Compared with the first appearance of Ordinals in May this year, the wealth effect of the Ordinals ecosystem has gradually become a consensus in the crypto field in the past six months, and more and more investors and developers have set their sights on the Bitcoin Ordinals ecosystem, and have also received good economic returns. Yesterday, due to the comments of Bitcoin Core developer Luke Dashjr, Ordi, which took two days to double, was questioned about its value, exceeding 30% in half a day, and then reinvigorated in the community's attention, once approaching $70.
In addition to Ordi, Multibit, a cross-chain protocol based on the BTC network, completed an IDO on November 14, and its token Mubi rose 1140% after the opening of the market, and its current market capitalization has exceeded $70 million. Founded in May this year, Alex Labs, a Bitcoin ecological DeFi platform based on the Stacks network, has gained 179% in the past week.
In addition to the new protocols in front of the stage, the IDO platforms that incubate and participate in the early development process of these projects are also worth paying attention to, and the market has already given a reaction. Recently, decentralized auction platform Bounce Finance participated in Bitstable's IDO, a cross-chain DeFi protocol for Bitcoin, and as the BSSB token doubled 5 times in 5 days, Bounce Finance's token Auction also achieved a daily increase of more than 50%. In addition to traditional IDO platforms like Bounce Finance, which have been around for three years, new IDO platforms from Bitcoin's native ecosystem have quietly taken off.
Turtsat is a community-led Ordinals open platform with a mission to become the Gitcoin of the Ordinals world, where anyone can build and donate the Ordinals ecosystem protocol through Turtsat, participate in and benefit from the construction of the Ordinals ecosystem. Turtsat participates in Multibit's IDO with Bounce Finance, and according to OKX data, a week ago, the Turtsat platform token Turt (BRC-20) was still 12 SATS, and now it has reached 53 SATS, a weekly gain of 340%.
The three core business modules that Turtsat will build include the Donation Protocol, the Indexing Service, and the Ordinals open-source tool platform. Endowment agreements are IDO services that allow Turtsat to request initial funding for a project and increase its impact. Users vote, vote, and donate to support Ordinals open source projects around the world, and are rewarded for their participation in early project development.
The indexing service and the Ordinals open-source tool platform are part of Turtsat's focus on the Bitcoin ecosystem, and Tursat provides a comprehensive toolkit and technical infrastructure designed specifically for Ordinals builders to help accelerate the project's progress.
Donation Agreement
The Public Donation Protocol is a new BRC-20 token issuance protocol, which greatly reduces the gas cost of users by minting and alleviating the information congestion of the whole network while taking into account the fairness of the current mainstream BRC-20 Mint function. In addition, there is an option to use the gas saved from the issuance as an early yield for the token issuer to guarantee the future development of the issuance project.
The creation of the Public Donation Protocol is based on the underlying donation logic of the PSBT Protocol. This will allow the engraving to be done on the last transaction by auto-inscribed, reducing the gas consumption of the user's mint and enabling multiple mint transactions at once while only paying a single gas fee. In addition, Turtsat aims to reduce information congestion by packaging multiple events to reduce the number of transactions across the network. The platform will also offer community-supported grant donations to help high-quality Ordinals apps gain users and financial support.
Indexing service, ordinals open-source tool platform
Unlike ETH, indexing services are essential in the Ordinals ecosystem. Currently, Unisat provides a very critical indexing service that facilitates and helps the development of the BRC-20. However, in the long run, multiple service providers need to follow a unified calibration rule and cross-check each other to ensure that there are no punctuation conflicts and further ensure the healthy development of BRC-20.
In addition, the Ordinals protocol has a high barrier to entry for EVM developers, and Turtsat is building an open-source infrastructure platform for projects, including Explore, BRC20, indexing services, and more. These tools will enable developers to build and create innovative applications on top of the Ordinals protocol that benefit the entire ecosystem, and Turtsat will open up related services and tools in the future to lower the barrier to entry for developers to enter the Ordinals ecosystem.
Turt is an experimental BRC-20 MEME. It aims to condense the value consensus of BTC and Ordinals, so that more people can understand and participate in the ecological construction of Ordinals and return to the BTC network. $turt The total amount is 1,000,000,000 and there will be 75% is used as an airdrop.
Turtsat conducted an airdrop snapshot on May 20, 2023, when there were a total of 30,444 eligible addresses. The airdrop is open to Ordinals ecosystem hotspot asset holders and community event participants. Popular assets in the Ordinals ecosystem include Ordi, VMPX, Unisat OG Pass, BitcoinPunks, BitcoinForgs, Pixelpepes, BitcoinWizards, DogePunks, Misprints, and Jomohippo.
For users, users have three donation roles to choose from, each of which corresponds to the donation amount and the benefit is:
Small turtle—50,000 sats—20,000 $turt
Active turtle—500,000 sats—200,000 $turt
Golden turtle—5,000,000 sats—2,000,000 $turt
When the total market cap of $Turt reaches 500 BTC, the community will receive voting rights to donate $Turt to orderly ecosystem infrastructure projects to help them grow.
On December 6, Turtsat announced the launch of its staking system, $Turt Pool. According to Turtsat, this will be a new way for users to participate in the launch of the project on the Turtat platform, balancing fairness and efficiency, and will also effectively prevent bots from using scripts to plunder a large share of donations, so that $Turt holders can participate and get their due rights.
Users who stake $TURT will receive EGGS, a new asset issued by TURTSAT, and the application scenarios of EGGS include but are not limited to project online voting, direct exchange of cooperative token packages, etc.
After the user completes the $turt staking, the $turt mining pool will record the number of staked tokens and the staking time (block confirmation time, network confirmation time) of the corresponding address in real time, and calculate and release eggs in real time. The payoff formula is:
Number of tokens * Staking period * Liquidity coefficient (not a fixed value, dynamically adjusted by the platform).
The TURT mining pool supports both BRC-20 and ERC-20, allowing users to connect wallets in different networks and stake TURT. 20,000 $turt is the minimum amount to stake.
Users can release their stakes at any time. But in order to limit the number of disloyal holders, a single stake release is subject to a $5,000 TURT service fee. BRC-20 is subject to inscription and network limitations, and the release of staking to accounts will be completed within 24 hours, while on ERC-20, the timing will follow smart contract execution.
In the early days, EGGS only supported circulation and use on BRC20, and EGGS obtained through ERC-20 needed to be transferred to BRC-20 before they could be used. Eggs can also be transmitted between different addresses on the BRC-20. In order to prevent malicious speculation, EGGS transfers will be subject to a service fee.
Users can redeem EGGS for a whitelist of the corresponding items through Hatching WL. Addresses that get whitelisted can subscribe to the corresponding tokens at the start of the turtsat launch.
Turtsat was founded in May 2023, and it wasn't until nearly a month after the Ordinals ecosystem was noticed by the community that Turtsat's actions began to become more frequent, and among the 5 IDO projects announced so far, except for Chamcha, the remaining 4 projects were announced in the past month.
Chamcha is the first programmable Ordinals asset liquidity developer. One of Chamcha's main goals is to upgrade and launch an enhanced version of Unisat to build a decentralized Ordinals financial platform. Chamcha also plans to develop and add more modules to improve the liquidity of Ordinals assets. Developers can create innovative types of pools and decentralized finance applications in the Ordinals ecosystem.
The token of Chamcha is CHAX, with a total amount of 2,100,000,000, an increase of 523% over the past week. On December 6, Chamcha launched a liquid staking campaign, and to date, more than 40 million chax have been staked, with a total value of about $180,000.
Multibit is a bridging protocol that emerged in May this year to connect BRC20 assets to the EVM network, allowing users to seamlessly transfer tokens between ETH Chain, BNB Chain, and BTC networks. Multibit completed the IDO auction on Bounce Finance on November 12th, and again on November 14th at the same unit price on the Bitcoin network donation platform Trutsat.
On November 14, Mubi opened up 1,140%, up more than 300% in the past week, and now has a market capitalization of nearly $70 million. There are more than 6,000 holders.
NXBob is an Ordinals-based aggregator marketplace that allows users to purchase BRC20 tokens and NFTs multiple times and achieve multi-platform listing orders by capturing listing order data from markets such as Unisat, OKX, Magiceden, and OrdinalsWallet and displaying it in an aggregated manner.
NXBoub conducted an IDO on Turtsat on November 24th, and its token, NHUB, doubled 10x at its highest point in 7 days and is currently 0$14 with a market capitalization of $2 million.
On November 27, Turtsat unveiled its new project, the Dova Liquidity Protocol (@dova Protocol). The DOVA protocol is an LSD protocol on the Ethereum network designed to facilitate liquidity between the BTC network and the EVM network. Dova integrates the Multibit Bridge, and after transferring BRC-20 tokens through the Multibit cross-chain bridge, users can leverage the Dova protocol on the Ethereum network to use the transferred BRC-20 tokens for collateralization.
Dova completed its IDO on December 1st, and its token, Dova, has multiplied 6x from the day of the IDO to December 5th, although it has now seen a pullback of about 50% from its high point and is currently at 0$0083, with a market capitalization of $4.26 million and about 2920 holders.
On December 5th, Turtsat announced a new launch project, RabbitGames @rait IO, which will be IDO on December 8th. According to it, RabbitGames is a revolutionary Bitcoin ecosystem gaming platform dedicated to providing users with a secure, scalable, and superior gaming experience.
At the time of writing, more than 37,000 Twitter users follow RabbitGames' official Twitter account, and there are more than 10,000 members in the Telegram group, whose airdrop mission is underway.
As a newly established IDO platform, Turtsat's development path has not been smooth. During the beta phase of the day of the NXHUB IDO, where some people used scripts to grab token shares, resulting in many other users not being able to participate, Türtsat responded with an article titled "A Letter to the Turtles" and proposed improvements.
At present, among the projects that Turtsat has participated in, only Multbit has become a popular target for the Bitcoin ecological protocol. Bitstable, the Bitcoin DeFi protocol that announced IDO, didn't choose Turtsat but Bounce Finance.
On December 6, Turtsat announced the launch of the staking system $Turt Pool, with $eggs as a whitelisting requirement for future projects IDOs. This model is a common model adopted by traditional IDO platforms, which can solve the problem of scientist front-running to a certain extent, and can also bind the platform token to the value of the IDO project, the better the development of the project it incubates, the greater the user's expectation for the next IDO project, and the higher the value of the token Turt.
Turtsat has said that in keeping with Bitcoin's fully decentralized idealism and Ordinals geek ethos, Turtsat will never accept any venture capital. As the Bitcoin ecosystem gradually comes to light, there will be more community momentum to complete Turtsat's vision, but there will also be more funds to enter the market to compete with Turtat who rely on community donations for quality projects. In addition, Bounce Finance has announced the launch of BounceBit, a DeFi solution designed for the Bitcoin ecosystem, based on Binance Bitcoin (BTCB) and powered by Auction, on December 1.
What the future holds for Turtsat remains to be seen.