The latest developments in the Bitcoin ecosystem

Recently, two developments in the Bitcoin ecosystem have attracted a lot of attention, and are considered to be expected to boost the recently weak Inscription market.

One is that there is a new proposal for the BRC-20 protocol; the other is that Casey, the founder of Rune (also BRC-20), said that Rune’s market value will reach 1 billion within one month.

In this new proposal of the BRC-20 protocol, it allows deployers to enjoy the rights of token minting, that is, to be able to set their own interests; in addition, it adds support for 5-character named tokens .

For a long time, whenever we mention BRC-20 tokens, we always think of the protocol’s fairness and no pre-mining--even token deployers have no privileges and want to obtain tokens. The currency must also be minted on the chain like all participants. This feature is indispensable for the BRC-20 token to establish its current status.

However, this feature has also been criticized by some project teams, so this change in the new proposal reconsiders the interests of the project team.

This change will definitely cause a wave of controversy, but I think it will have no impact at all on project developers who are really willing to sell fairly. It just provides one more option for the entire ecosystem, which is not necessarily a bad thing. .

As for the protocol adding support for 5-character named tokens, the first thing many people think of is which names among the 5-character tokens may be worthy of hype, and they are ready to participate in the related hype.

The BRC-20 ecosystem has developed to this day. The stage where strong consensus can be accumulated simply by relying on naming concepts has passed. Therefore, adding support for 5-character tokens will hardly produce a currency with strong consensus like ORDI. .

So in my opinion, this protocol update of BRC-20 has nothing new. At most, it will return to calm after causing a small wave.

What impressed me deeply about the Rune ecosystem recently is the continuous airdrops, which are dizzying.

Every once in a while, when I open my wallet, I see inexplicable new things. Then I go to Magicden to see what they are, and then I find that they are all related to runes. .

Judging from these airdrops alone, these projects have spent a lot of money to pay handling fees. These project teams are empowering runes with real money and operating the rune ecology in a powerful way.

I remember during the Twitter exchange in March, many listeners asked me which protocols in the Bitcoin ecosystem I was more optimistic about?

My answer at the time was that when the ecosystem has developed to this stage, we can no longer rely solely on technology to determine which protocol has more prospects. What is more important is to look at the operation of the ecosystem and which protocol can quickly build the ecosystem first. Once the market and hotspots are occupied by a certain protocol, other protocols will be meaningless no matter how technologically advanced they are. Times have changed.

At that time, I felt that except for BRC-20, other protocols had similar ecological performance. But looking back now, I feel that the development of the rune ecosystem has been significantly faster, at least in terms of atmosphere and momentum, it is better than many competitors.

However, some protocol communities do not seem to realize this yet, and are still emphasizing their technological advancement, without taking any substantial actions to quickly transform technological advancement into ecological advantages.

As for the bold statement made by the founder of Rune to increase the market value to XXX, he even included a picture of committing seppuku on Twitter, which is really a bit exaggerated.

The founder’s remarks, which are specifically aimed at market value, will definitely have a potential negative impact on the development of the ecosystem.

I have never seen in Satoshi Nakamoto’s historical remarks how big he wants to make Bitcoin’s market value, nor have I seen Vitalik’s eloquent words about how big he wants to make Ethereum’s market value. .

As for the recent weakness of the inscription ecology, I am not worried at all. When the market truly enters a bull market, sector rotation is bound to come.

We don’t need to care about the present, nor do we need to keep an eye on whether there will be any news to stimulate the market every day.