With the continuous development of the Bitcoin ecosystem, the market's attitude towards top cryptocurrencies has become clear. Now, we see competition and development in two main directions:

First is the horizontal "Inscription Track". Various public chains are trying inscription technology, forming the "Inscription Track". For example, Ethereum's eths, Dogecoin's dogi, Solana's sols, and so on.

Next is the vertical "BTC ecosystem", led by Ordinals and BRC-20, which has formed the first wave of traffic and wealth accumulation. Subsequently, new protocols such as Atomicals/Runes (not yet launched) will follow the funding and attention of BRC-20.

In addition, there are multiple BTC L2 projects and DeFi projects under construction in the Bitcoin ecosystem, which have attracted more attention from developers and capital. These developments are not limited to inscription technology, but are deeply building the Bitcoin ecosystem, increasing its total locked value (TVL) and infrastructure.

Note: There is no complete Bitcoin ecosystem market value ranking on the data platform. This article refers to the ranking data compiled by @_0xSea on Twitter. Please refer to the ranking data.

STX

STX currently has a circulating market value of 1.54 billion US dollars and ranks first in the Bitcoin ecosystem rankings.

Stacks is a Bitcoin L2 platform, and STX is its native token, which has staking, governance, voting smart contracts, and value transfer purposes. Stacks is anchored on the Bitcoin blockchain while also being an independent protocol that executes these contracts on the Bitcoin blockchain by introducing the smart contract language Clarity and the Stacks Virtual Machine (SVM). The "PoX" (Proof of Transfer) consensus mechanism helps the Bitcoin blockchain expand, opening up new possibilities for applications such as DeFi and NFT.

In addition, Stacks has introduced sBTC, which is tied to Bitcoin. It defines a decentralized "deposit" and "withdrawal" system that allows the Stacks network to write to Bitcoin, creating a channel for decentralized communication and stronger security, thus porting Bitcoin to a more practical system. One key difference between sBTC and wBTC is that the latter is operated by a custodial entity, while Stacks claims that sBTC operates completely independently and is protected by the security infrastructure of both systems.

SATS

SATS currently has a circulating market value of 1.25 billion US dollars and ranks second in the Bitcoin ecosystem rankings.

SATS is a BRC-20 token based on the Bitcoin network, and is also a token created based on the Ordinals protocol. It was released on March 9, 2023. The name of this token comes from the smallest unit in Bitcoin, "Satoshi", which represents a tribute to Bitcoin.

SATS was originally created for entertainment purposes and was considered a meme. It gradually showed the success that a cryptocurrency community can achieve through collective participation and exploration of blockchain technology, attracting a lot of attention from investors and traders. It has also become very popular in the BRC ecosystem.

Currently, some key data points about SATS include: a total supply of 2.1 trillion SATS; over 37,430 holding addresses; and over 21,425,690 total transactions. From on-chain data, the buying power of SATS is very strong. Within one day of being listed on Binance, it captured 19.17% of the market share, worth approximately $200 million, and has not experienced a significant drop despite already rising 143%.

Although the volume of SATS on the trading platform is not as high as ORDI, the chips are still relatively scattered. However, a large number of early high-profit chips have not been sold. Currently, 7 of the top 10 addresses holding SATS are personal addresses, with the largest personal holding being 1.5 trillion, worth $7.2 million. The largest player in SATS once owned 6.5 trillion SATS and sold them all after the launch on Binance, earning $36 million in profit.

ORDI

ORDI currently has a circulating market value of 1.15 billion US dollars and ranks third in the Bitcoin ecosystem rankings.

On March 8th, 2023, anonymous developer @domodata launched the BRC-20 Inscription Protocol based on the Ordinals protocol and deployed the experimental token ORDI, which is the first deployed BRC 20 Token.

On March 9th, ORDI was completed and one ORDI (which includes 1000 coins) cost between 2 to 3 US dollars to produce. Based on the current price of 50 US dollars per ORDI, one package of ORDI is priced at 50,000 US dollars. The value of ORDI has continued to rise, especially after being listed on Binance, with its price soaring over 700%.

10 months have passed. If it has not been sold yet, according to the current price, this is an investment with a 20,000-fold increase. As of the time of writing, the price of ORDI is $54, with a market value of approximately $1 billion.

Related reading: "The strongest assets on Earth this year: PEPE and ORDI, with a PE ratio of over 10,000 times".

RATS

RATS currently has a circulating market value of 255 million US dollars and ranks fourth in the Bitcoin ecosystem rankings.

RATS is a BRC-20 token created through the Ordinals protocol. It is a unique meme token inspired by rats, one of the most prolific mammals on Earth. Unlike many tokens aimed at achieving significant success in the blockchain ecosystem or the entire crypto asset market, RATS is a meme token created for entertainment purposes.

The success of meme tokens usually happens when people gather together to have fun and explore blockchain technology, so the success of RATS is largely attributed to the enthusiasm of its community. RATS has become a symbol of this spirit, with an increasing number of supporters.

RATS token economics was launched on March 11, 2023 and fully circulated on November 5, 2023. According to CoinMarketCap, the total token supply of RATS is 100 trillion tokens, but the distribution and allocation of RATS tokens is currently unclear.

ALEX

ALEX currently has a circulating market value of 210 million US dollars and ranks 5th in the Bitcoin ecosystem rankings.

ALEX is a Bitcoin DeFi platform based on the Stacks blockchain, dedicated to activating various use cases for Bitcoin. ALEX mainly provides the following services: launching its own token, risk-free lending with fixed ratings and fixed terms, a DEX with AMM mechanism, and earning high returns by depositing tokens and farming yields.

ALEX aims to break down the barriers between Bitcoin Layer 1 (L1) and Layer 2 (L2) to provide a seamless Bitcoin DeFi experience. Its native token, ALEX, can be obtained through DEX, LP participation, and staking, and has three main functions: incentives, staking, and voting.

The initial total supply of tokens is 100 million ALEX, with the foundation holding 20%, community staking holding 50%, and the founding team and early investors holding 30%. 50% of the initial supply is used for staking, primarily to incentivize users participating in platform activities, especially providing liquidity and staking on DEX.

ATOM

MUBI

RIF

TRAC

PIPE

STAMPS

SRC-20 tokens, also known as STAMPS (Secure Tradeable Art Maintained Securely), are a new type of token on the Bitcoin blockchain. BTC Stamps were created by anonymous developer Mike In Space! and were inspired by protocols such as Ordinals and Counterparty. They propose a method of embedding data into the Bitcoin blockchain that is different from inscription technology.

STAMPS tokens ensure greater permanence than other protocols because they are directly stored in the spendable transaction outputs of the blockchain, making them impossible to delete. The suggested use for STAMPS is to create fractionalized NFTs for lightweight "24x24 pixel, 8-bit color PNG or GIF" images, which make up a complete NFT and can be sold in different parts based on the size of the image.

According to the Github information submitted by BTC Stamps, its implementation mechanism involves embedding base 64 formatted image data into transaction outputs on the Bitcoin chain, thereby permanently storing the corresponding image data on the Bitcoin chain.

Related reading: "New Bitcoin NFT Implementation: Can BTC Stamps Start a New Trend?"

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