The Story of $ORDI I have loved this name since I first saw it, kind of love at first sight.
#ORDI is a cryptocurrency that uses the Ordinals protocol to write information to each Satoshi, the smallest unit of Bitcoin. Ordi is the first BRC-20 token on the Bitcoin blockchain, with a total supply of 21 million coins.
Key Stats:
Current market cap: $108 BILLION
Backed by real value: Each $ORDI is backed by 1 satoshi, the smallest unit of Bitcoin.
Limited supply: Just like Bitcoin, there are only 21 million $ORDIs.
Utility in the BRC-20 ecosystem: $ORDI serves as a valuable payment coin within the BRC-20 network.
Current price: Approximately $52 per $ORDI.
How Does Ordi Work?
Ordi works by using the Ordinals protocol, which allows users to inscribe data, such as text, images, audio, and video, to each Satoshi. The inscription does not require a separate token, a side chain, or changing Bitcoin itself.
The Ordinals protocol simply adds information to each Satoshi, creating NFTs and tokens on the Bitcoin network. Due to the low block size limit of Bitcoin, the main information for inscribing is mainly text and images.
March 8: domodata proposed brc20 experiment and deployed #ORDI. ORDI was inscribed by an anonymous user with the address bc1p…gy06 on March 8, 2023, at 12:16:31 PM.
It is not affiliated with the Ordinals project, which was developed by Casey Rodarmor, a software engineer and artist.
Rodarmor created the Ordinals protocol as a way to explore the possibilities of Bitcoin and NFTs. He has also created other projects, such as ChatGPT, a chatbot based on OpenAI’s GPT-3 model.
March 9: ORDI minting completed, priced at 5$ per package ( 1000 ORDI)
March 23: Unisat launched the #BRC20 marketplace, and the price immediately did 10x to 0,3$ per ORDI. After that, Unisat closed the marketplace and the price fell back.
April 27: Unisat once again launched a marketplace, which before was only open to some users. $ORDI price quickly rise up to around 1$ After that, One exchange initiated a vote about BRC20, and users received that exchange expectations about launching BRC20 token
May 5th: Opensea announced support for ordinarys and BRC20, the hype started, people FOMO and pushed the price of ORDI up to 6$BTC
May 8: At 10 a.m., ORDI was launched on another exchange. On that day, BTC on-chain handling fees accounted for 43.7% of miners’ total income. After ORDI was listed on that exchange, the price jumped from 9U to 20U. At the moment, I know that my feeling about $ordi was completely right. But I sold at 17$ and waited for dips to enter again later
One day later, ORDI price recorded a new ATH at 28$, and that same exchange began to launch various #BRC20 tokens, such as a bank, etc., pizza, etc., lrc20, and drc20, etc. making that exchange became an exchange most Brc20 token With the selling of large players and the operation of exchange, as well as the downturn of the entire market, the price of ORDI continued to drop to around 7,5$, the market sentiment decreased, and KOLs began to criticize that Exchange in various ways.
November 7: Binance announced the launch of ORDI - with a tiny hint that not many people could point out, $ordi price run crazily from 7,4$ to 42$ till now. From starting mint cost 0.005U to 42U, 8400 times, $ordi did it in only 270 days. The rise of ORDI will undoubtedly bring huge traffic to the BRC20 ecosystem and promote the prosperity of the BTC ecosystem. I will buy and hold ORDI again at a better entry, but the story of ORDI will not end here, only 21,000,000 $ORDI in circulation and I think it is something to consider buying in the next Crypto bull circle.
Ordi has seen a significant increase in price and trading volume in 2023, especially after being listed on major cryptocurrency exchanges, such as Binance.
Benefits of Ordinals:
No need for off-chain protocols: Ordinals provide easy onboarding directly on-chain.
Security: Industry-grade security with a self-funded project, reducing external influence.
Tokenization: Ordinals allow users to tokenize assets, adding another layer of value to the Bitcoin blockchain.
Collectibles Market: The ability to personalize Satoshis opens the door to a new collectibles market, attracting digital artists and creators.
Unlocking the Potential: Exploring the BRC-20 Protocol on the Ordinals Ecosystem
BRC-20 is an EXPERIMENTAL token standard based on the BITCOIN network, which ALLOWS users to DEPLOY and MANAGE token contracts on the BITCOIN network to REALIZE the MINTING and TRANSFER of tokens. It RELIES on the ORDINALS protocol to give UNIQUE numbers and NOTES to the SMALLEST unit of BITCOIN, making it NFT-like. The INSCRIPTION generated by the ORDINALS protocol STORES token contract information, such as NAME, SYMBOL, TOTAL AMOUNT, and DECIMAL PLACES, etc., REALIZING the DEPLOYMENT and MANAGEMENT of token contracts. BRC-20 REALIZES the MINTING and TRANSFER of tokens by ADDING text information in the BITCOIN transfer information record COLUMN.
BRC-20, as a new type of token standard with potential and interest, is constructed by serial numbers and inscriptions and stored on the Bitcoin base chain. The reason why BRC-20 is sought after by users is mainly because its token issuance method is fair and just, all minting users are treated equally, and the project party cannot reserve or issue additional tokens. Even the issuer, who wants to obtain BRC-20 tokens, needs to participate in casting like ordinary users, which truly achieves equal participation in the ecology. At the same time, the total market capitalization of BRC-20 tokens has risen rapidly in a short period of time, and many BRC-20 tokens have experienced similar parabolic growth.
Although BRC-20 itself has some limitations, such as the inability to interact with smart contracts, the inability to assign decimal points, the inability to perform operations such as Burn and Lock, and the lack of functions such as approval or authorization, these limitations also become part of the BRC-20 to some extent. Advantage of 20 tokens. Due to the inability to interact with smart contracts, the issuance of BRC-20 tokens will not have reservations from project parties or venture capital institutions, and truly realizes the equal participation of everyone in the ecology. In addition, the core sats of BRC-20 tokens are regarded as the smallest unit of BTC, so they have natural value, which can ensure that BRC-20 tokens will not have the risk of zeroing like ERC-20 tokens and their side chain tokens. Today, the rise of the Ordinals protocol has brought new growth momentum to the BTC ecosystem.
The Ordinals protocol has ushered in a new era for the BTC ecosystem, offering enhanced transaction and collection value to BTC’s smallest unit, Satoshi. The recent recreation of the BRC-20 token standard on Ordinals has sparked a wealth effect, with over 18,279 BRC-20 projects minted on-chain. This article delves into the origin of the Ordinals protocol, opportunities it presents, recent BRC-20 data, and the future of the BTC ecosystem.
Ordinals Protocol: Transforming BTC’s Landscape
The Ordinals protocol, initiated by Casey Rodarmor, has minted over 6.41 million NFTs and Tokens since its inception on December 14, 2022. It assigns a unique ID to each Satoshi, making it an exclusive NFT with higher trading and collecting value. Unlike ETH NFTs, BTC NFTs under Ordinals are entirely on-chain, paving the way for a unique and burgeoning ecosystem.
1.1 BTC NFT Landscape Comparison
BTC NFTs differ significantly from ETH NFTs. While ETH relies on smart contracts and off-chain storage for metadata, BTC NFTs, based on Ordinals, store all information on-chain, ensuring the uniqueness of each Satoshi. This distinction has attracted blue-chip NFT projects, such as Yuga Lab’s Twelvefold, indicating a positive trajectory for the Ordinals NFT market.
BRC-20: The Evolution Unleashed
The BRC-20 protocol,The BRC-20 protocol, introduced by founder domo, has seen a surge with over 18,279 projects and a market cap exceeding $500 million. The BRC-20 standard allows the creation and trade of fungible tokens on the Bitcoin blockchain, akin to Ethereum’s ERC-20. Notable tokens like Ordi have seen remarkable pricing surges, experiencing a 100-fold increase in just three weeks.
2.1 Trading Market Dynamics
The BRC-20 token mechanism, albeit complex, has spurred the creation of tools and trading markets, with Unisat dominating the scene with over 50% market share. The emergence of these infrastructures has facilitated the exponential growth of BRC-20 tokens, resulting in the minting of over 30,000 ordinal inscriptions in a single day.
Carnival of Possibilities
The BRC-20 token’s hype has created a carnival of opportunities for retail investors, exchanges, developers, and miners. While BTC miners reap the benefits of increased transaction fees, leading Ethereum NFT projects and exchanges are venturing into the Ordinals ecosystem. The BSV community’s involvement has further fueled the development of BRC-20, creating a symbiotic relationship.
Opportunities and Threats: Balancing Act
Despite the excitement, the BRC-20 token is in its early stages, with meme attributes and novelties overshadowing practical use cases. Challenges include the lack of a robust ecological infrastructure, potential security vulnerabilities tied to platforms, and regulatory risks that could impact the BTC network.
4.1 Future Development and Contemplations
As controversies surround BRC-20, it prompts new thoughts and possibilities for the BTC ecosystem. Initiatives for better token standards, increased investor participation, and potential revivals of BTC Layer 2 are on the horizon. Developers and industry leaders are crucial for addressing challenges and ensuring the sustainable growth of the BTC ecosystem.
In conclusion, the BRC-20 protocol on the Ordinals ecosystem presents both opportunities and challenges, offering a unique narrative for the future development of the BTC ecosystem. As the landscape evolves, collaborations, innovations, and thoughtful considerations will play a pivotal role in shaping the trajectory of BTC’s decentralized journey.
List of few trending BRC20 Tokens
I cannot provide you with a list of “trending” BRC20 tokens, as token trends in the cryptocurrency market can change rapidly. However, I can mention a few BRC20 tokens that were notable and gaining attention at that time. Keep in mind that the popularity and trends for specific tokens may have evolved since then. Here are a few BRC20 tokens to explore or research further:
Binance Coin (BNB): BNB is the native cryptocurrency of the Binance Smart Chain and serves as the primary fuel for transactions and smart contract executions on the network.
Binance USD (BUSD): BUSD is a stablecoin on the Binance Smart Chain, designed to maintain a 1:1 peg with the US dollar. It’s often used for trading and as a stable store of value.
CAKE (PancakeSwap): CAKE is the native token of the PancakeSwap decentralized exchange (DEX) on the Binance Smart Chain. Holders can stake CAKE tokens and participate in the governance of the platform.
BakeryToken (BAKE): BAKE is the utility token of the BakerySwap DEX on the Binance Smart Chain. Users can stake BAKE tokens to earn rewards within the platform.
Helmet (HELMET): HELMET is the native token of the Helmet. Insure platform, which provides decentralized insurance services for DeFi users on Binance Smart Chain.
Venus (XVS): XVS is the governance token of the Venus DeFi platform, which offers lending and borrowing services, similar to Compound and Aave on Ethereum.
Alpaca Finance (ALPACA): ALPACA is the governance token of the Alpaca Finance lending platform, allowing users to earn interest on deposited assets.
Spartan Protocol (SPARTA): SPARTA is the native token of the Spartan Protocol, a decentralized liquidity platform that offers synthetic assets and yield farming.
Bogged Finance (BOG): BOG is the utility token of the Bogged Finance decentralized trading platform, which includes DEX, charts, and other trading tools.
Helmet Vault (HV): HV is another token associated with the Helmet. Insure platform, used for participating in the yield farming and liquidity provision pools.
What are the risks and opportunities of BRC20?
Risks come with opportunities. If you can participate in the casting in the early stage, you will undoubtedly be the winner now and enjoy thousands of times of benefits. For example, in ORDI, early players will gain huge benefits.
If you buy a meme with excessive FOMO now, you may get stuck.
BRC20 may have many opportunities, because of a fair launch, there is no mouse barn, it just depends on who can operate faster. If you can grasp the initial casting, you only need to spend gas, the investment cost is extremely low, and once it takes off, the benefits will be huge.
Conclusion:
As the crypto landscape continues to expand with innovative protocols like Ordinals, the market’s response is clear: excitement and engagement with such advancements are at an all-time high. The ORDI surge is not just a price spike; it symbolizes the potential and readiness of the market to embrace new frontiers.
Keep an eye on this evolving space as #BRC-20 tokens gain momentum, and Ordinals carve out a niche in the NFT ecosystem. With the spotlight firmly on these new entrants, the question on everyone’s mind is: What’s next for ORDI and the BRC-20 brigade?
