TurtSat has said that in keeping with Bitcoin’s idealism of complete decentralization and the geek spirit of Ordinals, TurtSat will never accept any venture capital.

Compared with the first appearance of Ordinals in May this year, the wealth effect of the Ordinals ecosystem has gradually become a “consensus” in the cryptocurrency field in the past six months. More and more investors and developers are focusing on the Bitcoin Ordinals ecosystem, and have received good economic returns. Yesterday, ORDI, which doubled in price in two days, was questioned for its value due to the comments of Bitcoin Core developer Luke Dashjr, and fell more than 30% in half a day. However, it rebounded in the community’s attention and once approached $70.

It can be said that the vitality of the Ordinals ecosystem cannot be underestimated. In addition to ORDI, the cross-chain protocol Multibit based on the BTC network completed its IDO on November 14th, and its token MUBI rose by 1140% after opening, with a current market value of over $70 million. ALEX Labs, a Bitcoin DeFi platform based on the Stacks network founded in May of this year, has seen a 179% increase in its token ALEX in the past week.

Aside from the new agreement in the foreground, IDO platforms that have incubated and participated in the early development of these projects are also worth paying attention to, and the market has already responded. Recently, decentralized auction platform Bounce Finance participated in the IDO of BitStable, a Bitcoin cross-chain DeFi protocol, and with the BSSB token increasing fivefold in five days, Bounce Finance’s Auction token also achieved a daily increase of over 50%. In addition to “traditional” IDO platforms like Bounce Finance, which have been around for three years, new IDO platforms from the native Bitcoin ecosystem have quietly emerged.

Turtsat is a community-driven Ordinals open platform whose mission is to become the Gitcoin of the Ordinals world. Anyone can build and donate to the Ordinals ecosystem protocol through Turtsat, participate in the construction of the Ordinals ecosystem, and benefit from it. Turtsat participated in the Multibit IDO with Bounce Finance. According to OKX data, a week ago, the price of Turtsat’s platform token TURT (BRC-20) was 12 sats, but now it has reached 53 sats, an increase of 340% in a week.

Focus on Bitcoin Ecology IDO Platform

TurtSat plans to build three core business modules, including donation agreements, indexing services, and the Ordinals open source tool platform. The donation agreement, also known as IDO service, allows TurtSat to apply for initial funding assistance for projects and increase their influence. Users can support Ordinals open source projects around the world by selecting, voting, and donating, and receive rewards for participating in early project development.

The Indexing Service and Ordinals Open Source Tool Platform are the embodiment of TurtSat’s focus on the Bitcoin ecosystem. TurtSat provides a comprehensive toolkit and technical infrastructure designed specifically for Ordinals builders to help accelerate project progress.

Donation Agreement

The ‘Public Donation Agreement’ is a new BRC-20 token issuance protocol. Compared to the current mainstream BRC-20 Mint Function, it not only ensures fairness but also significantly reduces users’ GAS costs by bundling minting and alleviating network congestion. In addition, issuers can choose to use the saved GAS from issuance as early revenue to ensure the future development of the project.

The creation of the Public Donation Agreement is based on the PSBT protocol’s basic donation logic. This will allow for automatic engraving to be completed in the last transaction, reducing the gas consumption for user Mint and supporting multiple Mint transactions in one go, while only paying one gas fee. Additionally, Turtsat aims to reduce the number of transactions in the entire network by packaging multiple events, thereby reducing information congestion. The platform will also provide community-supported grant donations to help high-quality Ordinals applications gain user and financial support.

Indexing Service, Ordinals Open Source Tool Platform

Unlike ETH, indexing services are crucial in the Ordinals ecosystem. Currently, UniSat provides very important indexing services that promote and assist the development of BRC-20. However, in the long run, multiple service providers need to follow unified labeling rules, cross-check with each other to ensure that there are no punctuation conflicts, and further ensure the healthy development of BRC-20.

Additionally, the Ordinals protocol presents a high barrier to entry for EVM developers. TurtSat is building an open-source infrastructure platform for the project, including explore, BRC20, and indexing services. These tools will enable developers to build and create innovative applications on the Ordinals protocol that benefit the entire ecosystem. TurtSat plans to open up related services and tools in the future, lowering the barrier for developers to enter the Ordinals ecosystem.

Token Economics

$TURT is an experimental BRC-20 MEME. It aims to consolidate the value consensus of BTC and Ordinals, allowing more people to understand and participate in the ecological construction of Ordinals and return to the BTC network. The total supply of $TURT is 1,000,000,000, and 7.5% will be used for airdrops.

TurtSat conducted an airdrop snapshot on May 20, 2023, with a total of 30,444 eligible addresses. The airdrop was open to Ordinals ecosystem hot asset holders and community activity participants. Ordinals ecosystem hot assets include ORDI, VMPX, Unisat OG Pass, BitcoinPunks, BitcoinForgs, PixelPepes, BitcoinWizards, DogePunks, Misprints, and JOMOHippo.

For users, there are three donation roles to choose from, and each donation role corresponds to a donation amount and profit:

• Little Turtle — 50,000 sats — 20,000 $TURT
• Active Turtle — 500,000 sats — 200,000 $TURT
• Golden Turtle — 5,000,000 sats — 2,000,000 $TURT

When the total market value of $TURT reaches 500 BTC, the community will gain voting rights to donate $TURT to organized ecosystem infrastructure projects to help them grow.

Pledge System: A New Way to Participate in IDO through EGGS

On December 6th, TurtSat announced the launch of its staking system, $TURT POOL. According to TurtSat, this will be a new way for users to participate in projects on the TurtSat platform, balancing fairness and efficiency, while effectively preventing robot script attacks that could result in the loss of a large number of donated shares. This will allow $TURT holders to participate and receive their rightful benefits.

By staking $TURT, users will receive “EGGS”, a new asset issued by TurtSat. The use cases for EGGS include but are not limited to voting for project launches and directly exchanging for partnership token packages.

After the user completes the $TURT staking, the $TURT mining pool will instantly record the amount of staked tokens and staking time (block confirmation time/network confirmation time) for the corresponding address, and calculate and release EGGS in real-time. The profit formula is:

The token quantity staking period liquidity coefficient (not a fixed value, dynamically adjusted by the platform)

The TURT mining pool supports both BRC-20 and ERC-20, allowing users to connect wallets from different networks and stake TURT. The minimum amount for a single staking is 20,000 $TURT. Users can release their stakes at any time. However, to limit the number of unfaithful holders, a service fee of 5,000 USD in TURT is required for each unstaking. Due to inscriptions and network restrictions on BRC-20, releasing stakes to an account will be completed within 24 hours, whereas on ERC-20, the timing will follow the execution of the smart contract.

Initially, EGGS were only supported for circulation and use on BRC20. EGGS obtained through ERC-20 need to be transferred to BRC-20 for usage. EGGS can also be transferred between different addresses on BRC-20. To prevent malicious speculation, a service fee will be charged for EGGS transfers.

Users can exchange EGGS for whitelist access to specific items through the Hatching WL. Addresses that have obtained the whitelist can subscribe to the respective tokens at the start of TurtSat Launch.

IDO projects on Turtsat

Turtsat was established in May 2023. It wasn’t until the Ordinals ecosystem caught the community’s attention in the past month that Turtsat began to take frequent actions. Among the five IDO projects announced so far, except for Chamcha, the remaining four were announced within the last month.

Chamcha

Chamcha is the first programmable Ordinals asset liquidity developer. One of Chamcha’s main goals is to upgrade and launch an enhanced version of Unisat to build the decentralized Ordinals financial platform. Chamcha also plans to develop and add more modules to increase the liquidity of Ordinals assets. Developers can create innovative types of pools and decentralized finance applications in the Ordinals ecosystem.

Chamcha’s token is CHAX, with a total supply of 2,100,000,000 and a gain of 523% in the past week. On December 6, Chamcha launched a liquidity staking event. As of now, more than 40 million CHAX has been pledged, with a total value of approximately $180,000.

Multibit

Multibit is a bridge protocol that emerged in May this year to connect BRC20 assets to the EVM network, allowing users to seamlessly transfer tokens between the ETH chain, BNB chain and BTC network. Multibit completed the IDO auction on the auction platform Bounce Finance on November 12, and again completed the IDO on the Bitcoin network donation platform TurtSat on November 14 at the same unit price.

On November 14, MUBI opened with an increase of 1,140%, and has increased by more than 300% in the past week. Its current market value is close to US$70 million. There are over 6,000 holders.

NxHub

NxHub is an aggregation market based on Ordinals. By capturing listing order data from markets such as UniSat, OKX, MagicEden, and OrdinalsWallet and displaying it in an aggregated manner, users can purchase BRC20 tokens and NFTs multiple times and implement multi-platform listing orders.

NxHub conducted an IDO on TurtSat on November 24. The price of its token NHUB once doubled 10 times at its highest within 7 days, and is currently quoted at $0.14 with a market value of $2 million.

Dova Liquidity Protocol

On November 27, TurtSat announced a new project, Dova Liquidity Protocol (@dova_protocol). The Dova protocol is an LSD protocol on the Ethereum network designed to facilitate liquidity between the BTC network and the EVM network. Dova integrates the MultiBit bridge. After users transfer BRC-20 tokens through the MultiBit cross-chain bridge, they can use the Dova protocol on the Ethereum network to use the transferred BRC-20 tokens for mortgage loans.

Dova has completed its IDO on December 1. The price of its token DOVA has increased 6 times from the day of IDO to December 5. However, it has already fallen back by about 50% from its high point. The current price is US$0.0083, with a market value of US$0.0083. It is US$4.26 million and has about 2920 holders.

Rabbitgames

On December 5, TurtSat announced a new startup project, Rabbitgames @Rait_io, which will have an IDO on December 8. According to it, Rabbitgames is a revolutionary Bitcoin ecosystem gaming platform dedicated to providing users with a secure, scalable and superior online gaming experience.

As of the time of writing, more than 37,000 Twitter users follow Rabbitgames’ official Twitter account, there are more than 10,000 members in the Telegram group, and its airdrop mission is in progress.

Conclusion

As a young IDO platform, TurtSat’s development path has not been smooth. During the Beta phase of NxHUb IDO that day, some people used scripts to grab token shares, resulting in many other users being unable to participate. TurtSat published an article “A Letter to the Turtles‘’ in response and proposed improvements. .

Currently, among the projects TurtSat is involved in, only Multbit has become a popular target for the Bitcoin ecological protocol. BitStable, the Bitcoin DeFi protocol that announced its IDO last week, did not choose TurtSat, but instead chose Bounce Finance.

On December 6, TurtSat announced the launch of the pledge system $TURT POOL, using the amount of $EGGS as a whitelist requirement for future project IDOs. This model is a common model adopted by traditional IDO platforms. It can solve the problem of “scientists jumping ahead” to a certain extent. It can also bind the platform tokens to the value of the IDO project. The better the projects it incubates develop, the better. The greater the user’s expectations for the “next IDO project”, the higher the value of the token TURT.

TurtSat has said that in keeping with Bitcoin’s idealism of complete decentralization and the geeky spirit of Ordinals, TurtSat will never accept any venture capital. As the Bitcoin ecosystem gradually comes to light, there will be more community power to complete TurtSat’s vision, but there will also be more funds entering the market to compete with TurtSat, which relies on “community donations’’ for high-quality projects. Additionally, Bounce Finance has announced on December 1 the launch of BounceBit, a DeFi solution designed for the Bitcoin ecosystem, based on Binance Bitcoin (BTCB) and powered by AUCTION.

The future of TurtSat remains to be seen.

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