An Analysis of BRCport: Full-Stack Infrastructure Connecting ERC20 Networks and the BRC20 World
This article introduces the project information and fundraising situation of the BRCport project, and provides a detailed analysis of the project's core functions.Author: BitJump
1. Basic Information
BRCport is a blockchain project aimed at building BRC20 infrastructure. Its core function is a cross-chain bridge that connects the BRC20 and ERC20 networks, allowing assets to flow between these two blockchains. BRCport also includes diverse features such as BRC Launchpad, cross-chain DEX, inscription tools, lending and liquidity management, as well as an NFT Launchpad, aiming to provide users with a comprehensive digital asset management and trading experience.
1.1 Project Information
Project Name: BRCport
Official Website: https://brcport.com/
Technical Litepaper: https://docs.brcport.com/
Twitter: https://twitter.com/BrcPort
Official English Telegram Community: https://t.me/brcport
Official Chinese Telegram Community: https://t.me/brcportcn
1.2 Token Information
Token Name: BRCP
Token Type: BRC20 & ERC20
Project Valuation: $4 million (SEED round)
Total Token Supply: 1 billion
1.3 Fundraising Information
BRCPort DAOMAKER rSHO IDO (Small SEED, ended)
Fundraising Amount: $46,000
Network: BRC20 & ETH
Lock-up Period: 10% unlocked at TGE
Fundraising Currency: $DAO
Start Time: December 29, 16:00 UTC
End Time: December 30, 16:00 UTC
Large Public IDO
Official Twitter announcement in early January 2024
2. BRCport Ecosystem Framework
Through BRCport's technical whitepaper and project introduction, we understand that BRCport aims to build a unified digital asset ecosystem and reduce isolation between blockchain networks through innovative protocols, thereby achieving smooth token flow. The core value of the platform lies in empowering global users, supporting the development of decentralized finance, and striving to establish a trustless cross-chain trading system. BRCport's main goals include improving the circulation of tokens within the blockchain ecosystem, providing high security, transparency, and user-friendly interfaces, as well as serving as an effective channel for digital asset liquidity, promoting broader economic interconnectivity, and exploring new opportunities in the decentralized finance sector.
BRCport's vision includes enhancing global token liquidity and seamless interoperability between blockchain networks, envisioning a scenario where tokens can flow freely between the BRC20 and ERC20 networks, thus achieving smoother connections between different blockchain ecosystems. BRCport aims to change the status quo of token circulation in the blockchain space by providing a bridge solution that facilitates easy and secure cross-chain transfers between BRC20 and ERC20 standards. Therefore, once implemented, BRCport will serve as a bridge connecting the Bitcoin BRC20 and Ethereum ERC20 ecosystems.
According to the latest official whitepaper and news, the BRCport ecosystem currently consists of the following six components:
2.1 Cross-Chain Bridge:
This is the core part of the entire BRCport ecosystem, whose function is to connect the BRC20 and ERC20 networks, enabling token exchanges between two different blockchain ecosystems.
The specific implementation method is as follows:
Users deposit and securely lock BRC20 tokens into the BRCport cross-chain bridge.
After a successful deposit, users will receive wrapped tokens, such as ERC20, on other supported blockchain networks, which have a value equivalent to the deposited BRC20 tokens.
Users can redeem the original BRC20 tokens by burning an equivalent amount of wrapped (such as ERC20) tokens.
Currently, the first BRC20 asset supported by the BRCport cross-chain bridge is $Ordi. Future plans will expand the range of supported assets.
In the BRCport cross-chain bridge, it is recommended to use the Unisat wallet for BRC20 transactions. For other ERC20 wrapped tokens, the bridge prioritizes compatibility with MetaMask, with plans to gradually integrate other popular wallets such as Trust Wallet, Wallet Connect, Coinbase Wallet, etc., to enhance convenience and broader accessibility. Currently, a nominal fee of 0.5% is charged for transactions.
2.2 Cross-Chain Decentralized Exchange (DEX):
The BRCport ecosystem includes a cross-chain decentralized exchange that allows users to easily swap tokens between different blockchain networks, aiming to provide the convenience and flexibility of decentralized trading. Similar to other decentralized exchanges, the working mechanism of BRCport cross-chain trading is:
Initiate Swap: Users first select the BRC20 tokens they wish to swap, then specify the target blockchain and target asset.
Smart Contract Execution: The smart contract is responsible for executing the cross-chain swap, verifying and authenticating the token exchange through the contract mechanism.
Token Transfer Confirmation: After a successful transaction, users will receive confirmation of the completed cross-chain swap.
Compared to other exchanges, BRCport cross-chain swaps support the exchange of BRC20 tokens within the same blockchain ecosystem, allowing users to explore swap options between different blockchain networks.
2.3 BRC Launchpad:
Provides a platform for discovering and supporting innovative BRC projects based on Bitcoin and other EVM networks. These projects will be screened and reviewed by the BRCport team, aiming to provide a space for showcasing and supporting promising innovative projects within the BRC community. Users can participate in the issuance of new tokens, including the launch of startup projects or emerging digital assets.
2.4 Inscription Tools:
This tool allows users to easily deploy BRC-20 tokens and create inscriptions on the BRC20 network, increasing user participation and creative expression.
2.5 Lending & Liquidity:
The BRCport ecosystem also includes an innovative DeFi module, allowing users to borrow liquidity from the BRCport treasury to issue tokens and create liquidity pairs on decentralized exchanges (DEX). This part manages liquidity in the DeFi space, providing lending services, and users can generate income through trading and rental fees, as well as earn rewards by participating in liquidity provision.
2.6 NFT Launchpad:
This platform focuses on non-fungible tokens (NFTs), allowing users to discover, create, and collect NFTs, thereby enhancing exposure and interaction with emerging digital art forms.
3. BRC Ecosystem and Competitor Comparison
We have organized projects in the current BRC20 market, including categories such as DEX, lending, Launchpad, and cross-chain bridges, to provide readers with a relatively comprehensive and objective understanding of the market BRCport is entering.
When comparing BRCport with the aforementioned competitors in the BRC20 ecosystem, we can focus on the following key aspects:
1. Cross-Chain Capability:
BRCport emphasizes building a bridge between the Bitcoin BRC20 network and the Ethereum ERC20 ecosystem, which is one of its main advantages. In contrast, projects like RDEX and DotSwap primarily focus on trading and liquidity within BRC20, without covering cross-chain functionality.
This feature of BRCport gives it an advantage in asset interoperability and expanding market access, which is crucial for promoting liquidity between different blockchain networks.
2. Lending and Liquidity:
BRCport provides lending services while also integrating liquidity management across the entire ecosystem, which may make it more comprehensive and effective in liquidity provision.
3. Market Positioning:
As a bridge, BRCport serves a broader market, aiming to facilitate the integration of the Bitcoin and Ethereum ecosystems. In contrast, other projects like Ordiswap and Bitlend may only target specific use cases or functionalities.
This comprehensive market positioning may allow BRCport to play a more critical role in the ecosystem, especially in promoting liquidity for emerging tokens and crypto asset swaps.
4. Technology and User Experience:
BRCport emphasizes security, transparency, and user-friendly interfaces in its whitepaper. These features are key components of its competitiveness, especially in attracting non-technical users.
In contrast, other projects may focus more on specific technical implementations or market segments, which may limit their user base or market impact.
5. Potential Disadvantages:
As a cross-chain bridge project, BRCport may face challenges including technical complexity, ensuring transaction security, and integration issues with existing market participants.
Other projects, by focusing on more specific market segments or technical use cases, may be simpler or more efficient in implementation and operation.
Projects like RDEX and DotSwap also have clear plans to expand their ecosystems into launchpad, cross-chain, and other areas.
In summary, BRCport may have advantages in cross-chain interoperability, liquidity management within the ecosystem, and market coverage, making it competitive on multiple dimensions, but it also faces challenges in technical implementation and market integration. At the same time, some projects are actively expanding their market coverage in the BRC ecosystem, which indicates that BRCport's current project planning has forward-looking market insights, while also requiring the project team to accelerate progress and launch infrastructure products covering the BRC market ahead of others.
4. Core Gameplay
4.1 BRCport Pre-registration Activity (Telegram Group Points):
Log into the Telegram group,
a. Join BRCport's news channel https://t.me/brcportann, chat channel https://t.me/brcport; joining the Chinese community https://t.me/brcportcn will also earn points.
b. Open the bot chat interface @BRCportBot, click to open the APP.
c. Enter your Twitter address (with or without @), and input your MetaMask wallet address in the bot interface.
Registration Reward: After registering, you will receive 10 points.
Invite Friends: Earn an additional 10 points for each successful referral.
Active Participation: Engage in the community and stay active in the group to earn extra points (chatting earns points).
Invite link, check points: Click balance in the bot interface. All these points will be converted into $BRCP tokens based on the TGE ratio.
4.2 IDO:
BRCport will conduct two rounds of IDO, a small seed round IDO and a larger public sale round IDO. Both are refundable.
The small seed round (rSHO) IDO has been conducted through DAOMAKER's launch platform and has ended.
The large public sale round IDO is expected to announce specific opening times and subscription methods in January.
5. Operational Status
Official English Telegram group: Currently has nearly 30,000 members, with over 24,000 in the news group and 700+ in the Chinese Telegram group.
Official Twitter: Currently has 53,600 followers.
BRCport has completed a small seed round IDO on DAOMaker, with staking amounts reaching $40 million within 24 hours, making the official token BRCP the fourth hottest IDO on DAO Maker.
According to the official Twitter, the large public round is expected to be announced in early January.
Others
What is BRC20 and Inscriptions?
BRC20 is a token standard based on the Bitcoin network, similar to Ethereum's ERC20, but it utilizes the Ordinal protocol on the Bitcoin blockchain. The purpose of this standard is to create and transfer interchangeable tokens on the Bitcoin network. According to Ordspace data, there are approximately tens of thousands of BRC20 tokens, with a total market capitalization exceeding one billion dollars.
BRC20 utilizes the Ordinal protocol of the Bitcoin blockchain to embed data into the Bitcoin blockchain through the transaction witness data section, creating "inscriptions." These inscriptions are marked on the smallest unit of Bitcoin, "satoshi," making each satoshi unique and scarce. Due to the first-come-first-served nature, uniqueness, and relative fairness of inscriptions, the inscription market for BRC20 tokens has experienced a very explosive period.
