Original author: Lisa, Jaden, LD Capital
1. DEX
1、RDEX
RDEX is BRC 20’s Orderbook DEX, powered by a combination of Ordinals Protocol, PSBT Technology, Bitcoin Script, and Nostr Protocol. According to the official roadmap, the project also plans to launch launchpad in 2024 Q1.
Note: PSBT (Partially Signed Bitcoin Transaction) is a standard format used to simplify the processing of Bitcoin transactions that have not yet been finalized, allowing wallets and other tools to exchange Bitcoin transaction information and the signatures required to complete the transaction. . Introduced in 2019 via BIP 174, PSBT is widely used for multi-signature transactions, offline wallet transactions, and other Bitcoin transactions that require more steps.
The total issuance of RDEX is 100 million, and the distribution is as follows:
2、DotSwap
Dotswap is currently the AMM DEX with the best experience since brc 20 has been launched. The latest DotSwap V2 utilizes PSBT and a secure asset pool to implement BRC 20 native AMM swap. Founder Lin Zheming has more than ten years of Bitcoin investment experience and seven years of Bitcoin mining pool management experience. He has developed wallet DotWallet and Ordinals marketplace TierTop.
The 2024 Roadmap shows that the project will integrate more UTXO assets, further expand DEX unilateral liquidity customized liquidity fees, impermanent loss thresholds, advanced transactions including current price orders, etc., and also launch launchpad, cross-chain, oracles products such as machine, flash loan, NFT pledge and short selling, forming a complete ecosystem.
$DSWP is the official token of DotSwap, with a total supply of 1, 200, 000, 000 (22.76% of which is destroyed), and the current circulating supply is 27, 379, 620, accounting for only 2.292%. In addition to the burn and initial circulation portion of the token distribution, the remaining tokens will be unlocked in the next 4 years. The largest proportion of LP rewards will be released through the LP mining plan in the future.
Dotswap draws on the economic model of curve. Users can lock $DSWP to obtain veToken, veDSWP has voting rights, and veDSWP holders decide which trading pairs should receive LP rewards by voting.
As the first brc 20 native swap to be officially launched, Dotswap has a first-mover advantage with its silky smooth experience. If it can further attract attention, cultivate user habits, and gain TVL accumulation by launching high-quality projects, optimizing economic models, etc., it will The short window period forms a barrier to future competitors and has the opportunity to become the leading ecological DEX.
3、Ordiswap
Ordiswap products include swap, bridge, stable currency BTSD (Ordiswaps Bitcoin Standard Dollar), etc., which are not yet officially online. Ordiswap completed its Public Sale on December 15th at fjord foundry.
The platform token ORDS has a total supply of 1,000,000, with a private placement price of US$3.50 and a seed round price of US$2.00. TGE circulation is 437,500 ORDS, based on the current price of $16, MC 7m, FDV16m.
2. Loan
1、Bitlend
White paper v1 was released on November 8, aiming to create an algorithmic decentralized lending protocol that runs on the BTC network and allows users to participate in the lending pool as lenders or borrowers. Designed to unleash the full potential of Bitcoin Layer 1 and build a high-speed lending market for BTC native BRC 20 assets using the ordinal protocol, PSBT technology, and Bitcoin Script. Through a unified margin account, users can earn interest on deposits and borrow from a shared liquidity pool through collateral.
This product is expected to support BTC, ORDI, SATS, NALS, RATS, ROUP, and TURT.
The project products are currently in the testing phase, with OG pass cards and Light pass cards on sale.
The total number of OG cards is 500, the price is 0.001218 BTC, and it is a fair sale.
The total number of Light cards is 1,000, the price is 0.000813 BTC, and they are fully whitelisted for sale.
Pass card benefits include:
1) $BTL Inscription Airdrop
2) Right to use the beta version of the application
3) Additional benefits (not specified)
4) 50% handling fee reduction
5% airdrop of BTL tokens will be distributed to OG card holders, and 3% will be distributed to all light card holders. However, it should be noted that the team will randomly snapshot 5 times from 1218 to January 18, requiring 3 times. Only those on the list can receive airdrops.
2、DOVA
The Dova protocol product is not currently online. The protocol wants to enable users to seamlessly transfer BRC-20 tokens across chains through the MultiBit cross-chain bridge and support users to use BRC-20 tokens for mortgage loans. The team plans to launch the product in the first quarter of 2024.
Tokenomics
The total number of tokens is 2.1 billion, of which 10% is used for IDO, 60% is used for mining, 10% belongs to the team, 10% is used for airdrops, and 5% each is used for liquidity pools and treasury.
3. Stablecoins
1、BSSB
The BitStable protocol wants to build a framework for creating, trading, and managing synthetic assets for the Bitcoin ecosystem, using a cross-chain and dual-token economic model.
Agreement framework
The BitStable protocol supports staking ORDI or BTC/BTCB on the Bitcoin network, Ethereum network and BNB chain to obtain stable currency DAII. DAII minted on the Bitcoin blockchain can be bridged to Ethereum, and users who obtain DAII on the Ethereum chain can Use stablecoins such as USDT for 1:1 exchange, and then cross-chain to the Bitcoin network. ORDIs mortgage rate is 500%. The protocol document details the implementation process of the clearing module on the Bitcoin network. When users need to redeem collateral on the Ethereum chain, they need to redeem DAII on the BitStable platform.
Tokenomics
The total amount of BSSB is 21 million. 50% of it is publicly sold on Bounce Finance, the team will hold 5% (after 6 months of locking, 15 months of linear unlocking), 3.5% of the airdrop, 36.5% of the staking rewards, and 5% of the LP (no lock-up). On Bounce Finance, 60% is obtained through AUCTION staking and 40% is obtained through auction.
The main function of BSSB tokens is voting governance, and decisions include the selection of mortgage assets, the setting of over-collateralization rates, the collection of fees and other parameters.
In addition, the multibit platform supports the address BSSB to earn BDID.
Summary: The core of the loan product is the liquidation module, which needs to avoid system bad debts caused by untimely liquidation. In order to incentivize liquidators and reduce the risk of participating in liquidation, it is necessary to provide sufficient profit margins and good secondary liquidity to sell liquidated items immediately. The current BTC layer 1 transaction speed and lack of smart contracts cannot meet the above requirements. Therefore, most Bitcoin ecological products may be centralized or borrowed from the Ethereum network to build, and security needs to be considered. In addition, most inscribed tokens do not have a consensus on value, so the collateral they support may be very limited.
4. launchpad
1、Bounce
Bounce is a decentralized auction platform launched in September 2020. Bounce V3 launched in February 2023 introduced Auction as a Service (AaaS), providing on-chain auction tools that can be used in Web3 native spaces and traditional spaces, while maintaining Traditional user experience, providing auction services including tokens and NFTs, physical collectibles, advertising spaces, etc. Investors include Coinbase Ventures, Binance Labs, Pantera Capital, Blockchain Capital, and others. Bounce will also launch the BTC Layer 2 BounceBit in the future.
The Bounce Finance platform token is AUCTION, and use cases include governance voting, trading media, exclusive auction focus (staking to obtain platform promotion and promotion), obtaining Bounce V3 membership, staking to obtain dividends, etc.
Max supply 10, 000,000, total supply (excluding burn) 7, 640, 660, circulation 6, 500, 033, all expected to be released in August 2024.
2、Turtsat
Turtsat is a community-driven open platform built on Ordinal and is committed to becoming the Gitcoin of Ordinals. The picture below shows projects that have completed fundraising through Turtsat.
Officially, $TURT is an experimental BRC-20 MEME. The total supply of TURT is 1 billion, and the token distribution is as follows:
Users who hold $TURT in the early stage can obtain whitelist qualifications. On December 7, 2023, Turtsat issued a new asset EGGS. Users can obtain EGGS by pledging $TURT, and EGGS can be exchanged for the whitelist of the Launch project. In the future, EGGS may be used in more scenarios, including but not limited to : Project online voting, direct exchange for cooperation token gift packs, etc. The current staked amount of $TURT is 313.4 m.
3、BRC 20.COM
The projects vision is to create a comprehensive Bitcoin network ecological Super App, including wallets, DEX, cross-chain bridges, staking and other DeFi solutions. The products currently released by the project include the Coingecko-style DASHBORAD platform, which is mainly used for users to track related BRC 20 market tokens.
At the same time, the platform will launch the first IFO (Initial Farming Offering) project on December 26, and users will be able to use the Gas-free staking infrastructure to pledge .COM tokens to participate (based on this, the author temporarily puts it under the launchpad category).
The basic situation of platform token .COM is as follows:
5. Cross-chain
1、Mutibit
MultiBit is designed to enable token transfers between the Bitcoin network and the EVM network, and is currently able to provide cross-chain bridge services for BRC 20 tokens and tokens from ERC 20, BSC and polygon networks.
The $MUBI token was publicly sold on bounce on November 12, and the token distribution is as follows:
2、ROUP
Rolluper (ROUP) uses the BRC 201 cross-chain solution of the MAP Protocol and was officially released on December 20, 2023, realizing cross-chain from brc 20 to MAP layer 2. ROUP is Rollupers BRC 20 platform token, with a total issuance of 2.1 billion tokens and a limit of 10,000 tokens per engraving. The service revenue of the agreement will be used to buy back and destroy $ROUP. Rolluper also lists MAPO as a platform token to empower it, but in repurchase and destruction activities, the proportion of MAPO tokens will not exceed 10%.
3、Ordinfinity
Ordinfinity is a Defi platform based on ordinals cross-chain, Swap, multi-chain lending, and ranchpad. $ONFI (BRC 20) is Ordifinity’s native utility token. Holders enjoy governance, cross-chain fee reduction whitelisting, and staking rewards. The total circulation is 2, 100, 000, 000, and the current market value is approximately 8.7 m .
4、TeleportDAO
TeleportDAO is a trustless cross-chain bridge connecting Bitcoin to EVM. There are currently two products: teleordinal cross-chain Ordinals trading market and teleswap cross-chain DEX. Teleswap can only realize the cross-chain of BTC on polygon and bsc. The platform token TST is not yet online. Two rounds of TeleportDAO incentive programs have been conducted on coinlist to distribute TST rewards to users.
