The Bitcoin ecosystem is still a hot sector that can attract the attention of the market, but some projects are already being tested. On December 16, BakerySwap, an AMM NFT trading platform, conducted its first Launchpad, and the IDO project was Bitcoin Cats, followed by the BakerySwap token BAKE rising by more than 100% in the next 3 days. On December 24, BakerySwap announced that the new Launchpad will launch BitLand (BLLB), a metaverse project based on the Bitcoin ecosystem, which once again drove BAKE to rise by more than 50%.
In the past week, IDO has brought two Bitcoin ecological projects to BakerySwap, bringing the income of BAKE price tripling. On the other hand, TURT, which announced two IDOs in a week and is positioned to focus on the Bitcoin ecological IDO platform, has fallen for 4 consecutive days after briefly breaking through $0.1, falling nearly 50% from its high.
Turtsat is a community-led Ordinals open platform, and TurtSat's three core business modules include the Donation Protocol, the Indexing Service, and the Ordinals Open Source Tool Platform. Donation agreements are IDO services that allow TurtSat to request initial funding for a project and increase its impact. Users vote, vote, and donate to support Ordinals open source projects around the world, and are rewarded for their participation in early project development.
Its token, TURT (BRC-20), rose by more than 350% on the 7th of this month. On December 8, TURT continued its rally after going live on the trading platform MEXC, climbing from about $0.02 to $0.1. Although there are voices that the price drop is just a normal shock and "washing", it is also a "shovel", while other platforms are soaring, the IDO speed of Turtsat has been shrunk by its market value, and there are more reasons worth analyzing behind it.
IDO projects with a "black history".
On December 21, Turtsat released a new phase of the IDO project, Copycat Dex, according to which Copycat Dex is an innovative P2P derivative protocol based on PVPAMM, which supports the BRC20 ecosystem and Bitcat DEX, and comes from Copycat Finance, which is backed by BinanceLabs.
And 12 hours later, Turtsat announced on social media that it was postponing the release of the Copycat Dex token $BICA.
It is reported that Copycat Finance is a project launched on the BNB Chain in 2021 and has been questioned by the community for its ability to deliver products. Community member Anand Chennai2London published a long tweet about Copycat Dex's "story" in 2021 after Turtsat announced the suspension of Copycat IDO.
CopycatFinance is a platform that enables copy trading on a decentralized platform, and the token at IDO in 2021 was $COPYCAT with a price of $0.17. Since its launch, CopycatFinance has not made significant progress for two months, $COPYCAT all the way down to $0.02 until November 2021, when it was selected as a Binance Labs incubation project, where the price multiplied tenfold in one day and broke through $0.46 in the following week.
But after two months, CopycatFinance still didn't deliver the product, the price of $COPYCAT shrank by 80%, and finally, CopycatFinance launched its "not working" product. In March 2022, CopycatFinance lost millions of $COPYCAT due to theft, and the project team said that if the token price fell below $0.01, it would buy back all tokens, but not in the form of a one-time buyback, and if the tokens were above $0.01, they would "lightly buyback" the tokens every month or every two months starting that month.
And according to community member Anand Chennai2London, "nothing happened after that". $COPYCA fell below $0.01 in May 2022, and at the time of writing, its price is $0.006.
Turtsat's response to CopycatFinance's legacy has been timely and effective, with the community seeing this episode of suspension of IDO as a sign of Turtsat's "responsibility".
IDO projects are lined up, but empowerment is lacking
But the emergence of CopycatFinance may not be a surprise, Turtsat's recent IDO results have indeed faced doubts about "PPT projects", and after MultBit, Turtsat continues to launch new projects with surprising speed. On December 15, Turtsat said on social platforms that there have been IDO applications for 28 projects, which will be put on sale one after another.
In addition to Turtsat, platforms that have conducted IDOs for Bitcoin ecological projects include decentralized auction platform Bounce Finance and NFT AMM BakerySwap. Currently, there are more IDO projects in the Bitcoin ecosystem on Turtsat than on Bounce Finance and BakerySwap combined.
At the time of writing, Bounce Finance is involved in IDO's Bitcoin ecosystem projects: multibit (MUBI), BitStable, and Bitswap, a cross-chain trading protocol.
BakerySwap participates in the Bitcoin ecosystem projects of IDO: Bitcoin Cats, a blockchain game, and BitLand (BLLB), a metaverse project.
Turtsat participates in IDO's Bitcoin ecosystem projects: Ordinals asset liquidity developer Chamca (CHAX), cross-chain bridge protocol MultiBit (MUBI), Ordinals aggregation marketplace NxHub (NHUB), cross-chain LSD protocol Dova (DOVA), chain game platform Rabbitgames (RAIT), Ordinals NFT issuance platform SVORGA (SVGA), Yield aggregator Zoopia (ZOOA) and the discontinued P2P derivative protocol Copycat Dex (BCIA).
In addition to these projects, MultiChain FOOX, a multi-chain meme project based on the BRC20 standard, and Bitcoin Cats, the BakerySwap debut project, have both launched a "Christmas Special" version on Turtsat.
The number of projects is somewhat indicative of the resources and community impact that Turtsat has, but that's only one aspect. In terms of empowering the project, compared to the "competition", Turtsat has not made effective explorations. Bounce Brand launched BounceBit, a DeFi solution designed for the Bitcoin ecosystem, on December 1st, and MultiBit will be the exclusive official bridge between BounceBit and the Bitcoin Cats token 1CAT in the sale of BitLand (BLLB), BakerySwap's new Launchpad project.
Both Bounce and BakerySwap more or less bind their IDO projects to their own ecosystems, such as users who hold early-stage project tokens can participate in the sale of new projects. In the sale of Turtsat's project, the whitelist is divided into two categories: Alpha and Beta, the Beta whitelist comes from the community of the new project, the Alpha whitelist includes KOLs and users who have a certain amount of "EGGS", on the TurtSat official website, users stake TURT to get EGGS, and then exchange EGGS for Hatching WL to obtain whitelist qualifications.
In the initial roadmap of Turtsat, it will provide indexing services and the Ordinals open-source tool platform for Bitcoin ecological projects, but these services have not yet been launched, and in the eyes of the community, they can only hope that Turtsat will "take off" on Turtsat's IDO project, and investors who hold TURT will exchange the EGGS obtained by staking for the whitelist qualification of Turtsat's next project, looking forward to the next MUBI.
重振 Turtsat?
On December 11, Turtsat openly solicited suggestions from the community for the optimization of the platform ecosystem, requiring three directions: fairness, efficiency, and practicality, and provided a whitelist reward for the IDO project Svarga Launch. Within 3 days, Turtsat received 126 suggestions for improvement.
In addition, TurtSat is also expanding its network of partnerships, and over the past week, TurtSat has established partnerships with market maker DWF Labs and Web3 community platform Glaxe.
The partnership with DWF was a "surprise" for the community, but TURT holders were more concerned about the potential of IDOs after Turtsat. On December 28, QuilllQ (QUIQ), the first intelligent rune production platform in the Bitcoin ecosystem, will be offered for IDO on Turtsat. QuillIQ is an all-in-one aggregator platform that supports Ordinals and the Lightning Network to help users with smart rune forging, automated on-chain data analysis reports, blue-chip rune alerts, and automated trading bots.
In addition to QuilllQ, Dovi, a newly launched Bitcoin layer 2 solution, has also announced a partnership with Turtsat. Dovi went live on December 25 with a TVL of $1.6 million in 10 hours. According to the team, Dovi has received investment from Kucoin and has a stable partnership with OKX and Coinmarketcap.
It is foreseeable that Turtsat will continue to bring more Bitcoin ecological projects to the community, and it remains to be seen what kind of development route Turtsat can take.