Moderator: Alex, Research Partner, Mint Ventures
Guest: LD Capital US Yilan; well-known Chinese KOL:@BTCdayu
Program recording time: 2023.5.18
Hello everyone, welcome to WEB3 Mint To Be initiated by Mint Ventures. Here we have continued to ask and think deeply, clarifying facts, exploring reality, and finding consensus in the WEB3 world. I am Alex, a research partner at Mint Ventures, and today we specially invited a well-known Chinese KOL@BTCdayuChat with Yilan from LD Capital US about the "newborn" BRC 20 of the BTC ecosystem.
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Let's get to the point today, let's talk about a newborn in the BTC ecology we just talked about. It has a keyword that is newborn, because the audience may not be very familiar with it.So our first section today will talk about what is BRC 20? Then we want to give a popular language, or listeners who don’t know much about technology, can know what kind of implementation logic BRC 20 is about through our general discussions and narrations. They are similar to conventional ERC 20 tokens. What are some differences in transaction methods. Which of the third current BRC 20 projects may be more representativesecondary title
In plain language: what exactly is BRC 20?
dayu：
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Okay, just now you mentioned a point, that is, in fact, a lot of key information of our BRC 20 is recorded on a ledger of Bitcoin, recorded on a "Satoshi", and then its transactions, including its display, actually need Through a centralized platform, is it more typical that we use more Unisat now, such a centralized platform.
dayu：
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Well, I understand. I see that some articles use another adjective or another noun when discussing platforms like Unisat to say that they are actually an indexer. Is it understandable that most of the bookkeeping is actually in Bitcoin? Whether the above inscriptions, content, or data, it is equivalent to Unisat playing a role of converting the data on these chains into something that users can understand and then interact with.
dayu：
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I understand, so like now including Unisat, including OKEX like you just mentioned, everyone is actually still working on the basic work of indexing, and is still doing a lot of standard formulation, including some implementation work.
Dayu just talked about what is BRC 20 and the logic of its realization, and maybe one of the most important roles is the index provider, which is also a role of the trading platform. Then we will invite Yilan to talk about it, that is, when you first came into contact with the concept of BRC 20, what was your understanding of it? If the people around you are interested in him, how might you mention some interesting points of the concept to him?
Yilan:
In fact, the concept is understood as follows: it feels like a very simple concept, but in fact it is quite difficult to really understand or explain it clearly. I think what Teacher Dayu said just now is very easy to understand.
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In fact, just now we mentioned that whether it is Ordinals or BRC 20, the birth time is very short. Let me check the information here. BRC 20 was officially proposed here. It was the community user mentioned by Yilan just now. He actually proposed it officially on March 8 or March 9, and then he proposed such a Standard, so the birth time is about two months now. But at present, the entire BRC 20 trading market is very hot, including the types, the number of users, and the trading volume. In fact, it has created a very fast growth rate, so at present, as a new thing, there are many differences and challenges .secondary title
Currently popular BRC 20 representative projects
dayu：
The mechanism of the BRC 20 project is that anyone can issue one, so if we currently enter a 4-character character on the Unisat website, even including special symbols, as long as it is not released by others, we can issue it. So now I have a look at the deployment. There are more than 4,200 projects that have been deployed and mint completed, and then there are more than 20,000 projects that have been deployed but have not been mint completed.
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Here I have a small question, like the Ordinals project, its publisher, or its operator, is it real-named or anonymous?
dayu：
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clear. Well, in fact, through some of the main information we just talked about, I believe that most of the audience should have a preliminary and complete understanding of the concept of BRC 20. Then we will talk about some more in-depth topics later. The first thing we want to talk about is that after BRC 20 came out, many people began to examine it from multiple angles. Many people asked questions: "Now the ERC 20 generation The first coin is already very popular, and I use it on Ethereum very smoothly, there seems to be no problem,secondary title
The need for BRC 20 tokens
Yilan:
Well, I will look at the need for BRC 20 from three perspectives. The first is that first of all, it satisfies the willingness to conduct many experiments and innovations in the Bitcoin ecosystem. It exists as an experimental field of the Bitcoin ecosystem. Anyone can do this. Why should I go there? Do? Then why not go there and do it? That's the problem.
Then the second level is BRC 20, which is the influence of BTC, and then includes the number of BTC users and the value of these emotional overflow assets on the chain. I think these assets will be BTC Layer 2, not to mention the whole ecology, it may become the initial liquidity of the DeFi ecology, including Stacks, which is the most prosperous ecology now, and ALEX Lab on it also has a batch of BRC 20 assets, and these assets are actually the initial liquidity.
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I understand, I think what Yilan just said is more interesting. Because Bitcoin itself, as the world's largest cryptocurrency, holds the foundation of the plate, its users also hope to usher in some fun things, new innovations, and its consensus foundation is large enough to have great potential Flow, a huge force. Another Bitcoin itself, we just talked about the Stacks, which is a second-tier project of Bitcoin, and these second-tier projects may also face the problem of lack of native Bitcoin ecological assets, so like BRC 20, although it is not yet Smart contract type, but it can theoretically be migrated to the second layer, because it provides them with a lot of initial native Bitcoin ecological projects. And the third possibility is that Bitcoin supporters also look forward to more new ways of playing, and then they can also have more imagination about new projects in the Bitcoin ecosystem. reason. So does dayu have any other views on this issue.
dayu：
Answering the question will actually involve the difference between meme and other memes, so I want to answer the question systematically and in general. From two aspects, one is what is a meme? Then what is the difference between the meme on BRC 20? Then why do you say that it is necessary to exist?
First of all, if it is meme, I will actually have a big change in my understanding. For example, in 20 years, I wrote an article to criticize this type of currency. Because I think the blockchain is a great revolution, I pay attention to technology and value, and I look forward to some projects, which are high-end and elegant, and then change the world, and then enable the world to better understand our blockchain and our entire society. The Web 3 world. At that time, I was very repulsed by meme, thinking that it was a fast-running fund game, as if it had no value, but then my point of view, like most people, would change a lot. Because we review some projects, such as EOS in 2017, he was basically bought by every person in the currency circle at that time. Then in 2021, there will be four heavenly kings, $FIL, $ICP, $DOT, and $ALGO, each of which is carrying a lot of aura, and has many powerful technologies. It seems that they have to do a lot of things, but When we look back at these projects, the stories they tell are grand, but they either have highly concentrated chips, and then retail investors become the takers of the stories. Then the price of the currency keeps falling, and the retail investors come to the currency circle for the only one, or the main purpose, is to make money. If it is said that among these projects, the largest number of consensus providers in the entire market lose money on these projects, it is actually very depressing.
Then in 2023 today, let’s look at the top projects of OP and Aave, for example, there are many real use cases on them, and there will also be roles in several aspects such as institutions, project parties, and retail investors. But these projects of theirs still have a characteristic, that is, the bargaining chip of the organization, and the bargaining cost of the project party is very low, so it is a good project. However, retail investors still have natural weaknesses when participating, and they will always pay for some grand narratives. Let’s be right at this time. For example, the upstart $PEPE on meme has a value of 0 and a commitment to the future. On the surface, it is a very simple and stupid Ponzi game, but in essence it caters to some great needs in the current currency circle. But when we look at $PEPE again, we will find that it actually has problems, because behind it is actually a strong outfit, with a lot of funds, a large organization is operating, and there are very professional businessmen. Because there are ships, The cost of pulling the offer alone may be in the tens of millions of dollars. Behind the meme coin is a big dealer, without a big dealer, it can’t get up, but its risks are also there, and the pull is ultimately for the purpose of smashing the market. Well, people will have an expectation at this time, is there a fairer... Then I think BRC 20 meets the demand very well at this time, because everyone on BRC 20 can openly sell it, even if it is like $ORDI The coin, its founder, did not have much mint after deploying the token, so there is no banker behind him. But without the control of the banker, there may be tens of thousands of meme coins on Ethereum. Without the control of the banker and without the project party, these coins will all return to zero.
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OK, there is a point that dayu said just now that I didn’t fully think of before. Even if we don’t consider whether there is a banker, there are actually many meme projects on Ethereum. It has already died, and it may have scattered chips, so it did not succeed in the end. There are actually quite a lot of such projects. But $ORDI, as such a project, differs from these traditional mass memes in that it is BRC 20. If we tentatively assume that it is a very important development direction, then it is the first in the very important development direction. an item. It seems that the blockchain is a very important development direction, and Bitcoin is the first encrypted project that commercializes the blockchain, so Bitcoin occupies a strong orthodoxy, with a Can the high consensus value be understood in this way, instead of saying that it is different from those regular memes on Bitcoin itself? Can this be understood in this way?
dayu：
Yes, it is the coin $ORDI. Because of BRC 20, one of my views is that most of these coins on BRC 20 are worthless, and maybe only the top ones are valuable, so I just said $ORDI. Regarding $ORDI, from the perspective of retail investors, from the perspective of investors and market consensus, there are actually several major differences. One aspect is that the chain it is in is different, because the coins on different chains, its consensus, and its upper limit of value will be different. For example, $SHIB, the head of the Ethereum chain, reached a market value of 30 billion at its peak, a market value of 30 billion US dollars. On other chains, the weaker the chain, the fewer people, the worse the consensus, the lower the market value of the meme project on it, so the second meme coin project that appears on the Bitcoin chain must be very good. of.
The first one, of course, is Bitcoin itself. The second point is that its distribution method is the same as that on Ethereum... You will notice that when many meme coins are issued, it will reserve 10% for the team and 5% for listing, and then for some projects it will say no Reserved, but it can be bought in advance before it is actually announced to the market on a large scale, so the only thing that is really fair is that there are very few people like $ORDI who even deploy it.
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I understand, so the core thing is that dayu is optimistic about BRC 20. We say that the first child of the Republic is the particularity of $ORDI itself, including the fairness of its distribution and the contingency of history. It has built such a unique value. As for these secondary projects of BRC 20, Dayu talked about $ORDI just now. Does Yilan have any other views on these secondary projects? It is similar to those meme coins we traditionally play, including $SHIB, including $ PEPE These, do you think there are some other differences?
Yilan：
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Then we just talked about these meme coins on BRC 20, those meme coins on Ethereum, and especially $ORDI as a special one among the many meme coins on BRC 20. What is the main difference between them? Due to the uniqueness of the consensus, it is the first project of BRC 20, and it has some peculiar commonalities with Bitcoin as the first blockchain. A strong consensus foundation, or no matter how good the technology or business model is, still needs support from the industry to go further and have a greater influence.secondary title
Who are the potential supporters of BRC 20 for which forces?
dayu：
The explosive speed of this wave of BRC 20 has actually exceeded everyone’s expectations. The reason behind it is often this matter, this concept, and this narrative can be endorsed by many forces. I talked about the explosion of BRC 20 before. Behind it is the right time, place and people and several angles.
From the perspective of timing, Bitcoin halved and its output decreased, which was very useful in the Bitcoin cycle in the past few years. After halving, it rose because the output decreased. But at present, the daily output is actually only 900, which will be reduced to 450 when it is halved next year. But in fact, this is insignificant in terms of the current daily transaction volume of the entire network and the total transaction volume of hundreds of thousands. The market actually needs a new story, and this new story is what everyone is looking forward to. From the big holders of Bitcoin, they hope to rise. Even if you don’t hold Bitcoin, as long as you are in the currency circle, you will also hope that Bitcoin will rise, because only when the big brother rises, can other coins be able to rise. So the consensus is the timing. Everyone thinks that Bitcoin is going to tell a new story, so I say the time has come.
Another aspect is the geographical location. It turns out that Ethereum has achieved great development in recent years. What are you doing? Including playing NFT, including all kinds of things, are denominated in Ethereum. At this time, Ethereum denomination will make Ethereum a hard currency, which will be very beneficial to Ethereum after becoming a hard currency. But now Bitcoin, people rarely use it to transfer money, there is very little, and even many people do not hold Bitcoin, especially those who are new to the currency circle. Then through the Bitcoin ecological story, through the BRC 20 story, we can also see from the data on the chain that it has some inscriptions on it when the concept of Ordinals is proposed. When some NFTs exist, the Bitcoin ecology and the Bitcoin chain are somewhat active. increased, but not by much. Until the concept of BRC 20 exploded and everyone went to trade various new currencies, it started to be extremely blocked, so behind these concepts, it includes talking about the future, or what is already being done It is the Lightning Network, payment, etc. In fact, this may give us a space for imagination, that is, the era of Bitcoin denominated in "Satoshi" has arrived. If everyone has a Bitcoin wallet, then the era of "Satoshi" denominated, That's good for Bitcoin overall. The favorable location actually echoes the previous weather.
The third is human harmony. I think first of all, at the level of miners, they are of course happy to see the results, because what miners are actually worried about is that when they are mining, they will produce 900 miners per day, and miners around the world will divide them. Then the computing power of the entire Bitcoin network is still rising, and everyone can only pay for electricity bills, hoping to reduce the cost, but if the currency price does not rise, for example, if it falls to $16,000 or something, many small miners will not be able to support it , you have to shut down. But more people shutting down is not a good thing for the security of the entire network. So at the level of miners, through the development of the Ordinals ecology and the explosion of BRC 20, the handling fees they earn may be earned for a year for a month, which is very happy for them. It’s just that miners, including top-level miners like Bitmain, have not expressed their views, but it is actually the best thing for him not to express their views, because if he expresses his views now, it may cause some problems, including the core development team. For some intermediate disputes, peace and development may be the best right now, and it is best for everyone.
The second level is investors in the primary market. In the past two years, investors in the primary market are actually very difficult to do, because I usually help my friends to watch some first-level projects, and many of them are actually first-level projects. The valuation is not low, and when you invest in it, the tokens are locked, etc., and many things cannot be seen in the early stage, but it is amazing to see the various returns of everyone investing in meme coins and BRC 20. So I noticed before that investors in the primary market feel some emotional fluctuations.
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On the same topic, the current development of BRC 20 is optimistic about him, including related interests, which are beneficial to them. In addition to the first retail investor mentioned by dayu just now, there is no doubt that retail investors also include those who hold BRC 20 itself, as well as those who hold Bitcoin and the smallest unit of Bitcoin, "Satoshi". Of course, I hope that the Bitcoin ecology can become popular, which can drive up the value of Bitcoin and increase demand.
The second dayu mentioned the mining ecology, miners include mining machine manufacturers, and then through BRC 20 can bring new project investment opportunities, new speculation opportunities can drive investors in the market atmosphere, first-level investors, these are all We are happy to see the development of BRC 20. In addition to these aspects, in Yilan’s view, because Yilan also comes from an investment institution, we know that LD Capital has very frequent project screening and specific investment actions no matter in the first or second level. In your opinion, who are the possible stakeholders related to BRC 20? Are there any other angles?
Yilan：
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Yes, 1-2%, normally.
Yilan：
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Let me add a piece of data here. Just now we talked about the security budget of miners. Our so-called security budget is actually how much rewards the BTC network can provide to miners so that they can stay and continue to use computing power to maintain the BTC network. Safety. Because we know that most of the current rewards are actually the few bitcoins produced by each block of bitcoin, so how low is this number?According to past data, miners are rewarded most of the time, and transaction fees only account for 1% to 2% of it. When it is high, it may be 3% to 4%. But these two days are the peak period. Due to BRC 20, Due to the popularity of inscription transactions, a huge volume was created on May 8, and the handling fee on that day accounted for 42% of the total rewards given to miners. This can be understood as about 30-40 times the daily handling fee ratio, or about 20-30 times, but the last time the situation happened, it had to be traced back to December 2017, which was the last wave At the peak of the bull market, Bitcoin transfers were also very frequent at that time, and it was also a short period of time. Of course, these two days are the trading volume of BRC 20 tokens, and the popularity has declined, but as of yesterday, it seems that the proportion of his handling fee can still account for about 10%, which is still about 5-10 times that of the daily period , which is an approximate industry data.
And we have just talked about a lot of forces that BRC 20 supports. In fact, I think there may be another support force that comes from the exchange, because we know that it is still in a bear market stage, and some people say that it is the early spring of a bull market. Yes, but let’s not argue. At present, the narrative of the entire market is still relatively thin, and there are not so many things that can be traded. So at present, BRC 20 seems to be a hot topic, so if the exchange is actually happy to see its success, after all, the exchange is a big casino, and they must hope that gamblers will trade in it. Well, BRC 20 is currently a point where everyone has a lot of differences, and differences also mean that there is a large amount of trading volume, so in my opinion, exchanges may also be very happy to see BRC 20 grow up. Like OKEX, including many project parties, many platform parties have already listed tokens, so maybe the exchange is also a potential support force.
Then we just talked a lot about BRC 20, its birth, its benefits, and some of its unique consensus foundations. Then we may now turn to talk about some of the differences and debates brought about by BRC 20. Just now Yilan has mentioned that many Bitcoin supporters, what we call Bitcoin Maximalism, including some different voices from the developer community, believe that Bitcoin was digital gold when it was born. It exists as a point-to-point trading system. Well, the current meme tokens like BRC 20, or the creation of a large number of NFTs like the Ordinals, or the bookkeeping needs of inscriptions similar to NFTs, occupy the space originally used for BTC normal transfers, which means As the cost of maintaining my basic functions increases dozens of times, it will affect the intrinsic value of BTC as digital gold and a value storage network. Therefore, many people oppose the development and existence of BRC 20,secondary title
Is BRC 20 malignant or benign for the development of BTC
dayu：
There are indeed some controversies at present, and the most important controversy we will care about the core developers of Bitcoin, so I went to one of their forums, and I put all the above discussions about BRC 20 and network block congestion After reading it, you will find that there are several categories of objections: some will think that Bitcoin should be, so it should not have these complicated things. Some say that congestion will slow down the transfer speed, and some will put forward some opinions of their own, and feel that we should not interfere with the development of the ecology casually, etc. In fact, there is also a tug-of-war between the two sides, and during a discussion, But I will notice that most of the time the objections do not come up with a good solution, how to solve the problem of how to solve the problem that the transaction volume of Bitcoin will decrease in the future, or how to maintain network security without increasing the number of miners, so I think that in the long run It looks benign.
Because the new things of BRC 20 actually include NFT on the new Ordinals protocol, etc., it tells a new story for the Bitcoin chain, and the above NFT is actually showing signs of becoming popular now, because many of us I know a lot of big NFT players in Ethereum, or old players, including many monkey holders, they will say that they feel hairy when they hear the words Bitcoin NFT, and they suddenly feel It was tasteless. Because Bitcoin's NFT is completely engraved on the Bitcoin chain through the Ordinals protocol, its storage method will be more trustworthy than the original Ethereum through indexing. Then the storage method and so on make NFT actually have a good room for development.
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OK, well, just now dayu also talked about his own views on the long-term impact of BRC 20 on Bitcoin, and there are quite a few perspectives. What about Yilan?
Yilan：
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During this period of time, I also looked at the views of both parties. In fact, I think the core difference between the views of the two parties is actually one point: BTC is a globally distributed, permissionless ledger. How should the ledger space be used? The opposing opinions are actually the core point of view: BTC ledger can only be used for BTC transfers, and can only be used for a transmission of value storage, so what violates the law is infringing on the value of the BTC network. This is their core argument and starting point.
Then those who support or at least those who do not object, they think that BTC is a network without censorship, it has such a BRC 20, and there is such a phenomenon and scene that people need to build. , people have the right to use it and develop it, because after all, the vitality of the network, the vitality of some networks may be beyond our imagination beforehand, and the vitality that emerges naturally may be its potential future development direction.
There are also some, no matter whether they are related to interests or out of some industry thinking, they think that just now dayu and Yilan have talked about the BTC network, which requires more than value transfer. The use case is also a reason why they think they support it, or at least not against it.
In fact, we have talked a lot just now, which is the main network of BTC. After all, it can only support 7 transactions per second, and its capacity space is limited, so its second layer is also good, such as the Stacks we just talked about. , including Lightning Network, in the long run, more high-frequency transactions and prosperous transactions may be transferred to the second layer. In your opinion, whether it looks like BRC 20 or the inscription of Ordinals, will it be transferred to the second floor? Or just as dayu mentioned: BRC 20 tokens are often traded on exchanges, and more transactions occur on exchanges, like many meme tokens, so in fact, the exchange is also a bit like a second layer of Bitcoin Now, similar to a lightning network.secondary title
Is the value of BRC 20 token transactions transferred to the second layer weakened or enhanced?
Yilan：
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I understand that Yilan's core point is to move to the second layer, because less transaction friction will bring more users, which will lead to higher turnover. Then and once you enter the second floor with some DeFi as support, these DeFi will bring more usage scenarios to these NFTs or blue-chip BRC 20 tokens, and then construct new demands to make their intrinsic value Might be higher.
dayu：
I first have a framework for thinking like this. I think that in BRC 20, for example, Ordinals, I think the value it carries is actually a meme, and then the history of meme makes meme rise with the development of the entire ecology, and then Attract more new users to enter, so if it can complete the task of pulling new users, then its task is considered very good. Then after the influx of these new users, in addition to saying that they can trade coins like $ORDI on the exchange, then they may need to pay more attention to the development of the second layer. On the second floor, Yilan also mentioned a lot of possibilities just now, such as BTC-Fi, etc., as everyone installs more and more bitcoin wallets, after everyone enters the second floor, no matter whether they go to offline payment or "Satoshi" really bought a pizza as a unit, and then said to engage in some applications similar to DeFi, etc., it is a whole ecosystem of developers and users, even if there are users, developers will continue to increase two Circular progress in all aspects, and then make the entire Bitcoin ecology prosperous.
Then as for whether BRC 20 and the current inscriptions including NFT itself are transferred to the second floor, whether it will be weakened or reduced, I think it is not so strongly related to its value. For example, take $ORDI as an example, it is very traded on the second floor. Fast, or more users after entering the exchange, basically we think that as long as more users can access it more conveniently, its price will rise more easily. At present, $ORDI may still not be as smooth as the exchange on the second floor, so I think the impact is not that great.
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Well, the topic we talked about today is actually quite deep, that is, the origin of BRC 20, its source of demand, and some stakeholders behind it, and whether its relationship with Bitcoin itself is benign or vicious. If it goes to the possible impact on the second floor, then we will enter the two most critical questions that I think today. I would like to ask you to answer these two questions separately.
secondary title
Looking ahead to BRC 20's larger narrative space
dayu：
Then I will think about these aspects, one is the wealth effect, which is an eternal topic in the currency circle, that is, if the top token $ORDI does not rise, then the story behind it is not easy to tell. In the current situation, because it can not attract more users. I checked the background data of an exchange (they sent it out), and then I saw that the current trading volume of $ORDI is still in the top of all these meme coins, which is not bad at present. Because there is no banker behind $ORDI, but I am thinking about one thing, that is, $ORDI has a current market value of 300 million US dollars. If an investment institution has, for example, 500 million US dollars in funds, or 200 million US dollars The funds need to invest in currency circle projects. At this time, in addition to large-cycle investments such as BTC and ETH, there is also an option to participate in the early stages of some leading projects, such as projects like Aave, but these Institutions with ordinary projects may not have the opportunity to invest, and then when they invest in more uncertain new projects, the risks and returns are actually very uncertain. This is because after watching a lot of first-level projects, I feel that sometimes I may see 50 projects, but none of them are worth looking at, but their valuations may not be low.
Then I will think about one thing, if I am the person in charge of a certain institution, then I would like to say that if I take 10% of the funds to buy $ORDI at the current price, I mean the current price, for example, if I buy $20 million, I think is an acceptable ratio, right? Then if I say that I bought such a small proportion, and then I occupy a relatively large position from today, in fact, I can actually affect the price of the entire $ORDI. It is similar to the thinking of doing business. Doing business means that the more chips you have in hand, then you can control the rise and fall of the market.
Of course, this is a bit more complicated, but the logic is like this. In this case, you will be in an invincible position, and it will also help the development of the entire $ORDI and Bitcoin ecology, because we have analyzed this matter in many ways. It is beneficial, so I think that VCs who see this, and big miners, such as Bitmain, actually have the motivation to do such things. It is because its current market value of 300 million US dollars is much more certain than when the narrative was not up two months ago. If it is 300 million U.S. dollars, if you take 50 million U.S. dollars, it means that there is a relatively radical organization to control the plate. In fact, it is easy to drive the price of $ORDI very high. Of course, it does not mean cutting leeks. In fact, this is a behavior that is very beneficial to the entire industry and itself. Then it attracts more new users, and then catches up with the big cycle of Bitcoin halving next year, a big narrative. So I think this will be an interesting point.
The second is the new story of Bitcoin ecology. Some of the smart contracts already mentioned, lightning payment, lightning network, and BTCFi and so on.
Then the third is the development of NFT. In the last two or three days, especially the NFT on the Bitcoin chain in the last week, some native NFTs, the most popular one is called BTC Frog, and everyone is very popular because it is Original and original, the original team has succeeded. But other than it, there are actually a few others, including monkeys and PUNK, which are all copied directly from Ethereum, and even face copyright issues.
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According to what you just said, because dayu is actually talking about some mid-term and long-term judgments, including whether there are any institutions that will intervene in $ORDI for a long time, including the development of the industry, including some developments around BTC-Fi. If there is a specific point, in fact, we found that quite a few exchanges have already listed $ORDI, especially some second-tier exchanges, such as Matcha, including Bitget, they have already listed, then these exchanges are in technology It supports the charge and withdrawal of BRC 20 faster on the Internet, because it seems that it can only be charged now, and it seems that the withdrawal should not be withdrawn. If this step is completed, how long will the time period be?
dayu:
I estimate that it may be about a week, including OKEX may be listed very quickly. In fact, I met with the CEO of Unisat twice last week and talked for a long time. Then I realized at that time, wow, so many people in the industry are working together, including OKEX’s wallet and a team of hundreds of people. They entered Unisat very early. The Unisat team is relatively small, and everyone is working hard to build standards. And the construction of the standard is actually not easy, there are many technical problems in it, so we see that there are some small exchanges, the second and third tiers, they go up early, the reason is nothing else, that is, they may have underestimated them. Due to technical problems, it will become more prudent to open the withdrawal of coins in the future. Now OKEX, including Unisat, they are working together. According to the information I have learned, it is their cooperation agreement, which also includes an open API, that is, everyone can use a unified standard to deposit and withdraw coins. It's been a few days.
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Dayu just answered what we talked about. If BRC 20 will go from success to more success in the future, where the narrative space it may encounter comes from. Then what key events might there be? So we'd like to have Yilan come in and have a chat.secondary title
What are the possible reasons if BRC 20 does not go up?
Yilan：
I still think that BRC 20 will not disappear, that is, what we call failure is losing popularity. The reasons can be divided into internal reasons and external reasons. The endogenous project is BRC 20. In fact, Mr. Dayu mentioned Binance just now, and he is working on his own ORC 20 standard. BRC 20 There is actually a problem in his own body, but this problem may not be of particular concern to retail investors. Then there is the issue of token liquidity, that is, the liquidity of many, many BRC 20 tokens is relatively poor, and many of them have prices but no market.
host:
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clear. I heard another friend tell me today that she is relatively not that optimistic about BRC 20. Her reason is probably this way: first, she thinks that most of the current BRC 20 projects, in terms of smell, the so-called smell is Some vague signals released by the operator of a project or the project itself, which we call smell, give people the impression that most of the Chinese teams are participating and operating, including Chinese investors, and have not yet fully spread. Going overseas can bring more opinion leaders, including high-level influential large institutions, and project parties into the trend, so she thinks this is a point that she feels more worried about at present, and she thinks it may still be A partial narrative of a relatively Chinese circle, this is her idea.
The other one is that the current market value of $ORDI is 300 million as we mentioned just now, but $ORDI is already in full circulation, and it is now the top stream of meme, just like $SHIB should be at present, I Looking at the market value in the morning, it should be 5 billion yuan, which is basically an order of magnitude difference, but he believes that even if it seems to be an order of magnitude difference, there is still room for growth. Then he thinks that the birth of $SHIB is blessed by a lot of coincidences, including the blessing of good market conditions, to give birth to such a one-of-a-kind project, including $SHIB. Of course we know that the first one was born in a bull market, and the second one has a lot of The fantasy and bloody plot, plus a side blessing from Musk, because conditions like these are unpredictable, a $SHIB appeared. $ORDI is still in a bear market. If he wants to catch up with the market value of $SHIB, it is possible, but he thinks the odds are not particularly high. So far I have offered some negative opinions.
OK, so today we have actually talked quite comprehensively about BRC 20 and the newborn of the BTC ecology. Of course, we didn’t talk too much about technical topics today, because our podcast is mainly for the general audience. We don’t talk about technical things, and we may talk more about business views and some thinking.
Then it needs to be reminded that everything we talked about today, including the host, is our staged opinion. These opinions may change, may be proved to be wrong, and may be proved by data There is a bias against the facts, so all of these require everyone to make personal judgments, and don't take it as a financial suggestion.
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