Not just MEME, practical narrative BRC20 ecosystem hot projects inventory

In 2023, the Bitcoin ecosystem showed continuous highlights, new protocols emerged one after another, and the ecosystem around protocols such as Ordinals, Lightning Network, Stacks, RGB, Atomicals, etc. was rapidly enriched.

Especially recently, with the price of Ordi exceeding $60 recently, its increase has exceeded 10,000 times. This significant wealth effect makes the Bitcoin ecosystem the focus of investors' keen attention.

Although many Bitcoin-related protocols are still in the early stages of development, in the inscription ecosystem outside of Ordi, there are many other popular investment targets worthy of attention in Brc-20. After detailed research, we will introduce the Brc-20 ecological projects that have been popular in the market recently in this article.

BitStable ($BSSB): A stablecoin system based on Bitcoin

Introduction

BitStable is a decentralized asset protocol based on the Bitcoin network, which allows users to generate $DAII stablecoins, collateral assets related to the Bitcoin ecosystem, on a global scale. This platform adopts a dual token system, mainly including two tokens, $DAII and $BSSB, and supports cross-chain operations, enhancing compatibility with other blockchain networks.

Project website: https://bitstable.finance/

Twitter: https://twitter.com/bssbstable

$BSSB Token

BitStable has a dual token system, with the tokens being $DAII and $BSSB.

• $DAII is a stablecoin that derives its value and stability from assets in the Bitcoin ecosystem, such as BRC-20, RSK, and the Lightning Network. DAII is designed to bring the Ethereum community into the Bitcoin ecosystem through its cross-chain capabilities. The total supply of the token is set at 1 billion.

• $BSSB is the governance token of the platform, which is used to maintain the system and manage $DAII. BitStable also encourages $BSSB holders through dividends and other incentives. The total supply of BSSB is 21 million, and the token distribution is as follows: 4.1% for airdrops, 41.2% for public sales, 42.9% for staking rewards, 5.9% for the team (unlocked linearly for 15 months after 6 months), and 5.9% for LPs.

• $BSSB current market value 20.81M

It is worth noting that during the IDO on November 29, 2023, BitStable suffered a DDoS attack on the Bounce Finance platform, resulting in an uneven distribution of tokens. To address this issue, BitStable took a series of measures, including destroying 75% of BSSB tokens and retaining 25% for claims. This actually increased the costs of the participants due to high gas fees and other additional costs.

Overall, BitStable provides more liquidity and stability to the Bitcoin ecosystem through its unique token system and cross-chain capabilities, while also giving community members the opportunity to participate in and influence the direction of the platform.

Multibit ($MUBI): A bridge for BRC-20 assets

Introduction

Multibit is an emerging bridge protocol that was launched in May 2023 and focuses on connecting BRC-20 assets to the EVM network. This protocol enables users to seamlessly transfer tokens between the Ethereum (ETH) chain, Binance Smart Chain (BNB), and Bitcoin (BTC) networks.

The operating principle of Multibit is quite simplified and efficient. First, the user transfers the BRC-20 token to a dedicated BRC-20 address. Once confirmed, the Multibit protocol starts working and mints an equal amount of tokens on the Ethereum or BNB chain. These tokens are then securely stored in a unified cold wallet. When the user needs to withdraw the tokens, the Multibit protocol destroys the corresponding number of tokens from the EVM chain and then transfers the equivalent tokens from the cold wallet to the user.

On November 26, Multibit also launched a staking system, allowing users to stake MUBI tokens and receive rewards in the form of ERC-20 or BRC-20 tokens on the Multibit platform. Currently, users can obtain NHUB and BSSB tokens through staking, and more than 360 million MUBI tokens have been staked on the Multibit platform so far.

Project official website: https://multibit.exchange/

Twitter: https://twitter.com/Multibit_Bridge

$MUBI Token

Multibit's token MUBI has a total supply of 1,000,000,000 pieces, all of which have now entered circulation, with a current market value of $154.2M.

The $MUBI token is a core component of the MultiBit platform, providing users with a range of features and benefits. Here are the rights of $MUBI token holders:

• Governance Rights: Users holding $MUBI tokens have a say in the governance of the MultiBit platform. They can vote on important decisions of the platform, including but not limited to platform upgrade proposals, new token listings, fee structure adjustments, etc.

• Users can stake their $MUBI tokens on the MultiBit platform to earn rewards in the form of ERC-20 or BRC-20 tokens. This not only increases the liquidity and security of the platform, but also provides additional tokens to stakers in return.

Additionally, a portion of the transaction fees collected by MultiBit will be tokenized and distributed to $MUBI stakers. The distribution is as follows:

• 50% for growth, including 5% for core contributors, 5% for team finances, 20% for development, and 20% for marketing.

• The other 50% is distributed to staked $MUBI holders as a portion of protocol revenue generated by Multibit exchanges.

• Please note that due to the lack of public information, the current specific distribution of tokens is unclear.

Chamcha ($Chax): Inscription Asset Management Platform

Introduction

Chamcha is a platform based on the Ordinals asset liquidity protocol, focusing on providing a safe and convenient environment for buying, selling, earning and hosting NFT assets. It combines blockchain technology and smart contracts to combine traditional financial scenarios with the potential of circulating and streaming NFT assets.

Chamcha also adopted the BRC-20 cross-chain protocol and launched CHAX (Chamcha token) to support the new cross-chain bridge. This new bridge is designed to alleviate the congestion problem of the old cross-chain bridge caused by too many user withdrawal requests due to the large price difference between MEXC and the chain. Currently, more than 20 million CHAX tokens have been cross-chained to the Ethereum network.

Project official website: https://chamcha.io/

Twitter: https://twitter.com/0xChamcha

$Chax Token

The total supply of $CHAX tokens is 2,100,000,000 and the current market value is $15.7M.

Token distribution is as follows: 68% for public sale, 12% for ecosystem growth, 10% for staking rewards, and 10% for liquidity reserve.

$CHAX is not only a participation token for the platform, but also grants governance benefits to holders, incentivizing them to actively participate in the development of the platform. The use cases and benefits of CHAX are as follows:

• Governance: $CHAX token holders can participate in the governance process, exercise voting rights, and influence important decisions regarding the development of the platform. This ensures that the community has a direct say in shaping the direction and growth of the Chamcha ecosystem.

• Liquidity Rewards: Users who provide liquidity to the Chamcha liquidity pool and participate in the automated market maker (AMM) system can receive $CHAX tokens as rewards to encourage liquidity provision and promote a healthy trading environment and platform liquidity.

• Staking: $CHAX token holders can stake their tokens to earn additional rewards, including a portion of the platform’s transaction fees or other incentives, thereby earning passive income.

• Platform Utility: CHAX tokens have multiple uses within the Chamcha ecosystem, including paying transaction fees, accessing premium features and services, and participating in specific token sales and events.

Overall, $CHAX plays a key role in managing the platform, incentivizing liquidity provision, providing staking rewards, and various activities and transactions in the Chamcha ecosystem.

TurtSat ($Turt): Ordinals Project Launch Platform

Introduction

TurtSat is a project launch platform based on Ordinals, similar to Gitcoin in the Ordinals ecosystem. It supports open source developers and communities to participate in the construction of the Ordinals ecosystem by establishing a basic PSBT donation protocol, thereby gaining benefits. TurtSat is committed to creating an active, community-led Ordinals ecosystem, and working with some influential organizations to jointly promote the development of the Ordinals protocol and the Bitcoin ecosystem.

TurtSat already supports BRC-20 and ERC-20 bilateral markets, and BRC-20 users can trade through Unisat and OKX. Since its launch, the TurtSat platform has launched a total of 4 BRC-20 projects, including asset protocol CHAX, cross-chain bridge MUBI, Ordinals aggregation platform NHUB and Ordinals lending platform DOVA. These projects are early builders of BRC-20 infrastructure, and have seen good gains since the launch of the projects.

With the wealth effect brought by TurtSat, multiple Ordinals builders and open source platforms have applied for project launches on TurtSat, demonstrating its influence and appeal in the industry.

Project official website: https://turtsat.io/

Twitter: https://twitter.com/Turtsat

$Turt Token

TURT is the platform token of TurtSat and also a MEME Token based on the turtle concept of BRC-20, with a current market value of $17.17M.

$TURT is an experimental BRC-20 MEME token with unique properties. It aims to build consensus on the value of BTC and Ordinals, allowing more individuals to understand and participate in the development of the Ordinals ecosystem and return to the BTC network.

The total issuance of TURT is 1 billion, and the public offering price is set at 2.5 Sats. So far, all tokens have been fully circulated through IDO and airdrops.

The token distribution mechanism is as follows: 80% for public sales, 7.5% for airdrops, 7.5% for private donations, and 5% for future donations.

Dova Protocol ($Dova): DeFi protocol on Bitcoin

Introduction

Dova Protocol is an emerging decentralized finance (DeFi) protocol that focuses on the Bitcoin (BTC) ecosystem and aims to bridge the gap between the Bitcoin ecosystem and compatible EVM chains. As DeFi develops, Dova Protocol aims to introduce some DeFi features and liquidity to the Bitcoin network.

Three major features of Dova Protocol technology:

• Trustless two-way anchoring: Dova Protocol provides trustless two-way anchoring between Bitcoin assets and BTC assets tokenized on the EVM chain. This allows for wider application of Bitcoin ecosystem assets in the DeFi ecosystem.

• Double anchoring mechanism: BTC assets are locked on the Bitcoin blockchain, and tokens representing these locked BTC are minted on the EVM chain. These tokens can be exchanged back to the original BTC assets.

• Multi-Bit BTC-evm Bridge: This bridge provides the foundation for expanding Bitcoin’s use cases through DeFi, making capabilities such as lending, staking, and inter-chain interoperability possible.

Dova Protocol main products and features:

• Dova Lending Protocol: Users can lend their BRC-20 holdings, obtain attractive yield opportunities, and earn unique BRC-30S token incentives. Users can lock BRC-20 assets on the Bitcoin network and provide BRC-20 tokens to lending pools on the EVM chain.

• Dova Collateralization Protocol: Bitcoin holdings on the Bitcoin native blockchain cannot be collateralized before they are converted to BRC-20 tokenized on the EVM chain. Dova will enable BRC-20 collateralization, allowing Bitcoin holders to participate in more DeFi protocols and receive BRC-30s incentives.

$Dova Token

The total supply of Dova tokens is 2,100,000,000 and the current market value is $55.56M.

The token distribution is as follows: 60% minting, 10% team allocation, 10% IDO round fundraising, 5% treasury, 10% airdrop distribution, and 5% liquidity pool. The specific functions of the tokens are not introduced in detail.

Traverse ($TRVS): Crypto Vault

Introduction

Traverse is a security solution designed for Web3. Given the complexity and privacy of blockchain, it has become a haven for cyber hackers. Currently, blockchain users have a poor experience with Web3 applications. Traverse's vision is to transform blockchain into a seamless and stress-free technology.

Although Traverse is not explicitly linked to inscription assets on its official website, it has repeatedly appeared in the inscription market and is currently quite popular.

product description:

• Traverse’s first product is a free, user-owned vault that brings traditional security features like multi-factor authentication (MFA) to the blockchain.

• All asset withdrawals require MFA approval, even if the seed phrase is compromised. By using a new iteration of security questions, it allows users to leverage episodic memory (i.e. people are more likely to remember details related to one event than unrelated details from a different event) to recover a lost vault.

Project official website: https://traverselabs.io/

Twitter: https://twitter.com/traverse_io

$TRVS Token

The $TRVS token is a cross-chain, cross-protocol utility token with a current market cap of $3.7M.

$TRVS is mainly used for

• Reduce platform fees, such as decentralized exchanges (DEX), NFT marketplaces, and merchant transaction fees;

• Help users improve the appearance of Vault, optimize UI design and other functions.

BRC-20 fair minting will account for 33.33% of the total cross-chain token supply. The total (cross-chain) token supply is 300 billion, of which 100 billion constitutes the BRC-20 token supply. The token distribution is as follows: Fair Mint accounts for 33.33%, Collaborator Incentives account for 13.89%, Bounty Bonuses account for 19.44%, Platform Incentives account for 19.44%, and Project Team accounts for 13.89%.

Traverse aims to improve the Web3 user experience by incorporating traditional network security features and strategies into blockchain technology. Its product and token economic strategy is clearly focused on increasing user engagement, providing greater security, and providing services across multiple chains and protocols, thereby enhancing the accessibility and usability of the entire blockchain ecosystem.