Original author: Luccy
Original source: BlockBeats
As the Bitcoin ecosystem continues to develop, the market's attitude towards top cryptocurrencies has become clear. Now, what we see is competition and development in two main directions:
The first is the horizontal "Inscription Track". Various public chains are experimenting with inscription technology, forming an “inscription track.” For example, Ethereum’s eths, Doggie’s dogi, Solana’s sols, etc.
Secondly, there is the vertical "BTC ecosystem", with Ordinals and BRC-20 as the pioneers, forming the first wave of traffic and wealth accumulation. Subsequently, new protocols such as Atomics/Runes (not yet launched) will continue the funding and attention of BRC-20.
In addition, there are many BTC L2 projects and DeFi projects in the construction stage in the Bitcoin ecosystem, attracting the attention of more developers and capital. These advances are not limited to inscription technology, but build the Bitcoin ecosystem in depth, increasing its total value locked (TVL) and infrastructure.
Note: There is no complete Bitcoin ecological market value ranking on the data platform. This article refers to the ranking data compiled by @0xSea.
SATS
The current circulating market value of SATS is US$1.613 billion, ranking No. 1 in the Bitcoin ecological rankings.
SATS is a BRC-20 token based on the Bitcoin network and a token created based on the Ordinals protocol, released on March 9, 2023. The name of this token comes from the smallest unit in Bitcoin, "Satoshi", which represents a tribute to Bitcoin.
SATS was originally created for entertainment purposes and was considered a meme, and then gradually showed the success that a cryptocurrency community can achieve by jointly participating and exploring blockchain technology, and thus attracted a large number of investors and Trader attention has also become very popular in the BRC ecosystem.
Currently, some key data points about SATS include: total supply of 2,100 terabytes of SATS; number of holding addresses: over 37,430; total number of transactions: over 21,425,690. Judging from the on-chain data, SATS’s acquisition funds are very strong. In less than a day after Binance was launched, 19.17% of the chips, worth approximately US$200 million, were collected, and there was still no significant drop despite a 143% increase.
Although the volume of SATS on the trading platform is not as large as ORDI, the chips are still relatively dispersed. However, a large number of early high-profit chips were not sold. Now, 7 of the top 10 addresses are personal addresses, and the largest individual holds 15 trillion chips, worth $7.2 million. The largest player in SATS once owned 65 trillion SATS and sold them all after the Binance listing, making a profit of $36 million.
STX
The current circulating market value of STX is US$1.513 billion, ranking 2nd in the Bitcoin ecological rankings.
Stacks is a Bitcoin L2 platform with STX as its native token, with staking, governance, ticket smart contracts, and value transfer uses. While Stacks is anchored on the Bitcoin blockchain, it is also an independent protocol. It implements these contracts on the Bitcoin blockchain by introducing the smart contract language Clarity and the virtual machine SVM (Stacks Virtual Machine). PoX (Proof of Transfer) consensus mechanism to help the Bitcoin blockchain expand, opening up new possibilities for applications such as DeFi and NFT.
In addition, Stacks also introduced sBTC, which is linked to Bitcoin, which defines a decentralized "hang-in" and "hang-out" system, allowing the Stacks network to write to Bitcoin, providing decentralized communication and stronger Security creates a pipeline to port Bitcoin to a system with higher utility. A key difference between sBTC and wBTC is that the latter is operated by a custodian entity, whereas Stacks claims that sBTC operates entirely on its own and is protected by the security infrastructure of both systems.
ORDI
ORDI's current circulating market value is US$1.376 billion, ranking third in the Bitcoin ecological rankings.
On March 8, 2023, anonymous developer @domodata launched the BRC-20 inscription protocol based on the Ordinals protocol and deployed the experimental token ORDI, which was the first BRC 20 Token deployed.
On March 9, ORDI was minted. The cost of printing one ORDI (1 card includes 1,000 coins) is 2 to 3 US dollars. Based on the current price of 1 ORDI 50 US dollars, the current price of one ORDI is 50,000 US dollars. Since then, ORDI’s value has continued to rise, especially after being listed on Binance, where its price once soared by more than 700%.
Ten months have passed, and if it has not been sold yet, based on the current price, this is an investment that has increased by 20,000 times. At the time of writing, ORDI is priced at $54 each and has a market capitalization of about $1 billion.
RATS
RATS currently has a circulating market value of US$370 million, ranking 4th in the Bitcoin ecological rankings.
RATS, a BRC-20 token created through the Ordinals protocol, is a unique meme token inspired by rats, representing one of the most prolific mammals on the planet. Unlike many tokens that are designed to achieve great things in the blockchain ecosystem or the crypto-asset market as a whole, RATS is a meme token created for entertainment purposes.
The success of meme tokens often happens when people come together to have fun and explore blockchain technology, so much of RATS’s success can be attributed to the enthusiasm of its community. RATS has become a symbol of this ethos, with a growing base of supporters.
RATS’s tokenomics will be launched on March 11, 2023, and will be fully circulated on November 5, 2023. According to CoinMarketCap, the total token supply of RATS is 1 trillion tokens, but there is currently no clarity on the allocation and distribution of RATS tokens.
ATOM
ATOM's current circulating market value is US$283 million, ranking 5th in the Bitcoin ecological rankings.
ATOM is a token based on the ARC-20 standard of the Bitcoin blockchain and belongs to the Atomics protocol. The Atomics protocol is a mechanism for creating, transferring, and updating NFTs on the UTXO (Unspent Transaction Output) blockchain.
The protocol solves the long-standing problem of representing any fungible token asset on the Bitcoin blockchain by permanently binding each token unit to a Satoshi. This means that each ATOM token can never be worth less than 1 Satoshi. ARC-20 tokens can be minted by anyone and transferred to any Bitcoin address. The ARC-20 token standard uses Satoshi to represent units of ownership, ensuring that the token has a minimum value of 1 Satoshi.
THE BAD
MUBI's current circulating market capitalization is US$215 million, ranking 6th in the Bitcoin ecological rankings.
MUBI is the BRC-20 token of the two-way bridge platform Multibit based on the Bitcoin blockchain. Multibit completed its IDO on November 14, and the token MUBI rose by 1140% after the opening.
The Multibit platform is designed to facilitate users to seamlessly transfer tokens between the Bitcoin blockchain and other Ethereum Virtual Machine (EVM) networks, thereby enhancing liquidity and interoperability between different blockchain networks. MUBI tokens provide a new method that allows users to smoothly transfer tokens between Bitcoin and EVM networks, promoting the seamless flow and interoperability of tokens between different blockchain ecosystems.
Over the past 24 hours, Multibit’s price has grown significantly, rising by 50.40%. There are currently 950 million MUBI tokens in circulation, and the total supply is capped at 1 billion MUBI tokens.
ALEX
ALEX’s current circulating market capitalization is US$205 million, ranking 7th in the Bitcoin ecological rankings.
ALEX is a Bitcoin DeFi platform built on the Stacks blockchain, dedicated to launching multiple uses for Bitcoin. ALEX mainly provides the following services: project launch of its tokens, fixed-rating and fixed-term loans without liquidation risk, DEX with AMM mechanism, depositing tokens to earn interest and obtain high returns through yield farming.
ALEX aims to break down the barriers between Bitcoin Layer 1 (L1) and Layer 2 (L2) to provide a seamless Bitcoin DeFi experience. Its native token ALEX can be obtained through DEX, LP participation and staking, and has three main functions: incentive, staking, and voting.
The total initial supply of tokens is 100 million ALEX, of which the foundation accounts for 20%, community pledges account for 50%, and the founding team and early investors account for 30%. 50% of the initial supply is used for staking, with the main purpose of incentivizing users to participate in platform activities, especially providing liquidity and staking on DEX.
RIF
RIF's current circulating market value is US$131 million, ranking 8th in the Bitcoin ecological rankings.
The RIF token is the native token of the Rootstock Infrastructure Framework, a service layer built on top of the Rootstock blockchain. Rootstock is a long-standing sidechain on which Uniswap v3 is deployed. The Bitcoin sidechain RSK, developed and launched by Rootstock Labs in January 2018, is an EVM-compatible smart contract platform written in the Solidity language. It uses Bitcoin as its native asset and aims to give BTC programmability.
On top of this, IOV Labs, the parent company of RSK, has established the RIF (RSK Infrastructure Framework) laboratory to help RSK achieve wider interoperability and faster deployment time, making up for the gap between blockchain technology and its large-scale market adoption. the gap between. Currently, the laboratory has developed the open operating system RIFOS and a series of suites (wallets, relays, domain services, etc.) based on RSK.
As of now, the circulating supply of RIF is 1 billion, and the maximum supply has not yet been determined. RIF is designed to bridge the gap between complex blockchain technology and seamless user experiences, helping organizations create innovative DeFi products and providing the infrastructure and resources to solve critical user accessibility challenges.
PIPE
PIPE's current circulating market capitalization is US$126 million, ranking 9th in the Bitcoin ecological rankings.
The PIPE protocol is a protocol inspired by the concepts of Casey Rodarmor’s RUNES and Ordinals’ BRC-20, and its first token is also named PIPE. Contains three "functions": deployment, casting and transmission. "Deploy" indicates that a new token has been deployed, while "minting" allows liquidity to be re-minted from that token according to the deployment's rules (such as supply, limits), bringing more advanced functionality to ordinarys.
The Pipe protocol is based on the UTXO architecture and brings the advanced features of digital art and NFTs to the Bitcoin world. It perfectly inherits the characteristics of Bitcoin UTXO, while optimizing network congestion, improving mint/handling fees and transfer experience. Although the data of Pipe and ordinals are both stored on the Bitcoin chain, their storage locations are different, just like the coins and banknotes in the wallet are not in one place. This design allows users to enjoy more excitement and fun .
TRAC
TRAC's current circulating market capitalization is US$109 million, ranking 10th in the Bitcoin ecological rankings.
TRAC (Ordinals) is a token based on the BRC-20 standard, and the market performance of TRAC (Ordinals) has recently shown an upward trend. As of now, TRAC’s instant price is $5.12, a 24-hour increase of 32%, and the trading volume is $2.98 million, an increase of 20.80%. The maximum supply of TRAC is 21 million, and the circulating supply is unclear.
TRAC is currently available for trading on Gate.io, BitMart and AscendEX (BitMax). $$trac$$
STAMPS
STAMPS currently has a circulating market value of US$68 million, ranking 11th in the Bitcoin ecological rankings.
SRC-20 tokens, also known as STAMPS (Secure Tradeable Art Maintained Securely), are a new type of token on the Bitcoin blockchain. Created by anonymous developer Mike In Space! and inspired by protocols like Ordinals and Counterparty, BTC Stamps proposes a different method of embedding data into the Bitcoin blockchain than inscription technology.
STAMPS tokens guarantee greater permanence than other protocols because they are stored directly in the blockchain’s disposable transaction outputs, making them impossible to delete. The proposed use of STAMPS is to create fractional NFTs from lightweight "24×24 pixel, 8 color depth PNG or GIF" images that form a complete NFT and can be sold in different parts based on the size of the image.
According to the Github information submitted, the implementation mechanism of BTC Stamps is to embed image data in base 64 format into the transaction output on the Bitcoin chain, thereby permanently saving the corresponding image data on the Bitcoin chain.
(The above content is excerpted and reprinted with the authorization of partner MarsBit, original text link | Source: BlockBeats)
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
〈How many of the top 10 tokens in the Bitcoin ecosystem do you hold? 〉This article was first published in "Block Guest".
