Bitcoin has kicked off a dynamic ecosystem with blockchain, its underlying technology. The evolution has only accelerated with the emergence of the Ethereum network and smart contracts. After meme tokens, nonfungible tokens (NFTs) and Web3 gaming, the crypto community has found its latest sponge to scratch that tinker-with-technology itch in inscriptions.
Inscriptions are unique data embedded within blockchain transactions, with the most popular ones being ORDI and BRC-20 tokens. The concept started with Bitcoin ordinals, an innovative way to use Bitcoin’s blockchain to create NFTs.
ORDI tokens are specific inscription tokens that utilize the Bitcoin blockchain, where unique identifiers or ‘ordinals’ are inscribed onto individual satoshis (the smallest unit of Bitcoin). BRC20 tokens, on the other hand, are a standard of inscription tokens used on the BNB Smart Chain (BSC).
The realm of inscriptions experienced a remarkable expansion when the crypto builders’ community recognized they could apply similar methods to Ethereum Virtual Machine (EVM)-based chains, enabling the creation and trading of unique digital assets. As a result, the need for a platform to facilitate trading inscription tokens across various blockchain networks became increasingly evident.
Unlocking utility for inscription tokens
Multichain aggregators act as hubs in the crypto space, offering a comprehensive suite of financial services such as asset swapping, lending, liquidity mining and staking. In this landscape, 20Exchange, or 20EX, emerges as a platform for enhancing capital efficiency through on-chain liquidity management solutions to address key challenges related to inscriptions.
Inscription tokens are recorded through an external numbering system. However, their mining and trading processes have traditionally been cumbersome and should be more user-friendly. 20EX aims to transform this space by integrating inscription protocols such as BRC-20, BSC-20, and SOLS-20, simplifying trading on its platform and unlocking utility for inscription tokens.
Boasting a team composed of seasoned Bitcoin, Ethereum and Lightning Network experts, 20EX has instituted a multi-dimensional protection framework to provide a secure haven for digital assets.
The liquidity aggregation approach of 20EX minimizes slippage rate while optimizing profit potential by pooling resources from multiple trading platforms across diverse blockchain networks. This integration of liquidity from the full-chain trading market marks a stride in offering users a seamless trading experience.
The platform has recently launched an airdrop program for holders of top BRC-20 tokens, including ORDI, SATS, RATS, BTCs and TURT. 20Exchange has designed the airdrop as a continuous process that involves periodic snapshots of wallets holding a minimum amount of the above mainstream BRC-20 tokens, which would qualify the wallets, making the holders eligible to claim 20EX, the native token of the protocol.
Inscriptions to drive the next bull run
20EX is working on creating a user-friendly platform that will support multiple blockchain networks, ensuring a smooth and easy experience for users.
Soon, the protocol aims to integrate various inscription protocols, gradually expanding its functionality. This new direction includes introducing innovative features such as staking, launchpads, and unique trade-to-earn mechanisms.
“The next bull run will be led by the rise of community-driven inscription tokens and fair-launch projects,” said Gerald Check, founder of 20EX, adding:
“2024 will be the year of the people when retail investors will finally take charge of price discovery and development of projects in a fair and equal way.“
Inscriptions are one of the new trends that the crypto community has found comfort in during the long bear market. However, they need to be more efficient and easier to trade to remain interesting during the next bull run. Platforms like 20EX will continue to discover new ways to reward users while fostering deeper interaction with inscription projects. This way, inscription tokens can go beyond community-driven endeavors, paving the way for a more dynamic and engaging crypto ecosystem.
Source : Cointelegraph / Dec 28, 2023