Bitcoin Inscription BRC20 Race Heats Up, Can I Still Buy Now and Where Can I Trade?
The inscription race within the Bitcoin ecosystem is rapidly evolving, bursting with innovative technologies and concepts, and the prices are soaring. Believers think it’s still early days, while critics call it a Meme or Scam. So, is it still possible to rocket with BRC-20?
Before discussing the types and prices of tokens in the Bitcoin ecosystem and BRC20 race, let’s first understand the background of Bitcoin inscriptions.
Key Technological Advancements in Bitcoin
Firstly, there’s the significant upgrade to the Bitcoin core protocol in 2017, known as Segregated Witness (SegWit). It was designed to solve transaction malleability issues and expand the block size limit of Bitcoin, facilitating more transaction inclusion. SegWit introduced the concept of block weight, which, compared to the traditional block size limit, allowed for a significant increase in the number of transactions a full block could contain.
By the end of 2021, the Taproot upgrade brought support for more complex scripts and data types to the Bitcoin ecosystem, greatly enhancing BTC’s programmability and scalability.
The Taproot upgrade mainly involved changing the transaction confirmation method and introducing the Schnorr signature algorithm, which brought better privacy protection to the Bitcoin network, especially in multi-signature wallets. Additionally, Schnorr signatures support batch confirmation, making transactions across the network cheaper and faster.
Miner Interests
On the miner’s side, the rapid development of the Bitcoin inscription market has created more sources of income for them. For instance, the rise of projects like Ordinals and Atomicals has led to an unprecedented boom in the Bitcoin inscription market. According to data from oklink’s blockchain master, Bitcoin miners have seen a significant increase in income, particularly in terms of the proportion of transaction fee income.
Ordinals & BRC20
The Ordinals project, initiated by developer Casey Rodarmor in December 2022, leverages Bitcoin’s SegWit and Taproot upgrades, enhancing the flexibility and functionality of Bitcoin scripts. The emergence of the Ordinals protocol, complemented by the adoption of Taproot, has driven the encoding and embedding of NFT data into Bitcoin blocks. For example, NFT images can be permanently inscribed in BTC blocks.
BRC-20 is a Bitcoin clone coin issuance protocol similar to ERC-20, launched by an anonymous developer Domo based on the Ordinals protocol. Deployers of BRC-20 tokens can decide on the total amount and name of the tokens, but the transfer process is complex, requiring a third-party sorter to record the ledger under the BTC chain.
Where to Trade BRC-20 Tokens, Besides ORDI and SATS, What Other Tokens are Worth Trading?
Well-known BRC-20 tokens include ORDI, SATS, RATS, MUBI, GROK, and BSSB, among others. For beginners, direct trading of these tokens on the chain can be quite difficult, and the BTC Gas fees are often exorbitant. Therefore, trading BRC-20 tokens through exchanges is more convenient. With the surge in BRC-20 tokens, many exchanges have focused on this track. Some leading exchanges like LBank have even added a BRC20 trading area to their spot trading section, including most of the well-known BRC-20 projects.
Particularly noteworthy are two IDO projects on the Bounce Finance platform: MUBI and BSSB.
BitStable (BSSB) is a decentralized asset protocol based on the Bitcoin network, allowing users to generate DAII stablecoins collateralized by assets in the Bitcoin ecosystem. BitStable uses a dual-token system, including DAII and BSSB. BSSB, as the governance token of the platform, is used by the community to maintain the system and manage DAII. Moreover, BitStable incentivizes BSSB holders through dividends and other measures. Since its IDO on November 29, the price of BSSB has achieved a nearly 700% increase.
Another attention-grabbing project is MUBI, an IDO project on Bounce Finance. The token’s opening gain reached a staggering 1140% and continued to rise in the following days, creating a significant wealth effect. As BitStable aims to generate DAII stablecoins within the Bitcoin ecosystem, the community regards it as a MakerDAO-like project in BTC ecology.
If you missed the early IDOs on Bounce Finance, you can directly purchase these tokens on the USDT trading pair at LBank. Additionally, holders of MUBI tokens can currently stake MUBI in MultiBit’s staking system to earn BSSB.
