The IDO platform has become the "wealth creation machine" for the inscription project, detailing the operation mechanism and participation methods

Author: Xiyou, ChainCatcher

"MUBI's new listing returns exceed 10 times, a certain MUBI trader increased their total assets from $31.5 to $297 in just one month, and the new listing returns for BSSB and 1CAT exceeded 20 times…" This has become yet another legendary wealth story that is widely shared in the crypto community. The IDO platform is humorously referred to by users as the "blessing machine for inscription projects," and it is also an important place to capture the next thousandfold or tenfold inscription project.

The pursuit of wealth through new listings of inscription IDO projects has now become a consensus in the crypto community.

This afternoon, BakerySwap announced on its social media that the second phase of the BRC track Launchpad project is about to launch, which will only support participation using BAKE and 1CAT tokens. Subsequently, the platform token BAKE surged past $0.45, rising over 24% in 24 hours, and has now fallen back to $0.42.

The day before (December 21), the Ordinals inscription donation and IDO platform TurtSat announced that it has established a strategic partnership with DWF Labs, and both parties will provide comprehensive support for the development of Ordinals open-source projects and infrastructure. At the same time, the IDO platform Bounce announced that the NFT liquidity protocol Ladder and the Bitcoin ecological trading protocol Bitswap will collaborate to launch the "two birds with one stone" token AMMX on the Bounce Launchpad.

Correspondingly, on December 21, the TurtSat platform token TURT, Bounce token AUCTION, and BakerySwap token BAKE all saw significant increases on the same day, with increases exceeding 20%. Among them, the BAKE token saw a 24-hour increase of over 70%, currently priced at $0.39.

Under the influence of "wealth from inscription new listings + IDO platform tokens rising together," the enthusiasm for inscription IDO new listings has reached a new peak, and the crypto community is eagerly anticipating the next inscription new listing project launched by the IDO platform, hoping to catch the train of wealth from inscription new listings.

So, what are the inscription IDO platforms? How to participate? How far can the path to wealth through inscription new listings go, and will it become a mess after the hype?

Three Major Representatives of Inscription IDO Platforms, What Are the Participation Methods?

Leading Inscription IDO Platform Bounce Brand (AUCTION)

Bounce Finance (AUCTION) was originally a decentralized auction platform on Ethereum, providing token issuance and NFT auction services. In November, it gained attention for issuing the Bitcoin ecological cross-chain bridge Multibit token MUBI and the stablecoin BitStable token BSSB.

On December 6, Bounce Finance upgraded its brand to Bounce Brand, integrating functions such as the Bitcoin application chain Bounce Bit, the one-stop DeFi application entry Bounce Box, and the Bitcoin ecological asset auction platform Bounce Auction, becoming an important member of the Bitcoin ecosystem.

As of December 21, the Bounce Brand platform has successfully issued three Bitcoin ecological project tokens related to BRC.

On November 12, Bounce Brand issued the Bitcoin cross-chain bridge MultiBit asset MUBI on Ethereum, with an IDO price of $0.00047, providing a quantity of 378 million, aiming to raise 88 ETH, with a maximum limit of 2.5 ETH per wallet address, requiring ETH for purchase. MUBI is currently priced at $0.39, with a cumulative increase of about 1000 times;

On November 29, the public sale of the Bitcoin-based cross-chain stablecoin protocol Bitstable project token BSSB began, with each BSSB IDO costing about $0.27. The BSSB public sale was divided into two rounds: one round involved staking the native token AUCTION for auction, with a sale volume of 63 million; the other round allowed fixed-price purchases with ETH, with a sale volume of 42 million; BSSB is currently priced at $6.8, with a cumulative increase of about 30 times;

On December 15, the DID service platform GoDID's sub-platform Bdid token BDID was launched within the Bitcoin ecosystem. The BDID auction has three participation methods: first, using AUCTION to purchase lottery tickets for a draw, with a total allocation of 100 million BDID and 20,000 entry tickets available, each ticket auctioned at $62.5, with 150 winning spots, each winner receiving 666,666 BDID tokens, selected randomly by an on-chain smart contract; second, staking AUCTION to proportionally obtain allocations, with a total allocation of 200 million BDID, and a total subscription amount set at 18,750 AUCTION; third, staking the stablecoin DAII to proportionally obtain allocations, with a total allocation of 100 million BDID, and a total subscription amount set at 150,000 DAII. The public sale price of BDID is capped at $0.0029, currently priced at $0.03, with returns exceeding 10 times.

On December 21, Bounce announced the participation projects for the previously announced "two birds with one stone" strategy for issuing tokens, with NFT AMM liquidity protocol Ladder Protocol and the Bitcoin ecological BRC20 cross-chain trading platform Bitswap collaborating to launch the "two birds with one stone" token AMMX on the Bounce Launchpad.

Among them, Ladder Protocol is an NFT and AMM trading protocol that supports various NFT standards, including ERC-721, ERC-1155, ERC-3525, ERC-20, and BRC-20 tokens. BitSwap is the first cross-chain swap in the Bitcoin ecosystem, supporting BRC20 assets trading across different blockchains.

AMMX will serve as the ecosystem token for BitSwap and Ladder, and these two protocols will use 50% of their fee income for AMMX buybacks.

The total issuance of AMMX is 2.1 billion, with 50% available for public sale on the Bounce Launchpad platform, and there will be three auction methods: one is the AUCTION staking pool, the second is the DAII staking pool, and the third is the MUBI random lottery pool, with specific auctions starting on December 23.

In summary, the new projects on Bounce Launchpad typically adopt methods such as lotteries and staking auctions. The condition for participating in the lottery is that users need to purchase lottery entry tickets in advance to participate, while staking auctions only require staking a certain amount of tokens, with allocations distributed based on the proportion of the total staked tokens. The tokens commonly used in this process include the Bounce platform token AUCTION and tokens from already launched IDO projects such as the Bitstable stablecoin DAII and the cross-chain bridge MultiBit platform token MUBI.

For further reading, see “BRCFi Applications Are Highly Favored by Capital, How to Seize the New Opportunity in the Bitcoin Ecosystem?”

Rising Star BakerySwap (BAKE)

BakerySwap was originally a trading platform on the BSC chain that integrated various functions such as AMM DEX, NFTSwap, and Launchpad. On November 18, BakerySwap officially announced on social media that it would enter the Bitcoin ecosystem, aiming to become a bridge linking the Bitcoin and Ethereum EVM network ecosystems, supporting cross-chain and issuance of BRC assets.

On December 8, BakerySwap officially announced that platform users would be able to participate in the upcoming BRC20 project IDO using ETH, BAKE, and several other selected tokens from the Bakery ecosystem. Just a day after this tweet (December 9), BakerySwap added that there are already three BRC20 projects queued for token issuance on the Launchpad, one of which is a GameFi project that can bridge Bitcoin ecological game assets to EVM and other networks; another is a DEX that addresses the liquidity issues of inscription assets; and the last is a Layer2 project within the Bitcoin ecosystem.

On December 11, BakerySwap announced its first BRC20 IDO project BitcoinCats, which issued the token 1CAT on December 19.

BitcoinCats is a GameFi platform within the Bitcoin ecosystem that can bridge Bitcoin assets (BRC20, Ordinals NFT, etc.) to Ethereum and EVM and other Layer2 networks, aiming to become the next-generation gaming ecosystem across Bitcoin and EVM networks. On the BitcoinCats platform, users can use their held Ordinals NFT assets as game characters to participate in mining and other activities.

The 1CAT token is a utility token within the BitcoinCats gaming ecosystem, used for purchasing and upgrading in-game assets, including avatars, pets, equipment, farmland, etc. It will also serve as a ticket for players to access special features.

The total issuance of 1CAT is 10 billion, with 2 billion available for public sale on the Bakery Launchpad, at a public sale price of 1 ETH = 6.25 million 1CAT (approximately $0.00035 per 1CAT), and each address can participate with a maximum of 2 ETH. Users can use ETH, BAKE, the chain game Crypto Doggy token Doggy, and the PUNK token from the Base chain to participate in the new listing.

For this 1CAT public sale, Bakery Launchpad will conduct two rounds for whitelist and non-whitelist addresses, and users wishing to obtain whitelist status need to participate in BakerySwap's marketing or lottery activities.

On December 19, BakerySwap announced that the IDO for the Bitcoin chain game project BitcoinCats has ended, with a total of 37,383 ETH, 73 million BAKE, and other tokens participating in this IDO, totaling $106 million USDT, which has been oversubscribed by 150 times.

After the token 1CAT opened, the highest price surged to $0.01, with a new listing return rate of about 33 times, and has now fallen back to $0.0073, with a return rate still at 20 times.

Currently, Bakery Launchpad has two BRC20 IDOs yet to be launched, one is a BRC20 DEX project, and the other is a Layer2 project within the Bitcoin ecosystem. On December 22, BakerySwap announced on its social media that the second phase of the Launchpad project is about to launch, which will only support participation using BAKE and 1CAT tokens. Among them, BAKE has seen a rise of over 24% in the past 24 hours, currently priced at $0.42, with a market cap of $126 million.

In summary, users wishing to participate in the Bakery Launchpad IDO need to pay attention to official information in a timely manner, participate in whitelist marketing activities, and hold BAKE and Bakery ecosystem tokens as tools.

Donation and IDO Platform TurtSat (TURT)

TurtSat (TURT) is a community-led donation platform for Ordinals, with the mission of becoming the Gitcoin of the Ordinals world, and it has supported the issuance of tokens for multiple Bitcoin ecological projects in the form of a Launchpad.

On December 21, TurtSat announced that it has established a strategic partnership with DWF Labs. Both parties will provide comprehensive support for Ordinals open-source projects and ecological builders in the development of Ordinals infrastructure.

As of December 21, TurtSat has raised funds for 7 Bitcoin ecological projects through token issuance, with over 6,000 participants and a financing amount of 32.749 BTC, approximately $150,000.

The projects already launched on TurtSat include: BRC 20 asset protocol Chamcha token CHAX, BRC 20 cross-chain bridge Multibit token MUBI, Ordinals aggregation platform NXHUB token NHUB, Ordinals lending platform Dova Protocol token DOVA, Bitcoin ecosystem gaming platform Rabbit token RAIT, Bitcoin ecological metaverse game Svarga token SVGR, and Bitcoin staking platform Zooopia token ZOOA.

On December 22, TurtSat launched the Bitcoin P2P derivatives liquidity protocol Copycat Dex token BICO, supported by Binance Labs.

On December 23, TurtSat will issue the MultiChain FOOX project token FOOX, which is a multi-chain meme project based on the BRC20 standard, featuring a cute fox as its mascot.

The total issuance of FOOX tokens is 210 million, with 5 million available for public sale on the TurtSat platform (2.4% of the total), at an IDO price of $0.005, with 500 spots available, each spot can receive 10,000 FOOX tokens, and the cost for each spot is about $50. Participation in TurtSat platform Launch projects requires a whitelist, which can be obtained by holding EGGS tokens. The EGGS token is a new token launched by TurtSat, which users need to stake TURT to obtain, and it can be used to redeem whitelists for Launch projects and for project launch voting.

Compared to Bounce and BakerySwap, TurtSat has the most IDO projects launched, with an average of one project launching daily, and the participation method is mostly staking EGGS to obtain whitelists for new listings.

Among them, TurtSat's native token TURT has a maximum issuance of 1 billion, currently priced at $0.078, with a market cap of $78.73 million.

BDID Faces Doubts Over Team "Dumping" Leading to IDO Platform Token Collapse, How Far Can the Path to Wealth from New Listings Go?

Amidst a flood of information about wealth from inscription new listings, "participating in inscription IDOs can lead to wealth" seems to have become an unquestionable truth in the crypto community, but the reality is not so simple. Recently, the BDID token of the DID aggregation platform GoDID, which is Bounce's third IDO project, plummeted from $0.068 to $0.01, raising suspicions that the project team started dumping as soon as it went live.

KOL He Bi posted on Twitter that he lost 20 ETH on BDID, stating that indeed, after the third one, one should not rush blindly, as it leads to significant losses.

In response, the GoDID project team explained in a Space that this may have been caused by third-party intervention (scientists or manipulators), and to protect users, they will destroy and buy back the BDID tokens.

However, this does not seem to have restored user confidence in holding the project token. In fact, under the impact of the BDID token's plunge, IDO platform tokens such as TURT, AUCTION, and the tokens issued by these platforms like BSSB and MUBI also saw significant price declines, all dropping over 10%.

Regarding this dumping incident, many experienced BRC players expressed that IDO platform tokens can be opportunistically bought at low prices and can also be used as new mining tools, but the tokens of IDO projects should be purchased with caution. One should not blindly rush in just because the tokens of the previous one or two projects have risen, and the returns from IDO project new listings will likely decrease in the future.

Additionally, some users have reported that some inscription projects are merely looking to raise funds through IDOs, and after the IDO, the team directly cashes out and runs away, disregarding the project's subsequent situation. You might think you are getting rich from new listings, but in reality, you are just taking over the manipulator's position.

Originally, issuing four-character inscription tokens was something anyone could do; one just needed to write a piece of code or directly deploy it through a third-party platform. Why then participate in the IDO of inscription projects, and what is the process for applying for an IDO?

Participating in IDO inscription projects requires not only issuing tokens but also having product support, such as cross-chain bridges or DEXs that need to have real, usable products. The tokens they issue will also serve as governance tokens for the project, with voting and other functions.

Regarding the IDO process for inscription project teams, experienced players in the crypto industry have stated that the project team must mint all tokens in advance, then distribute the chips to raise Bitcoin or Ethereum and other tokens through the IDO platform, and finally distribute them to participants.

Moreover, IDO for inscription projects is still in its early stages, and project teams do not need any qualifications to apply for an IDO. Many of the projects launched on IDO platforms are self-incubated or in collaboration. However, the prerequisite for project teams to participate is that they must mint the tokens themselves first and pay the gas fees for minting tokens. The specific cost depends on the number of tokens issued; for example, if 21 million tokens are issued, with each inscription being 1,000, a total of 21,000 inscriptions, and if the gas fee for each inscription is about $20, then it would require $400,000 in minting gas fees, which is the cost for the project team.

He also added that some IDO platforms might choose to raise funds for minting gas fees first to save costs, and then use the raised funds to mint tokens for distribution to participants.

In summary, the quality of new listing projects on current inscription IDO platforms varies greatly, and users need to be cautious in their participation and discernment.