of participating tokens reached US$106 million, which was oversubscribed 150 times. BakerySwap’s first trial was successful, and there are many people willing to pay.
After BakerySwap has attracted enough attention, the community is paying more attention to the Launchpad participation experience. On December 28, BakerySwap announced the success of its second Launchpad project, BitLand IDO, receiving 116 million $BAKE (worth approximately $80.5 million) and 1.9 billion 1 Cat (worth approximately $23 million), with the total USDT reaching $103.5 million. . The oversubscription figure of up to 360 times means that the share obtained by participants may be very small. Sure enough, many people involved in BitLand IDO said that the results were minimal.
When BitLand was announced, BAKE once rose by more than 50%, but after the IDO was completed, it fell by 20%.
It is not difficult to understand that every IDO platform will face the controversy of only large investors participate due to the new approach surrounding the staking mechanism. On December 21, Bounce announced that the NFT AMM liquidity protocol Ladder Protocol and the Bitcoin ecosystem BRC 20 cross-chain trading platform Bitswap will cooperate to launch the two birds and one stone token AMMX on the Bounce Launchpad. According to the observation of community member @ai_ 9684 xtpa, in this Launchpad, 15 giant whales invested a total of 709,000 AUCTION to participate in the new launch, and received a total of 122 million AMMX, accounting for 25.8% of the total amount issued by the pledge pool.
After the IDO ended, 9 addresses deposited a total of 394,000 tokens into Binance, worth US$14.23 million, causing AUCTION to plummet 32% in a short period of time. If the pledged AUCTION is not withdrawn in time after the IDO ends, retail players may be forced to take over the selling behavior of large investors after their success.
On the other hand, Analysoor, whose biggest characteristic is fairness, also has its own dilemma. On December 27, Analysoor apologized to the community for the problems that occurred during the minting event of its first community Meme coin WHEN. According to it, Analysoor faced multiple technical challenges, including a Backpack malfunction that caused the wallet that received funds to stop working, requiring 20 minutes to redeploy; an RPC problem that affected the websites transaction sending; and the Jupiter swap API stopped when LP was created. working, the Swap function cannot be used, etc.
Before WHEN, the casting time of ZERO and ONE was delayed. When casting ONE, the project team mistakenly sent the funds that should have been deposited in the liquidity pool to the addresses of holders participating in mint. This time WHEN Unexpected glitches in the casting process were expected to the community.
Although doubts have arisen, the platform continues, and the projects launched have their own merits. On December 29, BakerySwap released the third Launchpad project introduction. This time the project is CopycatFinance, which was delayed on TurtSat a week ago. Following closely behind is the NFT lending liquidity protocol BendDAO, which was founded in 2022. TVL has exceeded US$300 million. It recently announced that it will expand the Bitcoin ecosystem.
Related Reading:Receive 2 airdrops with 1 BAYC? Detailed explanation of NFT Bank BendDAO》
Can a new shovel drink soup just after starting out?
There are still new platforms that are attracted, but they no longer reap guaranteed returns. From December 25th to 27th, three platforms successively announced that they would launch the Launchpad platform. On December 25, NFT+DEFI aggregator Dego Brand announced the completion of its BRC 20 Launchpad BETA version test. In the following week, its token DEGO first rose by more than 100%, and then fell rapidly from the high point. Dego Brand announced during the period Launchpad project details, but that didn’t save the disillusionment with the gains.
Following closely is the decentralized leverage trading platform LeverFi, which announced the launch of the BRC 20 Launchpad platform LeverPro on December 27. The platform will launch three projects, focusing on mortgage stablecoins, BRC 20 asset lending, and AMM swaps and liquidity. Mining track protocol. After the news was announced, LeverFis native token LEVER rose by more than 50% in 24 hours, and then quickly retreated.
The benefits of the shovel effect are still there, but it has changed from a takeoff booster to a foam production machine. Launching Launchpad immediately started the token soaring experience, and after a few days, it seemed like nothing had happened.
DEGO price fluctuation chart; LEVER price fluctuation chart
On the same day, Web3 gamified social education platform Hooked Protocol announced that the first fair launch project of its Hooked Education Launchpad is the BRC 20 project TUNO. Five minutes after the launch pool was opened, the locked amount of HOOK has reached the upper limit of 4 million.
Can the shovel be saved?
This shovel craze is reminiscent of Binance’s IEO journey that began in 2019. Relying on the innovative IEO model, Binance stands out from many exchanges and drives other exchanges to join the IEO club. Between 2019 and 2021, every time Binance Launchpad launches a project, the price of BNB will rise, increasing 6 times in five months. After entering the bull market in 2021, BNB has been on a tear, once exceeding $675.
However, compared with past IEO performance, todays Binance Launchpad has been criticized by the community. On the one hand, compared with projects such as MATIC, SAND, and AXIE in the previous cycle, the current Binance Launchpad projects are becoming more and more “incomprehensible”. On the other hand, the benefits of participating in the projects are no longer as attractive as before. Wow, most of the current Launchpad projects have basically become games for big players. Under this circumstance, the price of BNB has almost no improvement in this wave of market conditions, and its market value was once surpassed by Solana.
The same story is happening in this wave of enthusiasm. For project parties, platforms and investors, the rise of shovel is a win-win-win story.
Having missed investment targets such as ORDI and Inscription, which have no actual value but have amazing wealth effects, the market is eager to find the next similar commitment, so it does not value the quality of the project. The capital pool gathered in the Bitcoin ecosystem cannot be ignored. Everyone is imagining how the DeFi and GameFi stories on Ethereum will be staged in the Bitcoin ecosystem. The market is willing to invest in this imagination. .
In addition to TurtSat, which has been lying dormant for half a year, for other traditional platforms that have made efforts in the Bitcoin ecosystem and transformed into IDOs, being a shovel is the most direct way to get into the hot spots of the Bitcoin ecosystem and gain market attention. The pledge mechanism It can quickly activate the liquidity of the token, and only after gaining attention can it show its subsequent imagination to the market.
For the dazzling project parties, many of whom claim it to be revolutionary, they do not need to spend a lot of effort polishing the project or even need a roadmap. They can gain market favor by just building momentum. This is a stable and stable solution. A profitable business.
After the craze subsides, these narratives need an account, but I dont know who will complete it. Holders have two choices: wait for the project side to develop its pattern and improve the project, or rush to the next hot spot.
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