BRC-20 Infrastructure Overview
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BRC-20 Infrastructure Overview
A comprehensive overview of BRC-20 DEXs, lending platforms, stablecoins, launchpads, and cross-chain projects.
Navigating Web3 tides with focused insightsAuthors: Lisa, Jaden, LD Capital
I. DEX
1. RDEX
RDEX is an orderbook-based DEX for BRC20 tokens, powered by a combination of the Ordinals protocol, PSBT technology, Bitcoin scripts, and the Nostr protocol.
According to the official roadmap, the project plans to launch its v2 version and launchpad in Q1 2024.
Note: PSBT (Partially Signed Bitcoin Transaction) is a standardized format that simplifies handling Bitcoin transactions that are not yet finalized, allowing wallets and other tools to exchange transaction information and required signatures to complete the transaction. PSBT was introduced via BIP 174 in 2019 and is widely used in multi-signature transactions, offline wallet transactions, and other Bitcoin transactions requiring multiple steps.
RDEX has a total supply of 100 million tokens, distributed as follows:
2. DotSwap
DotSwap is currently the best-performing AMM DEX for BRC20 with a live user experience. The latest DotSwap V2 leverages PSBT and secure asset pools to enable native BRC20 AMM swaps. Founder Lin Zheming has over ten years of Bitcoin investment experience and seven years of Bitcoin mining pool management, and previously developed the wallet DotWallet and the Ordinals marketplace TierTop.
The 2024 roadmap indicates the project will integrate more UTXO assets, expand DEX capabilities including customizable single-sided liquidity, impermanent loss thresholds, advanced trading features like market orders, and launch a launchpad, cross-chain functionality, oracles, flash loans, NFT staking, and shorting products to build a full ecosystem.
$DSWP is the official token of DotSwap, with a total supply of 1,200,000,000 (22.76% burned), and a current circulating supply of 27,379,620, representing only 2.292%. Apart from burned and initially circulating portions, the remaining tokens will unlock over the next four years. The largest allocation, LP rewards, will be released through future LP mining programs.
DotSwap adopts Curve’s economic model, allowing users to lock $DSWP to receive veToken (veDSWP). veDSWP holders have voting rights and decide which trading pairs should receive LP rewards.
As the first officially launched BRC20-native swap, DotSwap holds a first-mover advantage thanks to its seamless user experience. If it can further attract attention and cultivate user habits by listing high-quality projects and optimizing its economic model, accumulate TVL, and establish barriers against future competitors during this brief window, it has the potential to become the leading DEX in the ecosystem.
3. Ordiswap
Ordiswap's product suite includes swap, bridge, and a stablecoin BTSD (Bitcoin Standard Dollar). It has not yet officially launched. Ordiswap completed its public sale on Fjord Foundry on December 15.
The project updated its roadmap on January 1, with Phase One being mainnet launch. Key partners include Thorchain, Hyperland, and Alexlabs.
Its token ORDS is issued on the Ethereum network, while REOS serves as its counterpart on the Bitcoin network.
The total supply of ORDS is one billion tokens. Specific token distribution ratios are not disclosed. REOS will have its launchpad on Alex, the decentralized exchange on Bitcoin. The public sale price for ORDS is $0.0345, private sale price is $0.0035, and seed round price is $0.0020.
II. Lending
1. Bitlend
On November 8, the project released its whitepaper v1, aiming to create an algorithmic decentralized lending protocol operating on the BTC network where users can participate as lenders or borrowers in lending pools. It aims to fully unlock the potential of Bitcoin Layer 1 and use the Ordinals protocol, PSBT technology, and Bitcoin scripts to build a high-speed lending market for BTC-native BRC20 assets. Users earn deposit interest and borrow from shared liquidity pools using collateral through a unified margin account.
The product is expected to support BTC, ORDI, SATS, NALS, RATS, ROUP, TURT陆续.
The product is currently in testing phase, offering OG Pass and Light Pass cards.
OG Pass: 500 total, priced at 0.001218 BTC, fair launch.
Light Pass: 1,000 total, priced at 0.000813 BTC, whitelist-only sale.
Pass Card Benefits:
1) $BTL inscription airdrop
2) Access to beta version of the application
3) Additional yield (details unspecified)
4) 50% fee discount
5% of $BTL tokens will be airdropped to OG card holders, and 3% to all Light card holders. However, note that the team will conduct five random snapshots between December 18 and January 18, and users must appear on at least three snapshots to qualify for the airdrop.
2. DOVA
The DOVA protocol has not yet launched. It aims to allow users to seamlessly transfer BRC-20 tokens across chains via the MultiBit cross-chain bridge and leverage BRC-20 tokens as collateral for loans. The team plans to launch the product in Q1 2024.
Tokenomics
Total token supply is 2.1 billion, with 10% allocated for IDO, 60% for mining, 10% for the team, 10% for airdrops, and 5% each for liquidity pool and treasury.
3. Liquidium
Liquidium is a leading peer-to-peer Bitcoin lending platform. Users can use inscriptions as collateral to borrow Bitcoin. This process is facilitated via PSBT and DLC. Liquidium is currently in the public test phase for its first stage—NFT lending market—but the second stage—BRC-20 lending market—is in closed testing.
III. Stablecoins
1. BSSB
The BitStable protocol aims to build a framework for creating, trading, and managing synthetic assets within the Bitcoin ecosystem, using a cross-chain and dual-token economic model.
Protocol Framework
The BitStable protocol allows users to mint the stablecoin DAII by locking ORDI or BTC/BTCB on the Bitcoin, Ethereum, or BNB Chain networks. DAII minted on the Bitcoin blockchain can be bridged to Ethereum. Users who obtain DAII on Ethereum can then exchange it 1:1 with stablecoins such as USDT and bridge back to the Bitcoin network. The collateralization ratio for ORDI is 500%. The protocol documentation details the liquidation module implementation on the Bitcoin network. When users need to redeem their collateral on Ethereum, they must redeem DAII via the BitStable platform.
Tokenomics
The total supply of BSSB is 21 million. 50% was publicly sold on Bounce Finance, 5% is held by the team (6-month lockup followed by 15-month linear unlocking), 3.5% allocated for airdrops, 36.5% for staking rewards, and 5% for LP (no lockup). On Bounce Finance, 60% was obtained through AUCTION staking and 40% through auction.
The primary role of the BSSB token is governance voting, determining parameters such as eligible collateral assets, over-collateralization ratios, and fee structures.
In addition, the Multibit platform supports staking BSSB to earn BDID.
Summary: The core of lending products lies in the liquidation module, which must prevent bad debts caused by untimely liquidations. To incentivize liquidators and reduce their risks, sufficient profit margins and strong secondary market liquidity are needed to instantly sell seized collateral. Currently, Bitcoin Layer 1’s slow transaction speed and lack of smart contracts make it difficult to meet these requirements. As a result, most Bitcoin ecosystem projects may lean toward centralized solutions or rely on the Ethereum network, raising security concerns. Furthermore, most inscription tokens lack broad value consensus, limiting the range of acceptable collateral.
IV. Launchpad
1. Bounce
Bounce is a decentralized auction platform launched in September 2020. In February 2023, Bounce V3 introduced Auction-as-a-Service (AaaS), providing on-chain auction tools usable by both Web3-native and traditional spaces, while preserving familiar user experiences. It offers auction services for tokens, NFTs, physical collectibles, ad slots, and more. Investors include Coinbase Ventures, Binance Labs, Pantera Capital, and Blockchain Capital. Bounce also plans to launch BounceBit, a BTC Layer 2 solution.
The platform token for Bounce Finance is AUCTION, used for governance voting, as a transaction medium, exclusive auction access (via staking for platform promotion), obtaining Bounce V3 membership, and staking for dividends.
Max supply: 10,000,000; Total supply (excluding burns): 7,640,660; Circulating supply: 6,500,033; Expected full release by August 2024.
2. Turtsat
Turtsat is a community-driven open platform built on Ordinals, aiming to become the Gitcoin of the Ordinals ecosystem. The image below shows projects that have successfully raised funds through Turtsat.
Officially, $TURT is described as an experimental BRC-20 meme token, with a total supply of one billion. Token distribution is as follows:
Early $TURT holders gain whitelist eligibility. On December 7, 2023, Turtsat launched a new asset, EGGS. Users can stake $TURT to acquire EGGS, which can be redeemed for whitelist spots in upcoming launches. In the future, EGGS may be used in additional scenarios, including project listing votes and direct redemption for partner token bundles. Current $TURT staking volume is 313.4 million.
3. BRC20.COM
The project envisions building a comprehensive Super App for the Bitcoin network ecosystem, including wallet, DEX, cross-chain bridge, staking, and other DeFi solutions. The currently released product is a Coingecko-style DASHBOARD platform, primarily for tracking BRC20 market tokens.
Additionally, the platform will launch its first IFO (Initial Farming Offering) project on December 26, allowing users to participate by staking .COM tokens using a gasless staking infrastructure (based on this, we classify it under launchpad for now).
Platform token .COM key details:
V. Cross-Chain
1. Multibit
Multibit aims to enable token transfers between the Bitcoin network and EVM networks, currently offering cross-chain bridge services for BRC20 tokens and ERC20 tokens on BSC and Polygon networks.
$MUBI token had its public sale on Bounce on November 12. Token distribution is as follows:
2. ROUP
Rolluper (ROUP) uses MAP Protocol's BRC201 cross-chain solution, officially launched on December 20, 2023, enabling cross-chain transfers from BRC20 to MAP Layer2. ROUP is Rolluper’s BRC20 platform token, with a total issuance of 2.1 billion tokens, limited to 10,000 tokens per inscription. Protocol service revenues will be used to buy back and burn $ROUP. Rolluper also lists MAPO as a platform token, but in buyback and burn activities, MAPO will account for no more than 10%.
3. Ordinfinity
Ordinfinity is a DeFi platform based on Ordinals, offering cross-chain, swap, multi-chain lending, and launchpad functionalities. $ONFI (BRC20) is Ordinfinity’s native utility token. Holders enjoy governance rights, cross-chain fee discount whitelists, staking rewards, and other benefits. Total issuance: 2,100,000,000.
4. TeleportDAO
TeleportDAO is a trustless cross-chain bridge connecting Bitcoin to EVM networks. It currently offers two products: Teleordinal, a cross-chain Ordinals marketplace, and Teleswap, a cross-chain DEX. Teleswap only supports cross-chain transfers of BTC between Polygon and BSC. The platform token TST has not yet launched but conducted two rounds of incentive programs on CoinList to distribute TST rewards to users.
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