Faced with the ever-changing changes in the encryption industry, whoever can take the lead in creating a complete set of Inscription CEX exchange gameplay and control the Bitcoin ecological voice may become the helmsman of the next bull market.
Written by: Mia, ChainCatcher
As the U.S. interest rate hike cycle gradually comes to an end, the world's financial markets have begun to gradually recover, and the encryption market is no exception. With strong market expectations for the U.S. SEC’s approval of Bitcoin spot, the wealth effect of Bitcoin has become increasingly significant. The price of Bitcoin has risen from US$16,500 at the beginning of the year to US$44,000, and the rise in tokens has brought a large influx of funds. , has also prompted the Bitcoin ecosystem to enter a period of rapid development again, including BRC20, Ordinals ARC20 and other series of inscription assets setting off a wave on Bitcoin and other chains. Of course, as an "indispensable part" in the encryption market, it will definitely not Miss this opportunity to seize the new blue ocean of encryption.
On the 12th of this month, Binance officially launched the BRC-20 project Sats (1000SATS) and added a seed tag to it. This became the second inscription asset launched on Binance after ORDI was launched in November. With this blessing, Inscription assets have entered the era of national FOMO, and the Inscription market has also ushered in a new era of "demon chaos". According to Dune data, as of December 26, only the cumulative fee income from Ordinals protocol inscription casting exceeded 5,000 BTC, which is approximately US$215,697,899, and the current total number of minted inscriptions is close to 52 million. In addition, according to the chart, in 2023 After April this year, the Ordinals inscription assets still maintained a high minting volume, which fully demonstrates the enthusiasm of players on the chain for inscriptions.
Image source: _assets/bitcoin-ordinals-analysis
Although the data on the chain is like this, the centralized exchange as a secondary market appears to be particularly passive. Since Inscription Assets adopts the "Fair Launch" startup method, users can directly conduct fair casting without the pre-participation of VCs. Investors have more say, but under this condition, traditional centralized exchanges have lost Unique advantages. Facing the increasingly rigid centralized exchange structure, there is no doubt that the vast blue ocean market of the Inscription sector has become a new breakthrough to break the deadlock. So how can centralized exchanges seize the market and regain their right to speak in this "Inscription War" Woolen cloth? How far can the inscription reform of centralized exchanges go?
OKX
According to statistics, affected by the Bitcoin Ordinals transaction, the daily trading volume of OKX NFT Marketplace exceeded US$50 million on December 18, surpassing Blur (US$13.21 million), Magic Eden and OpenSea, becoming the NFT market with the largest daily trading volume. , and this growth is attributed to OKX’s strategic support for BRC-20 and Bitcoin Ordianls. There is no doubt that OKX Web3 wallet’s keen market sense makes it the leader in this “Battle of Inscriptions”.
In fact, as early as May this year, the BRC-20 concept began to emerge with its "first come, first served" mechanism. A large amount of funds from the Meme coin craze began to pour into the Bitcoin ecosystem, and the minting and trading activities of BRC-20 began. Flourish. As of May 18, 2023, there are 24,677 BRC-20 tokens with a total market value of 466 million USD. Among them, Ordi has the highest market value, accounting for 66.7% of the total market value of BRC-20.
As an early supporter and builder of the Bitcoin ecosystem, OKX smelled the "wealth code" early on and became the "first to try it" among many CEXs. OKX also announced the Web3 wallet Bitcoin ecological roadmap on May 16. According to the roadmap, the OKX Web3 wallet will be launched on the BRC-20 trading market, supporting BRC20 token transactions and BTC cross-chain Swap, and will be launched at the end of May 6 At the beginning of the month, it supported Ordinals inscription and BRC-20 token minting, Ordinals NFT transactions, STX Staking (BTC layer 2) and BRC20 Staking, etc. This also makes the OKX Web3 wallet the first multi-chain wallet to support Ordinals.
According to Dune data, so far, the total transaction volume of the OKX Web3 wallet Ordinals market has approached US$1 billion, reaching US$979,501,762, accounting for approximately 45% of the total transaction volume of the Ordinals protocol, which is close to US$2.15 billion. In addition, other data of the OKX Ordinals market are also very impressive. The total number of transactions is as high as 484,791, and the number of independent addresses is 107,507. This also makes the OKX Web3 Wallet Ordinals market the largest BRC20 inscription and BTC NFT trading market.
Image Source:
With the development of the inscription concept, the inscription market is also blooming in the multi-chain ecosystem. The inscription track has expanded from the Bitcoin ecosystem to other ecosystems including Arbitrum, Solana, Avalanche, BNB Chain, Polygon, etc., and even Some on-chain ecosystems that have been dormant for a long time, such as Fantom, Dfinity, etc., have also seen the emergence of some inscription projects. This urges OKX to develop towards the multi-chain field. Currently, the OKX Web3 wallet inscription tool has newly added support for Mantle, Celo, Metis, Klaytn Gnosis Chain, Goerli and Sepolia and other chains, and has supported a total of 22 public chains. According to the official introduction, through OKX With the Web3 wallet inscription tool, users can choose text mode or hexadecimal mode to inscribe single text or multiple texts in batches, and multi-chain support also makes OKX the leader in the inscription market.
Binance
As a long-established exchange in the first echelon of CEX, Binance is slightly inferior in this wave of "inscription battles". Compared with OKX's bold attempts, Binance's performance in inscriptions is very conservative and has only been launched one after another. Ordinals (ORDI) and Sats (1000SATS) launched the BRC-20 project Sats (1000SATS) and 1000SATS 1-50 times U-based perpetual contract on the 2nd. However, in terms of Web3 wallet, Binance has no performance in inscription support. In this regard, Binance Lianchuang He Yi said: For users complaining that Binance Web3 wallet is not easy to use, it may be because the production and research team initially regarded BRC20 as a new NFT-like thing that is highly cyclical. It is not clear whether it will happen in the future. It is popular, so the resources invested are not enough. We will pay attention to it next.
Binance has also been controversial due to this wave of Web3 wallet operations. Currently, Binance's Web3 wallet supports 37 public chains, including most of Layer1 and Layer2. OKX currently supports 61 wallets, and it is worth noting that only OKX supports the Bitcoin network. Compared with Binance, which is labeled as a "winner takes all" package, OKX's rich on-chain functions and support for the Bitcoin network are more important. To please others.
Perhaps Binance’s development strategy should shift from industry involution to innovative research and development. Although ORDI and Sats, which are currently online, are growing well, most of them can be attributed to market factors and the accumulated “big factory dividends”. How to use Bitcoin Occupying a place in the ecosystem is what Binance needs to think about in the innovation of new things such as BRC20. Nowadays, whether the Bitcoin ecosystem is a "general trend" or a "flash in the pan", there is huge potential as an industry blue ocean. CEX is the one at the helm. Regarding the so-called "working behind closed doors", Binance needs more industry reflection and new development strategies.
Bitget
Compared with the first two exchanges, as a rising star of CEX, Bitget's performance in inscriptions is not too ordinary. As the next best thing, Bitget chose to take a unique approach and focus the inscription section on BRC20 small currencies and other on-chain inscription tokens outside the Bitcoin ecosystem. It successively launched Solana on-chain inscription tokens SOLS, Zero, and BRC20 generation Coins MICE (MICE), BRC20.COM (COM), MMSS (MMSS) and Comsats (CSAS), this reflects Bitget’s market strategy in the Inscription sector, and also shows more possibilities brought by the multi-chain in the Inscription sector.
In the future, we can imagine that inscription tokens can be issued on every public chain like traditional crypto tokens and traded normally on CEX, and Bitget’s involvement in multi-chain inscription tokens also proves this possibility. . Perhaps, more and more project parties will begin to use inscriptions to issue tokens, and Bitget will most likely become the preferred trading platform and testing site for these niche tokens.
As the development of inscription tokens becomes more widely recognized and used in the industry, Bitget's involvement in inscription tokens will become a big game, using it to release its voice and influence in the inscription field from point to point, and also enhance Its brand influence as a crypto exchange.
The inscription market may create a new CEX landscape
Drawing lessons from the past and looking at the development of the entire crypto market, compared to the early dividend beneficiaries of the Ethereum DeFi ecological development, there will also be huge opportunities in the new wave of the Bitcoin ecosystem, and the same is true for exchanges. According to data, the current market value of BTC still accounts for more than 50% of the total market value of cryptocurrencies, and it has the strongest consensus. The emergence of the inscription concept makes up for the disadvantage of the Bitcoin ecosystem being incompatible with smart contracts, and brings the Bitcoin ecosystem and the Ethereum ecosystem together again Under reciprocal conditions, this is also the best time for the Bitcoin ecosystem to return to its peak. Therefore, both the Inscription Track and the Bitcoin ecosystem have huge development potential and expectations.
In the face of the ever-changing changes in the encryption industry, whoever can take the lead in creating a complete set of Inscription CEX exchange gameplay and master the right to speak in the Bitcoin ecosystem may become the helmsman of the next bull market. For now, OKX’s Inscription is leading the industry, while Bitget has chosen to find another way. He Yiyu’s recent remarks hint at Binance’s strategic adjustment and determination to increase investment in BRC20. The CEX “Inscription War” is about to break out. Who will be the winner? Will become the leader of the Bitcoin ecosystem in the future, we will wait and see.
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The Bitcoin ecosystem has returned to its peak, how can CEX take the lead in the “Battle of Inscriptions”
Written by: Mia, ChainCatcher
As the U.S. interest rate hike cycle gradually comes to an end, the world's financial markets have begun to gradually recover, and the encryption market is no exception. With strong market expectations for the U.S. SEC’s approval of Bitcoin spot, the wealth effect of Bitcoin has become increasingly significant. The price of Bitcoin has risen from US$16,500 at the beginning of the year to US$44,000, and the rise in tokens has brought a large influx of funds. , has also prompted the Bitcoin ecosystem to enter a period of rapid development again, including BRC20, Ordinals ARC20 and other series of inscription assets setting off a wave on Bitcoin and other chains. Of course, as an "indispensable part" in the encryption market, it will definitely not Miss this opportunity to seize the new blue ocean of encryption.
On the 12th of this month, Binance officially launched the BRC-20 project Sats (1000SATS) and added a seed tag to it. This became the second inscription asset launched on Binance after ORDI was launched in November. With this blessing, Inscription assets have entered the era of national FOMO, and the Inscription market has also ushered in a new era of "demon chaos". According to Dune data, as of December 26, only the cumulative fee income from Ordinals protocol inscription casting exceeded 5,000 BTC, which is approximately US$215,697,899, and the current total number of minted inscriptions is close to 52 million. In addition, according to the chart, in 2023 After April this year, the Ordinals inscription assets still maintained a high minting volume, which fully demonstrates the enthusiasm of players on the chain for inscriptions.
Image source: _assets/bitcoin-ordinals-analysis
Although the data on the chain is like this, the centralized exchange as a secondary market appears to be particularly passive. Since Inscription Assets adopts the "Fair Launch" startup method, users can directly conduct fair casting without the pre-participation of VCs. Investors have more say, but under this condition, traditional centralized exchanges have lost Unique advantages. Facing the increasingly rigid centralized exchange structure, there is no doubt that the vast blue ocean market of the Inscription sector has become a new breakthrough to break the deadlock. So how can centralized exchanges seize the market and regain their right to speak in this "Inscription War" Woolen cloth? How far can the inscription reform of centralized exchanges go?
OKX
According to statistics, affected by the Bitcoin Ordinals transaction, the daily trading volume of OKX NFT Marketplace exceeded US$50 million on December 18, surpassing Blur (US$13.21 million), Magic Eden and OpenSea, becoming the NFT market with the largest daily trading volume. , and this growth is attributed to OKX’s strategic support for BRC-20 and Bitcoin Ordianls. There is no doubt that OKX Web3 wallet’s keen market sense makes it the leader in this “Battle of Inscriptions”.
In fact, as early as May this year, the BRC-20 concept began to emerge with its "first come, first served" mechanism. A large amount of funds from the Meme coin craze began to pour into the Bitcoin ecosystem, and the minting and trading activities of BRC-20 began. Flourish. As of May 18, 2023, there are 24,677 BRC-20 tokens with a total market value of 466 million USD. Among them, Ordi has the highest market value, accounting for 66.7% of the total market value of BRC-20.
As an early supporter and builder of the Bitcoin ecosystem, OKX smelled the "wealth code" early on and became the "first to try it" among many CEXs. OKX also announced the Web3 wallet Bitcoin ecological roadmap on May 16. According to the roadmap, the OKX Web3 wallet will be launched on the BRC-20 trading market, supporting BRC20 token transactions and BTC cross-chain Swap, and will be launched at the end of May 6 At the beginning of the month, it supported Ordinals inscription and BRC-20 token minting, Ordinals NFT transactions, STX Staking (BTC layer 2) and BRC20 Staking, etc. This also makes the OKX Web3 wallet the first multi-chain wallet to support Ordinals.
According to Dune data, so far, the total transaction volume of the OKX Web3 wallet Ordinals market has approached US$1 billion, reaching US$979,501,762, accounting for approximately 45% of the total transaction volume of the Ordinals protocol, which is close to US$2.15 billion. In addition, other data of the OKX Ordinals market are also very impressive. The total number of transactions is as high as 484,791, and the number of independent addresses is 107,507. This also makes the OKX Web3 Wallet Ordinals market the largest BRC20 inscription and BTC NFT trading market.
Image Source:
With the development of the inscription concept, the inscription market is also blooming in the multi-chain ecosystem. The inscription track has expanded from the Bitcoin ecosystem to other ecosystems including Arbitrum, Solana, Avalanche, BNB Chain, Polygon, etc., and even Some on-chain ecosystems that have been dormant for a long time, such as Fantom, Dfinity, etc., have also seen the emergence of some inscription projects. This urges OKX to develop towards the multi-chain field. Currently, the OKX Web3 wallet inscription tool has newly added support for Mantle, Celo, Metis, Klaytn Gnosis Chain, Goerli and Sepolia and other chains, and has supported a total of 22 public chains. According to the official introduction, through OKX With the Web3 wallet inscription tool, users can choose text mode or hexadecimal mode to inscribe single text or multiple texts in batches, and multi-chain support also makes OKX the leader in the inscription market.
Binance
As a long-established exchange in the first echelon of CEX, Binance is slightly inferior in this wave of "inscription battles". Compared with OKX's bold attempts, Binance's performance in inscriptions is very conservative and has only been launched one after another. Ordinals (ORDI) and Sats (1000SATS) launched the BRC-20 project Sats (1000SATS) and 1000SATS 1-50 times U-based perpetual contract on the 2nd. However, in terms of Web3 wallet, Binance has no performance in inscription support. In this regard, Binance Lianchuang He Yi said: For users complaining that Binance Web3 wallet is not easy to use, it may be because the production and research team initially regarded BRC20 as a new NFT-like thing that is highly cyclical. It is not clear whether it will happen in the future. It is popular, so the resources invested are not enough. We will pay attention to it next.
Binance has also been controversial due to this wave of Web3 wallet operations. Currently, Binance's Web3 wallet supports 37 public chains, including most of Layer1 and Layer2. OKX currently supports 61 wallets, and it is worth noting that only OKX supports the Bitcoin network. Compared with Binance, which is labeled as a "winner takes all" package, OKX's rich on-chain functions and support for the Bitcoin network are more important. To please others.
Perhaps Binance’s development strategy should shift from industry involution to innovative research and development. Although ORDI and Sats, which are currently online, are growing well, most of them can be attributed to market factors and the accumulated “big factory dividends”. How to use Bitcoin Occupying a place in the ecosystem is what Binance needs to think about in the innovation of new things such as BRC20. Nowadays, whether the Bitcoin ecosystem is a "general trend" or a "flash in the pan", there is huge potential as an industry blue ocean. CEX is the one at the helm. Regarding the so-called "working behind closed doors", Binance needs more industry reflection and new development strategies.
Bitget
Compared with the first two exchanges, as a rising star of CEX, Bitget's performance in inscriptions is not too ordinary. As the next best thing, Bitget chose to take a unique approach and focus the inscription section on BRC20 small currencies and other on-chain inscription tokens outside the Bitcoin ecosystem. It successively launched Solana on-chain inscription tokens SOLS, Zero, and BRC20 generation Coins MICE (MICE), BRC20.COM (COM), MMSS (MMSS) and Comsats (CSAS), this reflects Bitget’s market strategy in the Inscription sector, and also shows more possibilities brought by the multi-chain in the Inscription sector.
In the future, we can imagine that inscription tokens can be issued on every public chain like traditional crypto tokens and traded normally on CEX, and Bitget’s involvement in multi-chain inscription tokens also proves this possibility. . Perhaps, more and more project parties will begin to use inscriptions to issue tokens, and Bitget will most likely become the preferred trading platform and testing site for these niche tokens.
As the development of inscription tokens becomes more widely recognized and used in the industry, Bitget's involvement in inscription tokens will become a big game, using it to release its voice and influence in the inscription field from point to point, and also enhance Its brand influence as a crypto exchange.
The inscription market may create a new CEX landscape
Drawing lessons from the past and looking at the development of the entire crypto market, compared to the early dividend beneficiaries of the Ethereum DeFi ecological development, there will also be huge opportunities in the new wave of the Bitcoin ecosystem, and the same is true for exchanges. According to data, the current market value of BTC still accounts for more than 50% of the total market value of cryptocurrencies, and it has the strongest consensus. The emergence of the inscription concept makes up for the disadvantage of the Bitcoin ecosystem being incompatible with smart contracts, and brings the Bitcoin ecosystem and the Ethereum ecosystem together again Under reciprocal conditions, this is also the best time for the Bitcoin ecosystem to return to its peak. Therefore, both the Inscription Track and the Bitcoin ecosystem have huge development potential and expectations.
In the face of the ever-changing changes in the encryption industry, whoever can take the lead in creating a complete set of Inscription CEX exchange gameplay and master the right to speak in the Bitcoin ecosystem may become the helmsman of the next bull market. For now, OKX’s Inscription is leading the industry, while Bitget has chosen to find another way. He Yiyu’s recent remarks hint at Binance’s strategic adjustment and determination to increase investment in BRC20. The CEX “Inscription War” is about to break out. Who will be the winner? Will become the leader of the Bitcoin ecosystem in the future, we will wait and see.