BRC20's First DEX: How BISOswap Achieves Ecological Diversification
The BRC-20 concept token based on the Ordinals ecosystem has grown wildly under the high attention of market users and expanded rapidly, creating a huge wealth effect in just one week.Author: 0xgan
At the first mention of BRC20, I felt as if I were back in that summer of 2018, with the bull market seemingly just around the corner.
"April belongs to the MEME army, while May will be the domain of BRC-20," has almost become a consensus among users in the crypto market.
Since May, the BRC-20 concept tokens based on the Ordinals ecosystem have been growing wildly under the high attention of market users, expanding rapidly, and within just a week, a huge wealth effect has formed.
According to data from Ordspace, there are currently over 8,800 types of BRC-20 tokens in the market, with the total market capitalization of BRC-20 related concept tokens reaching $137 million, a 682% increase from last week.
Apart from the initially issued ordi token based on Ordinals, the currently popular BRC-20 tokens in the market are mainly MEME concept tokens such as pepe, punk, and domo. Over the past week, BRC-20 concept tokens have seen varying degrees of increase, thus driving a strong speculative value and wealth effect.
BRC-20 concept tokens have become a major hotspot in the cryptocurrency market recently, almost entering a mode of universal token issuance; undoubtedly, driven by market enthusiasm and wealth effects, this sector will welcome huge increments and limitless potential.
Now and the Future
Essentially, the main advantage of BRC-20 concept tokens lies in the new paradigm that has brought market heat, and this round of 'inscription' effect has injected new vitality into the Bitcoin network:
Firstly, the ordinal and inscriptions have brought new vitality to Bitcoin development, prompting some new stakeholders with different voices and viewpoints to join the BTC ecosystem, ultimately injecting new funds and market discussion into the ecosystem.
Secondly, due to the surge in BTC network transactions, the transaction fees paid to miners have also been increasing, and the rise in miner fees will ultimately motivate miners and enhance the security of the BTC network; of course, this also means that inscriptions and innovations based on the BTC network will increase the long-term sustainability of Bitcoin.
Therefore, the final impacts may be twofold: 1. Increased Bitcoin miner fees; 2. Possible promotion of cultural transformation within the Bitcoin community.
In summary, the Ordinals ecosystem is still in its infancy, and for players, this ecosystem still has infinite imaginative space.
Some communities even believe that the current stage of Ordinals is similar to the NFT period of 2021, with BTC as the core liquidity exchange medium. As the number of tokens and 'inscription' products in this ecosystem increases, users and investors will flock in, potentially becoming the next emerging sector to take off.
The Product Most Needed by BRC-20: Swap
After the daydreaming, let's return to reality. The explosive popularity of BRC-20 tokens has certainly driven the activity and emerging value of the BTC network, but new problems have also arisen.
As the variety of tokens and users in the BTC ecosystem increases, issues such as long block times, high miner fees, and network congestion will gradually become apparent.
Therefore, the trading market for BRC-20 tokens will inevitably give rise to a large number of on-chain trading products, namely Swap applications based on Ordinals.
According to media reports, the first Swap based on BRC-20 has been born, named bisoswap, which is the first swap protocol developed based on the Ordinal protocol to provide liquidity for the BRC-20 ecosystem;
The original intention of bisoswap's creation is to improve the liquidity issues of the continuously growing BRC-20 tokens, which is indeed a pressing problem that needs to be solved in the development of the BRC-20 ecosystem.
According to official information, the bisoswap protocol will provide LP trading liquidity pools and real-time trading for the entire BRC-20 token trading market, and will also address the complexity of BRC token trading, allowing users to buy, sell, and add liquidity pools more easily.
In addition, the bisoswap protocol will also attempt to bring the BTC network into LP mode for the first time, providing users with a richer trading experience while helping them achieve diversified use of BRC-20 assets.
We all know that one of the core attractions of BRC-20 concept tokens is: "Tokens are launched completely fairly, without a house."
Therefore, in the long run, what BRC-20 concept tokens need is not a large number of listings on decentralized exchanges, but rather more convenient on-chain trading methods.
In short, the BRC-20 ecosystem has begun to generate a large demand for Swap, and as the BRC-20 concept tokens explode in number, the demand for Swap at the BRC-20 ecosystem layer will also show explosive growth.
As a pioneering product in this sector, bisoswap will also gain strong traffic influx and development space in the future. When the BRC-20 sector begins to grow explosively, bisoswap will be the next Uniswap.
