TurtSat: The “BRC-20 Experiment” that hatched a 10-fold increase in $MUBI, what other IDOs are worth paying attention to?

Joyce

2023-12-07 10:27

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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 cryptocurrency field in the past six months. More and more investors and developers are focusing on the Bitcoin Ordinals ecosystem, and have received good economic returns. Yesterday, ORDI, which doubled in price in two days, was questioned for its value due to the comments of Bitcoin Core developer Luke Dashjr, and fell more than 30% in half a day. However, it rebounded in the community's attention and once approached $70.

It can be said that the vitality of the Ordinals ecosystem cannot be underestimated. In addition to ORDI, the cross-chain protocol Multibit based on the BTC network completed its IDO on November 14th, and its token MUBI rose by 1140% after opening, with a current market value of over $70 million. ALEX Labs, a Bitcoin DeFi platform based on the Stacks network founded in May of this year, has seen a 179% increase in its token ALEX in the past week.

Aside from the new agreement in the foreground, IDO platforms that have incubated and participated in the early development of these projects are also worth paying attention to, and the market has already responded. Recently, decentralized auction platform Bounce Finance participated in the IDO of BitStable, a Bitcoin cross-chain DeFi protocol, and with the BSSB token increasing fivefold in five days, Bounce Finance's Auction token also achieved a daily increase of over 50%. In addition to "traditional" IDO platforms like Bounce Finance, which have been around for three years, new IDO platforms from the native Bitcoin ecosystem have quietly emerged.

Turtsat is a community-driven Ordinals open platform whose mission is to become the Gitcoin of the Ordinals world. Anyone can build and donate to the Ordinals ecosystem protocol through Turtsat, participate in the construction of the Ordinals ecosystem, and benefit from it. Turtsat participated in the Multibit IDO with Bounce Finance. According to OKX data, a week ago, the price of Turtsat's platform token TURT (BRC-20) was 12 sats, but now it has reached 53 sats, an increase of 340% in a week.

Focus on Bitcoin Ecology IDO Platform

TurtSat plans to build three core business modules, including donation agreements, indexing services, and the Ordinals open source tool platform. The donation agreement, also known as IDO service, allows TurtSat to apply for initial funding assistance for projects and increase their influence. Users can support Ordinals open source projects around the world by selecting, voting, and donating, and receive rewards for participating in early project development.

The Indexing Service and Ordinals Open Source Tool Platform are the embodiment of TurtSat's focus on the Bitcoin ecosystem. TurtSat provides a comprehensive toolkit and technical infrastructure designed specifically for Ordinals builders to help accelerate project progress.

Donation Agreement

The 'Public Donation Agreement' is a new BRC-20 token issuance protocol. Compared to the current mainstream BRC-20 Mint Function, it not only ensures fairness but also significantly reduces users' GAS costs by bundling minting and alleviating network congestion. In addition, issuers can choose to use the saved GAS from issuance as early revenue to ensure the future development of the project.

The creation of the Public Donation Agreement is based on the PSBT protocol's basic donation logic. This will allow for automatic engraving to be completed in the last transaction, reducing the gas consumption for user Mint and supporting multiple Mint transactions in one go, while only paying one gas fee. Additionally, Turtsat aims to reduce the number of transactions in the entire network by packaging multiple events, thereby reducing information congestion. The platform will also provide community-supported grant donations to help high-quality Ordinals applications gain user and financial support.

Indexing Service, Ordinals Open Source Tool Platform

Unlike ETH, indexing services are crucial in the Ordinals ecosystem. Currently, UniSat provides very important indexing services that promote and assist the development of BRC-20. However, in the long run, multiple service providers need to follow unified labeling rules, cross-check with each other to ensure that there are no punctuation conflicts, and further ensure the healthy development of BRC-20.

Additionally, the Ordinals protocol presents a high barrier to entry for EVM developers. TurtSat is building an open-source infrastructure platform for the project, including explore, BRC20, and indexing services. These tools will enable developers to build and create innovative applications on the Ordinals protocol that benefit the entire ecosystem. TurtSat plans to open up related services and tools in the future, lowering the barrier for developers to enter the Ordinals ecosystem.

Token Economics

$TURT is an experimental BRC-20 MEME. It aims to consolidate the value consensus of BTC and Ordinals, allowing more people to understand and participate in the ecological construction of Ordinals and return to the BTC network. The total supply of $TURT is 1,000,000,000, and 7.5% will be used for airdrops.

TurtSat conducted an airdrop snapshot on May 20, 2023, with a total of 30,444 eligible addresses. The airdrop was open to Ordinals ecosystem hot asset holders and community activity participants. Ordinals ecosystem hot assets include ORDI, VMPX, Unisat OG Pass, BitcoinPunks, BitcoinForgs, PixelPepes, BitcoinWizards, DogePunks, Misprints, and JOMOHippo.

For users, there are three donation roles to choose from, and each donation role corresponds to a donation amount and profit:

小 Turtle—50,000 sats—20,000 $TURT

Translation:

小 Turtle—50,000 sats—20,000 $TURT

(Note: No translation is needed as the content contains proper nouns and symbols that are commonly used in the industry.)

Active Turtle - 500,000 sats - 200,000 $TURT

金 Turtle—5,000,000 sats—2,000,000 $TURT

Translation:

金 Turtle—5,000,000 sats—2,000,000 $TURT

(no translation as it contains proper nouns and symbols)

When the total market value of $TURT reaches 500 BTC, the community will gain voting rights to donate $TURT to organized ecosystem infrastructure projects to help them grow.

Pledge System: A New Way to Participate in IDO through EGGS

On December 6th, TurtSat announced the launch of its staking system, $TURT POOL. According to TurtSat, this will be a new way for users to participate in projects on the TurtSat platform, balancing fairness and efficiency, while effectively preventing robot script attacks that could result in the loss of a large number of donated shares. This will allow $TURT holders to participate and receive their rightful benefits.

By staking $TURT, users will receive "EGGS", a new asset issued by TurtSat. The use cases for EGGS include but are not limited to voting for project launches and directly exchanging for partnership token packages.

After the user completes the $TURT staking, the $TURT mining pool will instantly record the amount of staked tokens and staking time (block confirmation time/network confirmation time) for the corresponding address, and calculate and release EGGS in real-time. The profit formula is:

The token quantity * staking period * liquidity coefficient (not a fixed value, dynamically adjusted by the platform)

TURT mining pool supports both BRC-20 and ERC-20, and users can connect their wallets from different networks to stake TURT. The minimum amount for a single stake is 20,000 $TURT.

Users can release their pledges at any time. However, in order to limit the number of disloyal holders, a TURT service fee of $5,000 is required for each pledge release. Due to the constraints of encryption and network, the release of pledges to accounts under BRC-20 will be completed within 24 hours, while on ERC-20, the time will follow the execution of the smart contract.