Thread by @dat_she_pepe

1/17 A few weeks ago #Ordinals took #BTC by storm. Bitcoin will never be the same but what are Ordinals and why does it matters? A (long) thread about #Inscriptions, jpegs on BTC and #BRC20 token standard 👉

2/17 November 2021 Taproot is activated on Bitcoin. Let's not dive too deep into the technology here and fast forward: January 2023, @rodarmor releases the Ordinal theory framework rodarmor.com/blog/ (overview here docs.ordinals.com/overview.html) 👉

3/17 Ordinals are data blobs inscribed on Bitcoin. Unlike 99.9% of #NFTs on Ethereum and alikes Inscriptions on BTC exist onchain rather than being hosted on IPFS or on other solutions. NFTs on #ETH are smart contract as proof of ownership of data hosted somewhere else 👉

4/17 Are you familiar with the #NFTs reveal process? The creator has the power to change your jpegs. the IPFS data could get pruned, censored even. Matter of fact, you don't even own that, you own a link, that's it. Ordinals are made different. Onchain, immutable, forever 👉

5/17 Now that we covered the basics, it's time for me to shill my @cobie inscription ordiscan.com/inscription/78… and dive into the BRC20 token standard 👉

6/17 BRC20 is a token standard made for Bitcoin and created by @domodata on 8th of March 2023 domo-2.gitbook.io/brc-20-experim… & mythbtc.xyz/brc-20-token-s…

Basically those are .json inscribed on Bitcoin. It works as follow 👉

7/17 The first inscription is the deploy op:

{
"p": "brc-20",
"op": "deploy",
"tick": "ordi",
"max": "21000000",
"lim": "1000"
}

The following ones are the minting op

{
"p": "brc-20",
"op": "mint",
"tick": "ordi",
"amt": "1000"
}

Simple right?👉

8/17 Since the BRC20 party started, the inscriptions amount per day skyrocketted, and so did the fee dune.com/dgtl_assets/bi… 👉

9/17 More than 500sats/kb at the time of this thread! @udiWertheimer saw it coming for @TaprootWizards but it really happened when the idea of #DeFi on BTC started to shape its narrative: The block space became a real pvp market 👉

10/17 There are several things to keep in mind at that point:
- BTC fee look insane due to this whole Ordinals craze but ETH fee weren't cheaper back in 2021 when DeFi was King.
- There are a lot of shitcoins popping as BRC20 and most of them will be short lived
- Be safe! 👉

11/17 The ecosystem is young and a lot of things are happening 👉

12/17 @unisat_wallet created a market, a wallet as well as an indexer for BRC20 tokens unisat.io
For now it's just P2P, same as this good old openordex.org

And there's more brc-20-liquidity-experiment.gitbook.io/brc-20-liquidi…

You see it coming?👉

13/17 oshi.fi and @btswapBRC & btswap.io are working on DEXs, bringing the known UX experience from Ethereum to Bitcoin.

Fovo Finance @fovofinance even talking about leverage trading on BTC 🔥

Meaning? 👉

14/17 Meaning there are BRC20 you can mint right now and those will be the foundation of the whole DeFi on Bitcoin if it ever happen👉

15/17 You can check the current state of the BRC20 market here ordspace.org/brc20 and here brc-20.io

@domodata seems to be also working on another solution. $TRAC will be the token👉

16/17

tdlr:
- Ordinals aren't just .jpeg
- DeFi on BTC could be a big narrative and it works through Ordinals
- BTC might need to scale for this (I'll address that in another thread 🧵)
- All you need to start is Unisat wallet unisat.io

👉

17/17

More:
- You can check the BRC20s being minted here unisat.io/brc20 Look for the time of the deployment and what's getting minted fast.
- Be safe out there:

https://twitter.com/bigpepebtc/status/1653786897372844034

- @btswapBRC $BTSP and everything that's not just a meme is to be watched closely 😘

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