Galleon Labs
There has been a recent surge in the popularity of trading BRC-20 tokens native to the Bitcoin network. These tokens utilize the Ordinal inscription technique to transform individual satoshis into distinct token carriers, bringing new life to fungible tokens.
One key difference between BRC-20 tokens and their Ethereum ERC-20 counterparts is that BRC-20 tokens reside directly on the Bitcoin network and do not utilize smart contracts. This means that the functionality within the BRC-20 ecosystem is more limited. However, the focus of BRC-20 tokens is not to replicate their Ethereum counterpart 1-1 but rather to chart a new course in Bitcoin's tokenized ecosystem.
The increasing popularity of developing and trading BRC-20 tokens can be attributed to a few factors. Firstly, Bitcoin is still the highest-value blockchain network, has existed for the longest time, and is the most decentralized with the highest level of provenance. Additionally, with the expected forthcoming spot ETF offerings in Q1 2024 as near-term catalysts, there is expected to be a significant boost in interest and inflows in Bitcoin and its associated ecosystems, such as BRC-20 tokens.
Many BRC-20 projects are being created every day. However, not all of them are created by high-quality teams worth investing in. Unfortunately, some opportunists are taking advantage of the recent hype and trying to scam users out of their funds.
To help you Tortuga Onchain readers identify the high-quality projects worth looking into, we have sifted through what’s tradable and compiled a BRC-20 ecosystem shortlist. This aim is to give you a head start in your own research that you can take action on.
Bitcoin Ordinals' primary token, ORDI, is equivalent to NFTs on the Bitcoin network.
Token: coingecko
Market Cap: $1.24B
Relative Risk: Low
Acquire via: Binance
TRAC is a decentralized protocol designed to track Ordinals and provide support to developers in the Bitcoin token ecosystem.
Twitter: trac_btc
Website: trac.network
Token: coingecko
Market Cap: $351.37M
Relative Risk: Medium
Acquire via: UniSat (Bitcoin)
Multibit facilitates the transfer of BRC20 tokens to and from Bitcoin and EVM networks.
Twitter: Multibit_Bridge
Website: multibit.exchange
Token: coingecko
Market Cap: $198.73M
Relative Risk: Medium
Acquire via: 1inch (Ethereum)
Bitstable is a platform that enables the creation of the stablecoin DAII by using BRC20 collateral.
Twitter: bssbstable
Website: bitstable.finance
Token: coingecko
Market Cap: $61.12M
Relative Risk: Medium
Acquire via: 1inch (Ethereum)
Map Protocol is a Layer 2 solution for Bitcoin that enables BRC20 assets to be interoperable.
Twitter: MapProtocol
Website: mapprotocol.io
Token: coingecko
Market Cap: $79.37M
Relative Risk: High
Acquire via: 1inch (Ethereum)
"Dova" is a protocol designed for lending and borrowing based on the BRC20 standard.
Twitter: dova_protocol
Website: bitdova.com
Token: geckoterminal
Market Cap: $12.32M
Relative Risk: High
Acquire via: 1inch (Ethereum)
TURT is a launchpad for BRC20 tokens, and it is responsible for launching tokens such as MUBI, which have since had significant trading volume.
Twitter: Turtsat
Website: turtsat.io
Token: geckoterminal
Market Cap: $24.16M
Relative Risk: High
Acquire via: 1inch (Ethereum)
New ecosystems such as BRC-20 tokens are high-risk, extremely speculative and volatile. However, with this comes the potential for asymmetric returns to a portfolio. If you are a trader or long-term investor looking to venture into the BRC-20 ecosystem, it's important to know where to start with projects, and we hope the above list provides that foundation.
If you have any questions, feedback or know of any other interesting BRC-20 tokens that I may have missed, please reach out to us on Twitter (@TortugaOnchain). We would love to hear from you. Also, if you found this content useful, please consider following us on our social media, subscribing and sharing it with others.
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Trading dashboard: apps.tortugaonchain.com
Twitter: @TortugaOnchain, @andrew_eth, @galleonlabs
Enquiries: gm@galleonlabs.io
The content in this newsletter is not financial advice. This newsletter is strictly educational, not investment advice or a recommendation to buy or sell assets or make financial decisions. Do your own research; crypto markets are volatile.
