SATS up 250% in two days, what's happening to the BRC-20 market?

Author: Loopy

Recently, the BRC-20 token sats has continued to rise. Coingecko data shows that in the past half month, the price of sats has hovered around 0.00000002 USDT for a long time, and the price has climbed rapidly in the past two days, with the highest exceeding 0.00000007 USDT, a maximum increase of nearly 250%. What has happened to the BRC-20 market in recent times?

! [sats up 250% in two days, what's happening in the BRC-20 market?] ](https://img-cdn.gateio.im/webp-social/moments-69a80767fe-7c58067fe4-dd1a6f-cd5cc0.webp)

It is impossible to mint meme coins

When it comes to SATS, the biggest impression people have of it is its incredibly large supply. The total supply of SATS is 2,100,000,000,000,000,000, or 2,100 trillion, which is 100 million times that of Bitcoin.

As a result, at the time of launch, many users did not believe that the BRC-20 token would eventually be fully minted. But the enthusiasm of the users is strong, and SATS, the meme with the name Satoshi Nakamoto, was finally minted in its entirety.

On September 24, the minting progress of SATS reached 100%, with a total of 21,107,258 mints and 36,061 holders, and the minting started on March 9, 2023, taking a total of 6 months.

! [sats up 250% in two days, what's happening in the BRC-20 market?] ](https://img-cdn.gateio.im/webp-social/moments-69a80767fe-3ce2824931-dd1a6f-cd5cc0.webp)

In terms of the number of participants, there are enough SATS, which to some extent represents enough "decentralization". Moreover, the name of the token itself is an "innate advantage", which also gives SATS a certain advantage in the competition of the meme track.

Meme Coins turn to tokens

With the expansion of the sats community, UniSat, the largest wallet developer in the BRC 20 ecosystem, has also taken a fancy to this "sweet spot". The UniSat team is trying to empower sats and increase use cases. (Odaily note: UniSat Wallet is a Chrome plug-in wallet for the BTC ecosystem, which helps users store, mint and transfer BRC-20 tokens, including buying and selling BTC, NFTs, domain names, etc.) ）

The story of the "empowerment" of meme coins is not the first time that it has happened in the crypto world, and DOGE and SHIB have previously caused heated discussions in the market because of their "chain". This time, the story comes from the fee consumption of swap. In UniSat's latest brc20-swap, SATS will be charged as a fee, which will cause users to consume a large amount of SATS.

UniSatWallet said that brc20-swap will charge a 0.3% service fee to all users who participate in the transaction, of which approximately 1/6 (0.05%) will be collected by UniSat, and the remaining 5/6 (0.25%) will be distributed to all liquidity providers in each trading pair. This fee structure is primarily based on the rate scale currently used by UniSwap. In terms of fees, UniSat will donate 2% of its revenue to L1F (Layer1Foundation). In addition, UniSat will open up the full interpretation and verification source code of brc20-swap to facilitate early support for indexers.

At present, the brc-20 protocol and the entire Ordinals ecosystem are still in the early stages, and UniSat occupies a huge market share and influence. sats is bullish on UniSat, and it also provides a great positive expectation for itself. OKX data shows that SATS has generated about $2 million in trading volume in the past 24 hours.

! [sats up 250% in two days, what's happening in the BRC-20 market?] ](https://img-cdn.gateio.im/webp-social/moments-69a80767fe-b6779a64cf-dd1a6f-cd5cc0.webp)

The launch of BRC20-swap has been full of twists and turns

Previously, due to the "raw" user experience and poor liquidity, the BRC-20 token was still a "small circle" niche track, and the lack of infrastructure made it difficult for EVM whales to enter. The opening of UniSat's brc20-swap has opened a channel for more users to enter the Bitcoin ecosystem to trade BRC-20 tokens, and the launch of the product has also experienced a setback.

On September 27, UniSat Wallet announced the launch of the BRC 20-swap testnet, where users can mint BRC-20 tokens, deposit, trade, and add liquidity on its testnet.

On October 10, UniSatWallet announced the brc20-swap mainnet release schedule, which is scheduled to go live on October 25.

On October 22nd, UniSat itself ran into a technical dilemma. Users have found that different marketplaces are using different versions of ORD, which index different inscription numbers. Until MagicEden, OKX, and UniSat Wallet all use the same ordinal number, there is a risk of double-spending in trading BRC-20.

UniSat then responded in a post on X: "We have noticed a BRC-20 index mismatch due to different versions of the ord software. UniSat Wallet and services are consistent with the current ord 0.9 version, ensuring that the results of ordinals.com are correctly matched. We are monitoring the work of contributors and indexers and will keep our users informed. On the same day, Magic Eden suspended trading on the BRC-20.

On October 25th, it was time for BRC20-SWAP to launch on the mainnet. However, UniSat has delayed the launch of the product, delaying its mainnet launch until October 31, while saying that the team will continue to distribute Prime Access for free during the initial mainnet launch; As more users join, the team will closely monitor the performance of the system and resolve any issues that may arise in a timely manner; After a series of iterations, all features will eventually be opened to all users.

On November 1, Beijing time, the BRC 20-swap mainnet was officially launched. However, unlike the common "permissionless" DEXs, brc20-swap still requires a certain amount of "permission" before it can be traded.

Among the first batch of assets to be launched, UniSat has included 14 inscription assets in the first batch of support lists for the brc20-swap mainnet launch, namely: sats, ordi, trac, oshi, btcs, oxbt, texo, cncl, meme, honk, . bit、vmpx、pepe、mxrc。 Specifically, the asset open trading adopts the "on-demand trading" model: withdrawal requests can only be used when new users deposit the relevant assets to brc20-swap.

It seems that it is too early to say how far the BRC-20 ecology can go, so it may as well let the bullets fly for a while and wait for development.