On December 4, as Bitcoin rose above $41,000, the crypto market was once again full of bullish sentiment. In this round of price increases, the old Bitcoin ecosystem tokens RUNE, BADGER, ORDI and even STX have all seen impressive price trends, but some new projects are also gradually emerging in this bull market. BlockBeats has selected 4 new Bitcoin ecosystem projects worth paying attention to, and the content is summarized as follows:
THE BAD
・Current Price: $0.038
・Increase (24H/7d/30d): -0.1%, 61.6%, -%
・Market value: $35,322,772
・Trading volume (24h): $10,406,631
Multibit is a bridge protocol that connects BRC20 assets to the EVM network, which appeared in May this year. It allows users to seamlessly transfer tokens between the ETH chain, BNB chain, and BTC network. Multibit completed the IDO auction on the auction platform Bounce Finance on November 12, raising 88 ETH. On November 4, it completed the IDO again on the Bitcoin network donation platform TurtSat at the same price, raising 4.64 BTC. The total amount of funds raised in the two times is about 350,000 US dollars.
MultiBit simplifies the process of transferring tokens between Bitcoin's BRC20 and EVM networks. First, the user transfers the BRC20 token to a dedicated BRC20 address. Once confirmed, the Multibit protocol begins to work and mints an equal amount of tokens on the Ethereum or BNB chain. The Multibit Protocol collects the tokens from all the distributed unique addresses. These tokens are securely transferred to 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. The equivalent value of tokens is then transferred to the user from the secure cold wallet.
The total supply of MUBI is 901,224,547 pieces, all of which are currently in circulation.
ALEX
・Current Price: $0.145
・Increase (24H/7d/30d): 23%, 117.8%, 177.3%
・Market value: $92,719,324
・Trading volume (24h): USD 22,345,001
ALEX Labs is a Bitcoin ecosystem DeFi platform based on the Stacks network. The original intention of the platform was to focus on the idea of Bitcoin finance. Its vision is to eliminate the barriers between Bitcoin L1 and L2 and create a seamless Bitcoin DeFi experience. The total supply of its token ALEX is 1 billion.
Currently, ALEX Labs' Launchpad feature can be used to start new projects or deploy, mint, and transfer BRC20 tokens. The cross-chain bridge function supports users to transfer tokens between EVM and Stacks, as well as between Bitcoin and Stacks. The trading modes include AMM and order book. Users can view and analyze the ecological DeFi economy on ALEX through the dashboard. In addition, the platform will also launch liquidity mining and RWA services. As a Bitcoin ecological DeFi platform, ALEX Labs' functions can be said to be quite complete.
ALEX Labs announced at the end of 2021 that it had completed a $5.8 million financing. According to its official website, the participating institutions are as follows:
The platform’s current TVL is $43,539,056, with a total transaction volume of $404,849,253 and 27,738 active wallets.
BSSB
・Current price: 1.4653 USD
・Increase (24H/7d/30d): 77.10%, 105.70%, 125.55%
・Market value: US$24.77 million
・Trading volume (24h): 7.22 million USD
BitStable (BSSB) is a decentralized asset protocol based on the Bitcoin network. Anyone can generate DAII stablecoins against Bitcoin ecosystem collateral assets anywhere through the platform. BitStable has a dual token system and a cross-chain compatible structure, and its tokens are DAII and BSSB.
DAII is a stablecoin whose value and stability come from the robustness of Bitcoin ecosystem assets, including BRC20, RSK, and Lightning Network. In addition, BitStable envisions that DAII can also bring the Ethereum community into the Bitcoin ecosystem with its cross-chain capabilities. The total supply of DAII is 1 billion.
BSSB is the platform's governance token, which the community uses to maintain the system and manage DAII. BitStable will also incentivize BSSB holders through dividends and other measures.
The total supply of BSSB is 21 million. In addition to the 50% publicly sold on Bounce Finance, the team will hold 5% of BSSB (locked for 6 months and unlocked linearly for 15 months), the airdrop will account for 3.5%, the staking rewards will account for 36.5%, and the LP will account for 5% (locked indefinitely).
BitStable launched its native token BSSB on Bounce Launchpad at 12:00 on November 29. Users can obtain corresponding BSSB shares by staking AUCTION tokens or through an auction mechanism. Within two hours after Bounce Finance’s announcement, the price of AUCTION rose by more than 15%.
On November 29th, during the Bitstable public sale on Bounce Finance, a single unauthorized entity acquired a majority of the available supply of tokens. This incident was caused by a combination of a DDoS attack and multiple wallets interacting directly with the contract, resulting in an uneven distribution. In order to realign the distribution of BSSB and follow the strategic roadmap of DAII, Bitstable made the difficult but necessary decision:
75% of the BSSB tokens involved in the fixed exchange auction will be destroyed.
The remaining 25% will still be claimable. However, taking into account high gas fees and additional fees, this effectively increases the cost of participation for the parties involved by six times.
AUCTION
・Current price: $17.85
・Increase (24H/7d/30d): 25.2%, 71.2%, 156.0%
・Market value: $118,596,905
・Trading volume (24h): USD 81,771,750
Bounce Finance is a decentralized auction protocol that integrates liquidity mining, decentralized governance, and staking mechanisms. It provides users with the ability to create and participate in various types of auctions on multiple blockchain networks. Bounce Finance offers a range of products, including token and NFT auctions, physical collectibles auctions, ad space auctions, SDKs and plugins.
On November 12, Bounce Finance completed the MUBI auction on the Ethereum chain, with an IDO unit price of $0.00047 and raised 88 ETH, with a current return of more than 80 times. In addition, Bounce Finance also completed the public sale of the Bitstable project, a cross-chain DeFi protocol based on Bitcoin.
On December 1, Bounce Finance launched BounceBit, a DeFi solution designed for the Bitcoin ecosystem that will be based on Binance Bitcoin (BTCB) and powered by AUCTION. BTCB is a BEP2/BEP20 asset pegged 1:1 to Bitcoin and locked on the Bitcoin blockchain, enabling Bitcoin holders to participate in the DeFi ecosystem while maintaining their Bitcoin investment.
