Author: Pomelo, ChainCatcher
"MUBI's new listing return exceeds 10 times, a MUBI trader's total assets increased from 31.5 million dollars to 297 million dollars in just one month, BSSB and 1CAT's new listing returns exceeded 20 times…" has become another legendary wealth story widely circulated in the crypto community. The IDO platform has been jokingly referred to by users as the "benefactor of inscription projects" and is an important place to capture the next thousandfold or tenfold inscription project.
Chasing after inscription IDO projects to get rich quick has now become a consensus in the crypto community.
Yesterday, BakerySwap announced on its social media that the second phase of the BRC track Launchpad project is about to be launched, and will only support participation using BAKE and 1CAT tokens. Subsequently, the platform token BAKE surged to over 0.45 dollars, with a 24-hour increase of over 24%, and is now falling to 0.42 dollars.
On the previous day (December 21), Ordinals Inscription Donation and IDO platform TurtSat announced that it has established a strategic partnership with DWF Labs, and the two parties will provide comprehensive support for the development of Ordinals' open source projects and infrastructure. At the same time, the IDO platform Bounce announced a collaboration with the NFT liquidity protocol Ladder and the Bitcoin ecosystem trading protocol Bitswap to launch the "kill two birds with one stone" token AMMX on the Bounce Launchpad.
Correspondingly, on December 21, the platform tokens TURT, AUCTION, and BAKE of TurtSat, Bounce, and BakerySwap all saw significant increases on the same day, with gains of over 20%. Among them, the BAKE token surged by over 70% in 24 hours, and is now priced at 0.39 dollars.
Under the influence of "inscription new listing getting rich + IDO platform tokens rising together," inscription IDO new listings have once again reached a climax, and the crypto community is eagerly anticipating the next inscription new listing project to be launched by the IDO platform, hoping to catch the train of getting rich through inscription new listings.
So, what are the inscription IDO platforms? How to participate? How far can the road to getting rich through inscription new listings go, and will it also become a mess after the hype?
The "Three Representatives" of Inscription IDO Platforms, What are the Ways to Participate?
The Leading Inscription IDO Bounce Brand (AUCTION)
Bounce Finance (AUCTION) was originally a decentralized auction platform on Ethereum, providing services such as token issuance and NFT auctions. In November, it gained attention for issuing the cross-chain bridge Multibit token MUBI and the stablecoin BitStable token BSSB in the Bitcoin ecosystem.
On December 6, Bounce Finance upgraded its brand to Bounce Brand, integrating functions such as Bounce Bit, a Bitcoin application chain, Bounce Box, a one-stop DeFi application entrance for Bitcoin, and Bounce Auction, an asset auction platform in the Bitcoin ecosystem, and has become an important member of the Bitcoin ecosystem.
As of December 21, the Bounce Brand platform has successfully issued 3 tokens related to the BRC.
On November 12, Bounce Brand issued the cross-chain bridge MultiBit asset MUBI on Ethereum, with an IDO price of 0.00047 dollars, offering a total of 378 million tokens, aiming to raise 88 ETH, with a maximum limit of 2.5 ETH per wallet address, and requiring ETH for purchase. MUBI is now priced at 0.39 dollars, with a cumulative increase of about 1000 times;
On November 29, it launched the public sale of the cross-chain stablecoin protocol Bitstable's token BSSB based on Bitcoin, with an IDO cost of about 0.27 dollars per BSSB. The public sale of BSSB is divided into two rounds: one is a Bounce Brand native token AUCTION staking auction, with a sale volume of 63 million tokens; the other is a fixed-price purchase with ETH, with a sale volume of 42 million tokens. BSSB is now priced at 6.8 dollars, with a cumulative increase of about 30 times;
On December 15, it launched the DID service platform GoDID's sub-platform Bdid token BDID in the Bitcoin ecosystem. BDID auctions have three participation methods: using AUCTION to purchase lottery tickets for a lottery pool of 100 million BDID, with a total of 20,000 entry tickets available at an auction price of 62.5 dollars, with 150 winning spots, and each winner will receive 666,666 BDID tokens, selected randomly by the on-chain smart contract; staking AUCTION and receiving allocation proportionally, with a total of 200 million BDID in the pool and a subscription limit of 18,750 AUCTION; staking stablecoin DAII and receiving allocation proportionally, with a total of 100 million BDID in the pool and a subscription limit of 150,000 DAII. The highest public sale price of BDID is 0.0029 dollars, and it is now priced at 0.03 dollars, with a return of over 10 times.
On December 21, Bounce announced the participation projects for the previously announced "kill two birds with one stone" token, NFT AMM liquidity protocol Ladder Protocol, and the Bitcoin ecosystem BRC20 cross-chain trading platform Bitswap, which will collaborate to launch the "kill two birds with one stone" token AMMX on the Bounce Launchpad.
Ladder Protocol is an NFT and AMM trading protocol that supports various NFT standards, including ERC-721, ERC-1155, ERC-3525, ERC-20, and BRC-20 tokens. BitSwap is the first cross-chain swap in the Bitcoin ecosystem, supporting the cross-blockchain trading of BRC20 assets.
AMMX will serve as the ecosystem token for BitSwap and Ladder, and these two protocols will use 50% of their fee income to repurchase AMMX.
AMMX has a total issuance of 21 billion tokens, with 50% being publicly sold on the Bounce Launchpad, and there will be 3 auction methods: AUCTION staking pool, DAII staking pool, and MUBI random lottery pool, with the specific auction starting on December 23.
Overall, new projects on the Bounce Launchpad usually adopt methods such as lottery and staking auctions. The former requires users to purchase lottery entry tickets in advance before participating in the lottery, while the latter only requires staking a certain amount of tokens and receiving allocations based on the proportion of staked tokens. The tokens commonly used in this process include the Bounce platform token AUCTION and the tokens of IDO projects already launched on the platform, such as the stablecoin DAII and the MultiBit platform token MUBI.
The Rising Star BakerySwap (BAKE)
BakerySwap was originally a trading platform on the BSC chain that integrates many functions such as AMM DEX, NFTSwap, and Launchpad. On November 18, BakerySwap officially announced on its Twitter that it would enter the Bitcoin ecosystem, aiming to become a bridge between the Bitcoin and Ethereum EVM network ecosystems, supporting the cross-chain transfer and issuance of BRC assets.
On December 8, BakerySwap announced that platform users would be able to participate in the upcoming BRC20 project IDO using ETH, BAKE, and other selected tokens from the Bakery ecosystem. The day after this announcement (December 9), BakerySwap supplemented the tweet by stating that there were already 3 BRC20 projects queued up on the Launchpad waiting to issue tokens, including a GameFi project that bridges Bitcoin ecosystem game assets to EVM networks, a DEX that solves the liquidity problem of inscription assets, and a Layer2 project in the Bitcoin ecosystem.
On December 11, BakerySwap announced the first BRC20 IDO project, BitcoinCats, which will issue the token 1CAT on December 19.
BitcoinCats is a GameFi platform in the Bitcoin ecosystem that bridges Bitcoin assets (BRC20, Ordinals NFT, etc.) to Ethereum, EVM, and other Layer2 networks. It aims to become the next-generation game ecosystem across Bitcoin and EVM networks. In the BitcoinCats platform, users can use their held Ordinals NFT assets as game characters to participate in mining and other activities.
The 1CAT token is a utility token in the BitcoinCats game ecosystem, used to purchase and upgrade in-game assets such as avatars, pets, equipment, and farms. It will also serve as a ticket for players to access special features.
The total supply of 1CAT is 10 billion, with 2 billion available for public sale on the Bakery Launchpad platform at a price of 1ETH = 6.25 million 1CAT (approximately $0.00035 per 1CAT). Each address can participate with a maximum of 2ETH, and users can participate in the new listing using ETH, BAKE, the blockchain game Crypto Doggy's token Doggy, and the PUNK token from the Base chain.
For the 1CAT public sale, Bakery Launchpad will conduct two rounds for whitelist and non-whitelist addresses. Users who want to be whitelisted need to participate in BakerySwap's marketing or lottery activities.
On December 19, BakerySwap announced the end of the BitcoinCats IDO, with a total of 37,383 ETH, 73 million BAKE, and other tokens participating in the IDO, totaling $106 million USDT, which is 150 times oversubscribed.
After opening, the 1CAT token surged to a high of $0.01, with a return rate of approximately 33 times. It has now fallen to $0.0073, still yielding a return of 20 times.
Currently, Bakery Launchpad has two more BRC20 projects' IDOs yet to be launched, one being a BRC20 DEX project and the other a Layer2 project in the Bitcoin ecosystem. On December 22, BakerySwap announced on its social media that the second phase of the Launchpad project is about to be launched, and will only support participation using BAKE and 1CAT tokens. BAKE has surged by over 24% in the past 24 hours, with a current price of $0.42 and a market value of $126 million.
In summary, users who want to participate in Bakery Launchpad's IDO need to pay attention to official information in a timely manner, participate in whitelist marketing activities, and hold BAKE and Bakery ecosystem tokens as shovels.
Donation and IDO Platform TurtSat (TURT)
TurtSat (TURT) is a community-led Ordinals donation platform, with the mission of becoming the Gitcoin of the Ordinals world, and has supported the token issuance of multiple Bitcoin ecosystem projects in the form of a Launchpad.
On December 21, TurtSat announced that it has established a strategic partnership with DWF Labs. The two parties will provide comprehensive support for the development of open source projects and the ecosystem of Ordinals.
As of December 21, TurtSat has raised funds for 7 Bitcoin ecosystem projects through token issuance, with over 6,000 participants and a fundraising amount of 32.749 BTC, approximately $1.5 million.
The projects launched on TurtSat include: the BRC 20 asset protocol Chamcha token CHAX, the BRC 20 cross-chain bridge Multibit token MUBI, the Ordinals aggregation platform NXHUB token NHUB, the Ordinals lending platform Dova Protocol token DOVA, the Bitcoin ecosystem game platform Rabbit token RAIT, the Bitcoin ecosystem metaverse game Svarga token SVGR, and the Bitcoin staking platform Zooopia token ZOOA.
On December 22, TurtSat launched the Bitcoin P2P derivative liquidity protocol Copycat Dex token BICO, supported by Binance Labs.
On December 23, TurtSat will issue the MultiChain FOOX project token FOOX, a meme project based on the BRC20 standard with a total issuance of 210 million tokens. TurtSat will publicly sell 5 million tokens (2.4% of the total supply) at an IDO price of 0.005u, with 500 spots available. Each spot can receive 10,000 FOOX tokens, with a cost of approximately 50U per spot. Participation in TurtSat's Launch projects requires whitelisting, and obtaining whitelisting requires holding the EGGS token. The EGGS token is a new token launched by TurtSat, which users need to stake TURT to obtain, and can be used to exchange for whitelisting in Launch projects and for project launch voting.
Compared to Bounce and BakerySwap, TurtSat has the most IDO projects online, with an average of one project launching every day. The participation method often involves staking EGGS to obtain whitelisting for new listings.
The native token TURT of TurtSat has a maximum supply of 1 billion and is currently priced at $0.078, with a market value of $78.73 million.
BDID's "dumping" by the team raises doubts about the collapse of the IDO platform token, how far can the road to getting rich through new listings go?
Under the "baptism" of a large number of inscription new listing wealth stories, the belief that "participating in inscription IDO can make you rich" seems to have become an unquestionable truth in the crypto community, but the reality is not so. Recently, the third phase IDO project DID aggregation platform GoDID's sub-platform Bdid token BDID plummeted from $0.068 to $0.01, leading to suspicions that the project team started selling off and dumping the token as soon as it was launched.
KOL Hebi tweeted that he lost 20 ETH on BDID, and it seems that things don't happen more than three times. After the third time, you can't blindly rush in, or you'll lose big.
In response, the GoDID project team explained in Space that this may have been caused by third-party intervention (scientists or market makers), and in order to protect users, they will destroy and repurchase the BDID token.
However, this does not seem to have restored users' confidence in holding the project token, and even under the impact of the BDID token's sharp decline, the IDO platform tokens such as TURT and AUCTION, as well as tokens issued by these platforms such as BSSB and MUBI, have all experienced significant declines, with declines of over 10%.
Regarding this selling and dumping event, many experienced players in the BRC community have expressed that inscription IDO platform tokens can be bought at a low price at the right time and can also be used as new mining shovels. However, the tokens of IDO projects need to be purchased cautiously, and one should not blindly rush in just because the tokens of the previous one or two projects have risen. The returns from participating in new listings of IDO projects will continue to decrease in the future.
In addition, some users have revealed that some inscription projects just want to raise money through IDO, and after the IDO, the team directly cashes out and runs away, regardless of the subsequent situation of the project. Do you think you are getting rich through new listings? In fact, you are just playing into the hands of market makers.
Originally, anyone can issue inscription tokens with four characters, just by writing a piece of code or deploying it directly through a third-party platform. Why participate in the IDO of inscription projects? What is the process for applying for IDO for projects?
Regarding the IDO process for inscription projects, D, a senior player in the crypto industry, stated that the inscription project's token needs to be fully minted in advance, then the chips are distributed to the IDO platform to raise funds in Bitcoin or Ethereum, and finally distributed to participants.
Furthermore, inscription IDO is still in its early stages, and the project's participation in IDO does not require any qualifications. The projects currently launched on the IDO platform are mostly self-incubated or in collaboration. However, the prerequisite for project participation is that the tokens need to be fully minted by the project itself, and the gas fee for minting the tokens needs to be paid. The specific cost depends on the quantity of tokens issued, for example, if there are 21 million tokens, with each inscription having 1000 tokens, a total of 21,000 inscriptions, and the current gas fee for minting each inscription is approximately $20, then the project's cost would be $400,000 for minting gas fees.
He also added that some IDO platforms may choose to raise the minting gas fee in advance to save costs, and then use the raised funds to mint the tokens and distribute them to participants.
Overall, the quality of new listing projects on inscription IDO platforms is uneven, and users need to carefully discern before participating.
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