Recently, the BRC-20 token sats has 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, and in the past two days, the price has risen rapidly, breaking through 0.00000015 USDT, with a maximum increase of nearly 500%. What has happened in the BRC-20 market recently?
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It is impossible to mint all meme coins
When it comes to sats, the biggest impression people have is its huge supply. The total supply of sats is 2,100,000,000,000,000, or 210 trillion, which is 100 million times that of Bitcoin.
Therefore, at the beginning of the launch, many users did not believe that this BRC-20 token would eventually be fully minted. However, the enthusiasm of users was strong, and sats, the meme with the name of Satoshi Nakamoto, was eventually fully minted.
On September 24, the minting progress of sats reached 100%, the total minting times reached 21,107,258 times, the holders reached 36,061 people, and the minting started on March 9, 2023 and took a total of 6 months.
Judging from the number of participants, sats are large enough, which to a certain extent represents sufficient "decentralization". Moreover, the name of the token itself is a kind of "innate advantage", which also gives sats a certain advantage in the competition of the meme track.
Meme coin turns into utility token
As the scale of the sats community expands, 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 increase 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 in the crypto world. Previously, DOGE and SHIB had caused heated discussions in the market due to "chain issuance". This time, the story comes from the consumption of swap fees. In UniSat's latest brc20-swap, sats will be charged as a handling fee, which will cause users to consume a lot of sats.
UniSatWallet 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. Regarding the use of handling fees, UniSat will donate 2% of its income to L1F (Layer1Foundation). 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 US$2 million in trading volume in the past 24 hours.
BRC20-Swap launch has 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 UniSat's 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, UniSatWallet announced the release schedule of the brc20-swap mainnet, which is scheduled to go online on October 25.
On October 22, UniSat itself encountered technical difficulties. Some users found that different markets were using different versions of ord, which indexed different inscription numbers. Before MagicEden, OKX, and UniSat Wallet all used the same ordinal, there was a risk of double spending in 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, the original scheduled mainnet launch time for brc20-swap 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 assets launched, UniSat included 14 inscription assets in the first batch of support list for the brc20-swap mainnet launch, namely: sats, ordi, trac, oshi, btcs, oxbt, texo, cncl, meme, honk, .bit, vmpx, pepe, mxrc. Specifically, asset open trading adopts the "on-demand trading" model: only when new users deposit relevant assets into brc20-swap can the withdrawal request be used.
It seems too early to draw a conclusion about how far the BRC-20 ecosystem can go. We might as well wait and see how it develops.
