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Checking BRC-20

Looking at the BRC-20 tokens from three angles.

- High daily volume projects - High Marketcap projects

- High holder count projects

High Daily Volume projects

To check the daily volume we are using the unisat marketplace as a base. This is a snapshot made during the weekend of November 4, 2023.

Out of the top 5, the $rats have not finished inscription yet, while $sats, $VMPX, $IBTC and $cats are fully inscribed.


High Holder Count projects

If we look at the high holder count project there only $sats can be recognized from the previous top 5. We see different projects then in the high daily volume projects.

Let's review the 9 different projects, rank them on marketcap and then dive into all 9 of them one by one.


Marketcap ranking

Out of the 9 highlighted projects, the marketcap ranking is the following:

$sats: 147 Million $

$ordi: 145 Million $

$BTCs: 12,5 Million $

$BTOC: 205 k $

$OXBT: 6 Million $

$rats: 3 Million $

$VMPX: 7 Million $

$IBTC: 1,2 Million $

$cats: 1,6 Million $


Classification

In principle we can categorize these BRC20 tokens into 3 categories:

- Unique tokens: $sats, $ordi, $OXBT, $VMPX

- BTC spin offs: $BTCs, $BTOC, $IBTC, $sats

- Meme: $cats, $rats


Currently the $rats have been under inscription and the volume has brought inscription costs to high levels again.

Minting fees of $rats

Meme BRC-20's

The success of BRC-20 tokens is bringing meme tokens to Bitcoin chain as well. In my personal opinion, Bitcoin is not the right place for meme tokens. The community is more seasoned and mature then the EVM-chain communities and the costs of inscription to buy tokens doesn't bode well for Meme tokens.


The $cats have been inscripted a month ago and the Marketcap fell to 1,6 Million the $rats reached 3 Million. The $rats seem to have a bit more potential with 4 times the holder count of $cats but that might be just because of the recent positive mood around $BTC.


We would consider these highly speculative


BTC Spin offs

The BTC spin offs are just that, tokens that want to capitalize on the BTC name. Except for $sats they don't really show a clear vision or use case. $BTCs still has a decent market cap with 12.5 million $. It has a mainly Chinese community and a great holder spread. $BTOC is the third BTC spin off and the interesting feature is that the three BTC spin off projects have the highest holder counts of BRC20 projects.

Unique tokens

The four unique tokens deserve a bit more attention.


$VMPX

The ultimate objective of the VMPX token is to facilitate seamless swaps between BRC-20 and ERC-20 tokens across the Bitcoin-Ethereum bridge.

VMPX will serve as a bridge liquidity token, connecting the Bitcoin and Ethereum/X1 blockchains. It exists as a BRC-20 token on the Bitcoin side and as an ERC-20 token on the Ethereum side, both having a total supply of 108,624,000 tokens.


Holders of VMPX tokens can earn yield by providing liquidity between the chains through staking into the bridge liquidity pool. Additionally, VMPX token holders have the flexibility to exchange either type of token for the other at a 1:1 ratio (BRC-20 to ERC-20 and vice versa).

$OXBT

$OXBT is a decentralized experimental layer atop #Bitcoin supported by a community of innovators, trailblazers, & pioneers.


Not too much information available at this moment about $OXBT, more research is needed.

$sats

$SATS is a type of #BRC20 token, a new beta standard on the Bitcoin network. Implemented through Taproot upgrades and the #Ordinals protocol. $SATS has the ambition to become the utility token for projects connected to Ordinals and BRC20 / Ordinal marketplaces.


There are as many $sats as there are $Satoshis available in Bitcoin. $sats is chopping Bitcoin in smaller denomination.


The upcoming BRC20 swap protocal on Unisat will be heavily depending on $SATS and if $SATS can execute its vision, it could become a major player in the Ordinals and BRC20 Ecosystem.

$ordi

Ordi was the first token using the BRC20 standard and that in itself earns it a place in the history of Crypto. Starting with inscription #348020 and ending with #384419 the whole inscription of $ordi happened well below the 1 million inscription milestone.

Most of the tokens mentioned in this overview will be initial available assets on the Unisat BRC20 swap.


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