It’s time for our bi-weekly super 100x coin project again. Projects that can achieve 100x expectations are really hard to find. Brothers, please like and repost! The project we brought today should have been mentioned before. It is the cross-chain swap between Bitcoin and Ethereum. It was also launched on the auction platform we talked about before. This project was also launched on November 12th. Bounce Brand The Bitcoin cross-chain bridge MultiBit asset MUBI was issued on Ethereum, with an IDO unit price of US$0.00047. Currently, the price of each MUBI has reached US$0.24, reaching the peak of US$0.36, with the highest increase of approximately 1,000 times. At present, its market value has reached 220 million U.S. dollars, and its ranking has reached 230+. Let’s take a look today. Does it still have the potential to be 100 times lower than the bull market?
Introduction
Multibit Protocol (MUBI) is an innovative platform designed to unify liquidity between the Bitcoin network (BTC) and the EVM network. Multibit Bridge provides a secure and efficient bridging mechanism, allowing seamless cross-network token transfers between the ETH chain, BNB chain, Polygon chain and BTC network. By bridging ERC20 tokens with BRC20 tokens, Multibit Bridge enhances the liquidity of BRC20 tokens and promotes the growth and development of the Bitcoin ecosystem.
Project operation mechanism
Multibit seamlessly bridges the gap between the Bitcoin ecosystem and the EVM blockchain. Users will initially need to deposit their Bitcoin RC-20 tokens (BRC20s) to a unique address provided by the Multibit Protocol. After successful verification, Multibit Protocol will mint an equal amount of tokens on the Ethereum or BNB chain. For security, Multibit Protocol regularly collects tokens from all assigned unique addresses and securely transfers them to unified cold wallets. When users are ready to withdraw their tokens, the Multibit Protocol will "destroy" the corresponding number of tokens from the EVM chain and transfer the equivalent value of tokens back to the user from the secure cold wallet.
In order to ensure the security of cross-chain transfers, Multibit adopts a multi-signature mechanism. When a user initiates a token transfer request, multiple authorized signatures are required to perform cross-chain operations to reduce potential malicious behavior and risks. The multi-signature mechanism is a security measure that requires multiple users or nodes to verify and sign before a transaction can proceed, thereby increasing security. In addition, Multibit relies on listening nodes to monitor the transaction status on the ETH chain, BNB chain and BTC network. These nodes are responsible for monitoring token locking and release events to ensure real-time and accurate cross-chain transfers. To further ensure the security of cross-chain transfers, Multibit conducts regular security audits. By reviewing smart contracts, system architecture and related code, the system is checked for potential vulnerabilities and security risks. Security audits are an important risk management tool that can help identify and fix issues that could compromise system security and efficiency.
Current products
1. BTC cross-chain bridge: Currently, a cross-chain bridge has been built from the BTC network to ETH/BNB/Polygon and other networks, increasing the liquidity of Bitcoin.
2. Build Ordinals AMM: We know that the current transaction mode of unisat is still a pending order mode. If a transaction method similar to uniswap in the Ethereum ecosystem can be created, the transaction efficiency of brc20 will be greatly improved.
3. BRC20 pledge market: Allowing brc20 holders to pledge for financial management, which helps to lock in liquidity. Currently, there are projects such as BSSB, BDID, ZOOA, and NOVA.
4. Income (farming) & voting (vote): Currently, these two modules are still being developed. There should be a financial income and governance system. For example, by pledging ORDI and other valuable brc20 tokens to lend stablecoins, brc20 can be enlarged. of leverage.
Advantages of MUBI
Efficient Asset Portability: With Multibit, users can quickly and efficiently transfer their liquidity or token holdings from one network to another without complex manual processes or multiple transactions.
Enhanced Liquidity Pools: Multibit facilitates the integration of liquidity across multiple networks, creating larger and more powerful liquidity pools. This improves overall liquidity and trading opportunities for users on different blockchain networks.
Optimized market access: By enabling liquidity transfers, Multibit enhances market access for users, allowing them to take advantage of a wider range of assets, trading pairs and investment opportunities available on different blockchain networks.
Seamless user experience: Multibit aims to provide a seamless and user-friendly experience for liquidity transfer, ensuring that users can easily navigate between different networks and access their assets without any technical complexity.
Increased flexibility: The ability to transfer liquidity between networks provides users with greater flexibility in asset management, allowing them to adapt to market conditions and explore new investment opportunities across different blockchain ecosystems.
Benchmarking platform
Rising Star BakerySwap (BAKE)
BakerySwap was originally a multi-functional comprehensive trading platform on the BSC chain, including AMM DEX, NFTSwap, Launchpad and other functions. However, on November 18, BakerySwap announced that it would enter the Bitcoin ecosystem, aiming to become a bridge connecting EVM networks such as Bitcoin and Ethereum, and support the cross-chain and issuance of BRC assets.
On December 8, BakerySwap officially announced that users can use ETH, BAKE and other Bakery ecosystem tokens to participate in the upcoming BRC20 project IDO. There are already three BRC20 projects on the BakerySwap Launchpad waiting to issue tokens, including the GameFi project, the DEX that solves the liquidity problem of inscription assets, and the Layer 2 project in the Bitcoin ecosystem.
On December 11th, BakerySwap once again made waves, announcing that it would launch the first BRC20 IDO project BitcoinCats and planned to issue the token 1CAT on December 19th. BitcoinCats is the GameFi platform of the Bitcoin ecosystem, focusing on connecting Bitcoin assets to Ethereum, EVM and other Layer 2 networks, aiming to become the next generation gaming ecosystem across Bitcoin and EVM networks. Then it skyrocketed 15 times as soon as it went online. You can watch our previous episode of 1cat.
Through this series of operations, bakery has also been soaring recently, with an increase of 3 times. We will talk about a special episode later.
Token economy
The total supply is 1,000,000,000, and currently 950,000,000 are in circulation, with a circulation rate of 95%. The current price of the currency is US$0.24, which has increased thousands of times from the issuance price. So what is its reasonable price? Let’s look at the data first. Currently, there are 400 million US dollars in TVL on Dashbord, and the number of wallet addresses has exceeded 20,000. In fact, we have compared the TVL and market value coins of this kind of swap project before. The most typical one is uni 3.6 billion US dollars and 3.6 billion TVL, which is almost 1 :1, so it is still relatively cost-effective at present.
In conclusion, this project can be regarded as the first swap to bridge BRC20 assets to ETH. Because BRC20 has also become popular in the past six months, other trading platforms may not have responded quickly, and then brc20 After it became popular in May, it became silent later. It is probably because many people did not pay attention to it, so it took advantage of it to get up. So from this incident we know that as long as it is the leading project of Big Pie and Er Pie, even if it is a meme, we should pay attention to it. Although ordi has no value, it is the leader of Big Pie inscriptions and has room for speculation. In the same way, This brc20 cross-chain exchange links pie and ether. Although the experience is relatively poor and the assets are relatively small at present, it can be regarded as providing help to the liquidity of the BRC20 series assets. So the same principle is true. As long as the leader of brc20 is valuable, the liquidity they provide for it is naturally valuable. Moreover, as we have analyzed above, its current TVL and market value currency are relatively cost-effective. The current TVL is 400 million US dollars, and this is only sats. , ordi, there should be more in the future, and the bull market of these tokens in brc20 will also appreciate, so it is definitely not a big problem for this project TVL to reach US$4 billion in bull market.