I. Decentralized Exchanges (DEXs)

1.RDEX

• RDEX is a BRC20 Orderbook DEX, supported by the Ordinals protocol, PSBT (Partially Signed Bitcoin Transaction) technology, Bitcoin scripts, and the Nostr protocol.

• According to the official roadmap, the project plans to launch version 2 and a launchpad in Q1 2024.

• Note: PSBT, introduced in 2019 through BIP 174, is a standard format to simplify the handling of Bitcoin transactions that are not yet finalized. It’s widely used in multi-signature transactions, offline wallet transactions, and other complex Bitcoin transactions.

• RDEX has a total supply of 100 million tokens, distributed as follows: [Details not provided in the excerpt]

2.DotSwap

• DotSwap, a BRC20 AMM DEX, offers the best user experience to date. The latest DotSwap V2 uses PSBT and secure asset pools for native BRC20 AMM swaps.

• Founder Lin Zheming has over a decade of experience in Bitcoin investment and seven years in Bitcoin pool management, having developed DotWallet and the Ordinals marketplace TierTop.

• The 2024 roadmap indicates the integration of more UTXO assets, expanding DEX features such as custom liquidity fees, impermanent loss thresholds, and advanced trading including current price orders, along with the launch of products like launchpads, cross-chain services, oracles, flash loans, NFT staking, and short selling, forming a complete ecosystem.

• $DSWP is the official token of DotSwap, with a total supply of 1.2 billion, 22.76% of which is burned, and a current circulation of 27.379 million, representing only 2.292% of the total. The remaining tokens will be unlocked over the next four years, with the largest portion, LP rewards, being released through mining programs.

  • DotSwap has adopted an economic model similar to Curve, where users can lock $DSWP to obtain veTokens, and veDSWP holders can vote to determine which trading pairs should receive LP rewards.

As the first brc20 native swap to be officially launched, Dotswap has a first-mover advantage with its silky-smooth experience. If it can further attract attention through launching high-quality projects, optimizing economic models, etc., cultivate user habits, and gain TVL precipitation, in a short period of time The window period forms a barrier to future competitors and has the opportunity to become the leading ecological DEX.

3.Ordiswap

• Ordiswap includes products like swap, bridge, and the stablecoin BTSD (Ordiswap’s Bitcoin Standard Dollar), and is not yet officially launched. It completed a public sale on December 15th at fjord foundry.

• The project updated its roadmap on January 1st, with the first phase being the mainnet launch. Key partners include Thorchain, Hyperland, and Alexlabs.

• Its token, ORDS, is issued on the Ethereum network, with its Bitcoin network counterpart being REOS. ORDS has a total supply of 1 billion, but the specific token distribution ratio is not indicated. REOS will launch on the Bitcoin decentralized exchange Alex. The public sale price for ORDS was $0.0345, the private sale price was $0.0035, and the seed round price was $0.0020.

II. Lending

1.Bitlend

• Released its whitepaper v1 on November 8, aiming to create an algorithmic decentralized lending protocol on the BTC network. Users can participate as lenders or borrowers in lending pools, leveraging Bitcoin Layer 1 potential and using the Ordinals protocol, PSBT technology, and Bitcoin scripts to establish a fast lending market for native BRC20 assets on BTC. A unified margin account allows users to earn deposit interest and borrow from a shared liquidity pool.

This product is expected to gradually support BTC, ORDI, SATS, NALS, RATS, ROUP, and TURT.

• The project is in the testing phase, selling OG and Light pass cards. OG cards are limited to 500 at a price of 0.001218BTC, and Light cards are limited to 1000 at 0.000813BTC.

• Pass card benefits include: $BTL token airdrops, beta app access, additional earnings (unspecified), and 50% fee reduction. 5% of BTL tokens are airdropped to OG card holders and 3% to Light card holders, subject to being on the list in at least 3 out of 5 random snapshots taken between December 18th and January 18th.

2.DOVA

• The DOVA protocol is yet to be launched and aims to enable seamless cross-chain transfer of BRC-20 tokens via the MultiBit bridge and collateralized loans using BRC-20 tokens. The team plans to launch the product in Q1 2024.

• Tokenomics: The total supply is 2.1 billion, with 10% for IDO, 60% for mining, 10% for the team, 10% for airdrops, and 5% each for liquidity pools and the vault.

3.Liquidium

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A leading peer-to-peer Bitcoin lending platform where users can use inscriptions as collateral to borrow Bitcoin. This is facilitated through PSBT and DLC. Liquidium is currently in the public testing phase for its phase one NFT lending market, while the phase two BRC-20 lending market is in closed testing.

III. Stablecoins

1.BSSB

• BitStable protocol aims to create a framework for creating, trading, and managing synthetic assets in the Bitcoin ecosystem, using a cross-chain and dual-token economic model.

• Framework: BitStable supports collateralizing ORDI or BTC/BTCB on Bitcoin, Ethereum, and BNB chains to obtain the stablecoin DAII. DAII minted on the Bitcoin blockchain can be bridged to Ethereum, where Ethereum users can exchange it 1:1 with stablecoins like USDT, then cross-chain back to the Bitcoin network. The collateralization rate for ORDI is 500%.

• Tokenomics: The total supply of BSSB is 21 million. 50% of it is publicly sold on Bounce Finance, and the team will hold 5% (after 6 months of locking, 15 months of linear unlocking), airdrops account for 3.5%, staking rewards account for 36.5%, and LP accounts for 5% (no lock-up). On Bounce Finance, 60% is obtained through AUCTION staking and 40% is obtained through auction.

The main function of BSSB tokens is voting governance, which determines parameters including the selection of mortgage assets, the setting of over-collateralization rates, and the collection of fees.

In addition, the multibit platform supports staking BSSB to earn BDID.

Summary: The core of the loan product is the liquidation module, which needs to avoid system bad debts caused by untimely liquidation. In order to incentivize liquidators and reduce the risk of participating in liquidation, it is necessary to provide sufficient profit margins and good secondary liquidity to sell liquidated items immediately. Currently, the transaction speed of BTC layer 1 and the lack of smart contracts cannot meet the above requirements. Therefore, most Bitcoin ecological products may be centralized or constructed using the Ethereum network, and security needs to be considered. In addition, most inscribed tokens do not have a consensus on value, so the collateral they support may be very limited.

IV. Launchpads

1.Bounce

Bounce is a decentralized auction platform launched in September 2020. Bounce V3 launched in February 2023 introduced Auction as a Service (AaaS), providing on-chain auction tools that can be used in Web3 native spaces and traditional spaces, while maintaining Traditional user experience, providing auction services including tokens and NFTs, physical collectibles, advertising spaces, etc. Investors include Coinbase Ventures, Binance Labs, Pantera Capital, Blockchain Capital, etc. Bounce will also launch BTC Layer 2 BounceBit in the future.

The Bounce Finance platform token is AUCTION, and use cases include governance voting, trading media, exclusive auction focus (pledge to obtain platform promotion and promotion), obtaining Bounce V3 membership, staking to obtain dividends, etc.

Max supply is 10,000,000, total supply (excluding burn) is 7,640,660, and circulation is 6,500,033. It is expected to be fully released in August 2024.

2、Turtsat

Turtsat is a community-driven open platform built on Ordinal and is committed to becoming the Gitcoin of Ordinals. The picture below shows projects that have completed fundraising through Turtsat.

Officially, $TURT is an experimental BRC-20 MEME. The total supply of TURT is 1 billion. The token distribution is as follows:

Users who hold $TURT in the early stage can obtain whitelist qualifications. On December 7, 2023, Turtsat issued a new asset EGGS. Users can obtain EGGS by pledging $TURT, and EGGS can be exchanged for the whitelist of the Launch project. In the future, EGGS may be used in more scenarios, including but not limited to : Project online voting, direct exchange for cooperation token gift packs, etc. The current pledged amount of $TURT is 313.4m.

3、BRC20.COM

The project’s vision is to create a comprehensive Bitcoin network ecological Super App, including wallets, DEX, cross-chain bridges, staking and other DeFi solutions. The products currently released by the project include the Coingecko-style DASHBORAD platform, which is mainly used for users to track related BRC20 market tokens.

At the same time, the platform will launch the first IFO (Initial Farming Offering) project on December 26, and users will be able to use Gas-free staking infrastructure to pledge .COM tokens to participate (based on this, the author temporarily puts it under the launchpad category).

The basic situation of the platform token .COM is as follows:

V. Cross-Chain

1.Mutibit

• Aims to facilitate token transfers between Bitcoin and EVM networks, currently offering cross-chain bridge services for BRC20 tokens and ERC20, BSC, and Polygon network tokens.

• $MUBI tokens were publicly sold on November 12th on Bounce, with the following token distribution: [Details not provided in the excerpt]

2.ROUP

• Rolluper (ROUP) uses the MAP Protocol for its BRC201 cross-chain solution, officially launched on December 20, 2023, enabling cross-chain from BRC20 to MAP layer2. ROUP is the platform token of Rolluper with a total supply of 2.1 billion, with each inscription limited to 10,000 tokens. Protocol service income is used for repurchasing and burning $ROUP. Rolluper also empowers MAPO as its platform token, but its proportion in buyback and burn activities will not exceed 10%.

3.Ordinfinity

• A DeFi platform based on ordinals offering cross-chain, swap, multi-chain lending, and launchpad services. $ONFI (BRC20) is the native utility token of Ordifinity, granting holders governance rights, cross-chain fee discounts, whitelist access, and staking rewards, with a total supply of 2.1 billion.

4.TeleportDAO

• A trustless cross-chain bridge connecting Bitcoin to EVM, currently featuring teleordinal for cross-chain Ordinals trading and teleswap for cross-chain DEX, enabling BTC swaps on Polygon and BSC. The platform token TST is not yet launched, with two rounds of TeleportDAO incentives on Coinlist for TST rewards distribution.

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