Exploring the New Prospects of Ordinals Ecosystem Platforms
With the rise of BTC, the ecosystem of BTC is becoming more prosperous. Previously, veDAO's article took stock of the Defi projects in the BTC ecosystem market and shared it in the article 'BTC Ecosystem Flourishing Inventory of Defi New Opportunities | veDAO Research Institute'. In this article, we continue to focus on the BTC ecosystem, this time focusing on the various functional markets of Ordinals.
With the widespread emergence of BRC-20 assets, there has been a gap in the infrastructure and tools to meet the needs of Oridnals ecosystem traders. NxHub, which launched its IDO on TurtSat last month, was born to address this gap.
NxHub is an aggregation market based on Ordinals, which captures listing order data from platforms such as UniSat, OKX, MagicEden, and OrdinalsWallet and displays it in an aggregated manner. Users can choose to list orders on multiple platforms and send requests to the corresponding markets based on their choices, streamlining the ordering process. This allows for multi-platform price updates, cancellations, and more. NxHub aims to integrate more Oridnals asset information, eliminating the need for traders to repeatedly compare prices across platforms. By accessing NxHub, traders can quickly obtain the most popular asset information in the current market, access price fluctuations, changes in trading volume, and supply data before trading to assist in their investment decisions.
In addition to providing NFT trading, NxHub will also provide advanced features such as batch listing and batch sweeping trading (Floor-sweeping, purchasing multiple items at the lowest price of NFT in one go). Traders can place orders, cancel orders, and more based on their preferences in the corresponding market. By providing traders with more convenient batch operations, NxHub simplifies the entire ordering process, making it easier to use. Furthermore, NxHub will allow traders to add multiple BRC-20 tokens to their shopping cart, and the platform will intelligently process them based on the trader's preferences and purchasing needs, packing multiple UTXOs in the same block. The specific implementation process is as follows:
With the recent surge of BRC-20 assets, including eths, bnbs, pols, sols, and other public chain inscriptions, some of the earliest inscribed token prices have continued to rise. In the midst of this trend, an Oridnals trading aggregation platform becomes particularly necessary. Undoubtedly, the emergence of NxHub brings further prosperity to the BTC ecosystem and, with its first-mover advantage, is expected to become the first choice for BTC inscription traders.
Learn more:
https://app.vedao.com/projects/b00468dabc8f75e02f194c5add9f05eefb97405c064d4f22c26c23faeb934297
NFT can be said to be one of the contributors to the prosperity of the Ethereum ecosystem, so Ordinals' popularity this year is also significant for its significance to the BTC ecosystem. Like NFT, lending in Ordinals is also an important part of the BTC ecosystem. After all, NFT lending releases liquidity, thus initiating the prosperity of the ecosystem. Liquidium is the first Ordinals lending protocol in the BTC ecosystem.
Liquidium is a peer-to-peer lending protocol specifically running on the BTC chain. This innovative solution allows users to use native Ordinals as collateral to borrow and lend native BTC, eliminating the need for intermediaries or custodians. Transactions are conducted securely through partially signed Bitcoin transactions (PSBT) and discrete log contracts (DLC). Users can use the borrowed BTC to purchase more Ordinals inscriptions or any other BTC ecosystem assets without switching wallets, blockchains, or platforms. Currently, Liquidium is only compatible with the Xverse wallet.
The mechanism of Liquidium is transparent and simple: borrowers first apply for a loan by setting the required loan terms and locking their Ordinals inscriptions as collateral. The lender then reviews the loan request and provides BTC to eligible borrowers, initiating the loan. If the borrower fails to repay the loan on time, the loan defaults, and the Ordinals inscriptions will be transferred to the lender. To maintain fairness and security, Liquidium will use oracles to verify loan results by checking on-chain activities, ensuring minimal trust issues and transaction transparency.
Learn more:
https://app.vedao.com/projects/89c2ab7ba6178611e0dcc4bbf9dd987e867ab284df6bd3c14b206c56b13e2306
Liquidium and Blend
When it comes to NFT lending, it is necessary to mention Blend, a lending protocol launched by Blur in May this year. The biggest difference between Blend and Liquidium is that Liquidium mainly provides lending for Ordinals. There are also some subtle differences.
Blend has two modes: peer-to-peer lending and pool lending, while Liquidium currently only has the peer-to-peer lending mode.
Blend mainly targets three groups: 1. NFT collectors, aiming to obtain ETH liquidity without selling NFTs; 2. Bottom-fishing traders, hoping to buy blue-chip NFTs at extremely low costs; 3. Players who participate in airdrops, in addition to listing and bidding, lending NFTs can also receive airdrops. For Liquidium, Ordinals holders correspond to the aforementioned NFT collectors. Currently, Liquidium has not yet introduced the functionality for purchasing and aggregating Ordinals, which NxHub mentioned earlier can achieve. Liquidium has not released any information related to airdrops.
With Liquidium, Ordinals owners can obtain liquidity without relinquishing ownership of their assets. This is an important step for NFT lending, specifically meeting the needs of Ordinals owners. By providing a P2P lending platform that uses Ordinals as collateral on the BTC mainnet, Liquidium has also realized BTC DeFi and enriched the BTC ecosystem. This protocol may reshape the lending landscape and open up new opportunities in the world of Ordinals.
Chamcha
Chamcha is a platform based on Ordinals asset liquidity protocols, focusing on providing a secure and convenient environment for buying, selling, earning, and hosting NFT assets. It combines blockchain technology and smart contracts to integrate traditional financial scenarios with the potential of circular and streaming NFT assets.
Chamcha also adopts the BRC-20 cross-chain protocol and has launched CHAX (Chamcha token) to support the new cross-chain bridge. This new bridge aims to alleviate the congestion of the old cross-chain bridge caused by the large price difference between MEXC and on-chain, leading to excessive user withdrawal requests. Currently, over 20 million CHAX tokens have been cross-chained to the Ethereum network. The total supply of CHAX tokens is 2,100,000,000, with a current market value of $15.7M. CHAX plays a key role in the management platform, providing liquidity incentives, offering staking rewards, and participating in various activities and transactions within the Chamcha ecosystem.
Learn more:
https://app.vedao.com/projects/b0aac9c4b7eedefa3b625853a47f43bfa23ea1d42f1552b066648498df2c3e0c
TurtSat
TurtSat is a project launch platform based on Ordinals, similar to Gitcoin in the Ordinals ecosystem. It supports open-source developers and community participation in the construction of the Ordinals ecosystem by establishing a basic PSBT donation protocol to earn profits. TurtSat is committed to creating a positive, community-driven Ordinals ecosystem and collaborating with influential organizations to jointly promote the development of the Ordinals protocol and the Bitcoin ecosystem.
TurtSat has supported bilateral markets for BRC-20 and ERC-20, and BRC-20 users can trade through Unisat and OKX. Since its launch, TurtSat has launched a total of 4 BRC-20 projects, including asset protocol CHAX, cross-chain bridge MUBI, Ordinals aggregation platform NHUB, and Ordinals lending platform DOVA. These projects are early builders of BRC-20 infrastructure, and their prices have performed well after launch.
Learn more:
https://app.vedao.com/projects/f008dc5f541fab60b93873d35f7b0b46701029417ce9cbee2360c4384bf56e8a
The recent strong momentum in the development of the BTC ecosystem, the continuous rise in the price of the leading ORDIs, the emergence of various inscriptions, and even the attention to inscriptions on various public chains have made the needs of the BTC ecosystem, including lending and aggregation, more urgent. An extension protocol based on the Ordinals theory—BRC-100 has also become a hot topic of community attention. BRC-100 is designed specifically for implementing various decentralized applications on the Bitcoin Layer 1. If BRC-100 is widely adopted, the BTC ecosystem will enter a new round of explosive growth, and the various functional markets of the BTC ecosystem will become even more prosperous.
BTC is currently the largest cryptocurrency by market value, and the emergence of Ordinals has opened a new chapter in the development of the BTC network and blockchain technology. The Ordinals protocol has introduced new functionalities to BTC that were previously unattainable. With the continuous development of BTC's underlying technology, we can expect new functionalities to make inscriptions more efficient, secure, and universal.
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