Original - Odaily
Author - Loopy
Recently, BRC-20 token sats have continued to rise. Coingecko data shows that in the past half month, the price of sats has been hovering around 0.00000002 USDT for a long time. In the past two days, the price has climbed rapidly, reaching a maximum of 0.00000007 USDT, with a maximum increase of nearly 250%. What has been happening in the BRC-20 market recently?
Impossible to mint meme coins
When it comes to sats, the biggest impression people have on it is its extremely large supply. The total supply of sats is 2,100,000,000,000,000, which is 2100 trillion, which is 100 million times that of Bitcoin.
Therefore, at the beginning of its launch, many users did not believe that this BRC-20 token would eventually be fully minted. But the enthusiasm of users is powerful, and sats, a meme named after Satoshi Nakamoto, was eventually fully minted.
On September 24, the casting progress of sats reached 100%, with a total number of castings reaching 21,107,258 times and 36,061 holders. The casting started on March 9, 2023 and took a total of 6 months.
Judging from the number of participants, there are enough sats, which to a certain extent represents sufficient “decentralization”. Moreover, the token name itself is an innate advantage, which also gives sats a certain advantage in the competition on the meme track.
Meme coins turn into utility tokens
With the expansion of the sats community, UniSat, the largest wallet developer in the BRC 20 ecosystem, has also taken a fancy to this hot potato. The UniSat team is trying to empower sats and add application scenarios. (Odaily note: UniSat Wallet is a Chrome plug-in wallet for the BTC ecosystem, helping users store, mint and transfer BRC-20 tokens, including buying and selling BTC, NFT, domain names, etc.)
The story of Meme coin empowerment is not the first time it has happened in the crypto world. Previously, DOGE and SHIB had once triggered heated discussions in the market for issuing chains. The story this time comes from the fee consumption of swap.In UniSats latest brc20-swap, sats will be charged as a handling fee, which will cause users to consume a lot of sats.
UniSat Wallet stated that brc20-swap will charge a 0.3% service fee to all users participating in the transaction. About 1/6 (0.05%) of this fee is collected by UniSat, and the remaining 5/6 (0.25%) is allocated to each trading pair. All liquidity providers. This fee structure is primarily based on the rate scale currently used by UniSwap. On the use of handling fees, UniSat will donate 2% of revenue to L1F (Layer1 Foundation). In addition, UniSat will open the fully interpreted and verified source code of brc20-swap to facilitate early support of the indexer.
At present, the brc-20 protocol and even the entire Ordinals ecosystem are still in their early stages, and UniSat occupies a huge market share and influence. Sats is favored by UniSat and provides itself with great positive expectations. OKX data shows that sats generated approximately $2 million in trading volume in the past 24 hours.
brc 20-swap went online with twists and turns
Previously, due to the original user experience and poor liquidity, brc-20 tokens still belonged to the small circle niche track, and the lack of infrastructure made it difficult for EVM whales to enter. The opening of UniSats brc20-swap has opened a channel for more users to enter the Bitcoin ecosystem and trade BRC-20 tokens. The launch of this product has also experienced some setbacks.
On September 27, UniSat Wallet announced the launch of the brc 20-swap testnet, where users can mint BRC-20 tokens, deposit, trade and increase liquidity on its testnet.
On October 10, UniSat Wallet announced the release schedule of the brc20-swap mainnet, which is planned to be launched on October 25.
On October 22, UniSat itself encountered technical difficulties. Some users discovered that different markets are using different versions of ord, which index different inscription numbers. Before Magic Eden, OKX, and UniSat Wallet all used the same ordinal number, there was a risk of double spending when trading BRC-20.
UniSat later issued a response on . We are monitoring the work of contributors and indexers and will promptly notify our users. On the same day, Magic Eden suspended BRC-20 trading.
On October 25, brc20-swap’s original mainnet launch time has arrived. However, UniSat delayed the launch of the product and postponed its mainnet launch to October 31. At the same time, it stated that during the initial mainnet launch, the team will continue to distribute Prime Access for free; as more users join, the team The performance of the system will be closely monitored and any issues that may arise promptly addressed; after a series of iterations, all features will eventually be made available to all users.
On November 1, Beijing time, the brc 20-swap mainnet was officially launched. However, unlike common permission-free DEXs, brc20-swap still requires a certain permission before trading can be started.
Among the first batch of online assets, UniSat has included 14 inscription assets in the first batch of support lists for the brc20-swap mainnet, which are:sats、ordi、trac、oshi、btcs、oxbt、texo、cncl、meme、honk、.bit、vmpx、pepe、mxrc。Specifically, asset open trading adopts an on-demand transaction model: withdrawal requests can only be used when new users deposit relevant assets into brc20-swap.
It seems too early to draw a conclusion on how far the BRC-20 ecology can go. It might as well let the bullets fly for a while and wait for development.
