Cycle Capital: SATS is doing GAS, airdropping PIZZA, and developing fractal Bitcoin. Is Unisat's BRC20 empire taking shape?

Written by Alfred @gametorich

Since BTC bottomed out on July 5, SATS has risen by more than 200%+. It is not only the best-performing target on the Inscription track, but also ranks among the best in rebound performance in the entire market. The reason behind this The reason is that the significant changes in the fundamentals of SATS coincide with the rise of market makers after a long period of accumulation. For at least the next two months, SATS will be one of the targets worthy of focus in the BTC ecosystem. This article will review and sort out the changes in SATS.

1. SATS is determined to serve as Gas fee

Unisat is currently developing the brc20 swap module and will push it to the main network of Bitcoin and the second-layer network Fractal Bitcoin developed by Unisat in the future. In terms of development progress, the release date of swap on L1 needs to be further confirmed, but Fractal swap is a product that is fully completed within the time frame and is scheduled to go online in September this year.

In Unisat’s article introducing the Swap module on July 7, it was clearly stated, “By effectively integrating wallets, browsers and exchange products, UniSat aims to provide a seamless and consistent experience for the Bitcoin mainnet and Fractal Bitcoin. From From a user's perspective, the main differences offered by Fractal Swap are the faster confirmation speeds and lower overall fees on Fractal. They are similar in that both are based on the brc-20 protocol and use brc-20 sats as gas fees. . "

来源：Unisat 官方

2. The new narrative launched by Unisat this round

1. The development of brc20Swap

The core goal of brc20 Swap is to give other teams the opportunity to build their own exchange platforms based on UniSat's code. In the past, brc20 The trading of assets relies on a centralized, information-asymmetric indexer, and the launch of brc20 Swap will make it standardized and unified.

Most of the current work on the swap module has been completed, and the remaining work mainly includes:

Assist indexers other than UniSat Indexer to effectively identify and calculate inscriptions related to the swap module.

Ensure calculations submitted by Unisat match those of other teams to avoid accounting discrepancies.

2. Fractal Bitcoin, a network built based on the brc20 standard

The goal of Fractal Bitcoin is to expand the Bitcoin network through the brc20 standard. On Fractal Bitcoin, Unisat will provide products with the same functions as the mainnet swap module – Fractal Swap. Ensure projects on Fractal Bitcoin have good liquidity from the start. In subsequent iterations, BTC and other mainnet assets will also be able to exist on Fractal Bitcoin as brc-20 wrapped assets, providing greater flexibility.

来源：Unisat 官方

At the same time, Fractal Swap will implement a competitive rollup mechanism that allows users to pack their aggregate results into the sorter and thereby earn transaction fees (brc-20 sats) generated by all transactions within the aggregate. This process is similar to miners submitting packed transactions to the network and receiving block rewards. This further clarifies the status of sats as network gas fee.

3. Large-scale airdrop of inscription PIZZA

pizza inscription was previously launched by UniSat to commemorate the 14th Bitcoin Pizza Festival, and was airdropped to platform users for free. Unlike the previous public casting of inscriptions, users can apply for them without spending additional fees. UniSat will send the inscriptions to the user's wallet after the inscription is completed. At that time, more than 200,000 addresses participated in the application.

Pizza’s previous application conditions are as follows:

• Addresses that have interacted with the UniSat service within 3 months
• Addresses that hold more than 500 UniSat points
• Addresses that have interacted with the brc 20-swap module
• UniSat OG Pass holders can obtain this inscription

Currently, pizza has become one of the most widely held items among brc20 and rune assets.

Through the above three new narratives, Unisat strives to push brc20 assets back into the focus of the Bitcoin ecosystem.

3. SATS data tracking

1. Comparison of holders and market capitalization

Among the brc20 popular assets, pizza has the most holders, but the chip concentration is the lowest; sats has the highest proportion of first addresses With more holders, the chip concentration and holder consensus are higher than ordi and rats, while the market value is smaller than ordi.

来源：Cycle Capital，OKX Web3Wallet

2. Chip distribution

From a weekly perspective, SATS has continued to fall since its rise at the end of February. It has been 4 months since then. The bottom cost of opening a partial position on the 1000SATS exchange is around 0.00018. The current bottom rise has broken out of the trend for the second week, hitting the previous transaction-intensive area near 0.0003, and the next transaction-intensive area is around 0.0005.

来源：tradingview，okx

3、 合约数据

7 月 17 日的币安合约数据中，账户多空比为 0.751，大户持仓多空比为 1.6425，看多资金比例更高，24 小时的快速拉涨主爆空单。在清算地图中，1000SATS 在爆掉 0.000225 和 0.00024 的空单后在 0.00028 以上暂未形成很多新的空单。

来源：coinglass，binance

4、 总结

1、 叙事更新后，SATS 与其他铭文从此不同。SATS 成为 brc20 swap 在比特币主网和 fractal 网络的 gas fee，在具有 btc 生态的 meme 属性之外具有了切实的代币用例，并且随着 unisat 的产品开发和大力推广，规模将在未来快速扩大。

2、 时间和价格节点仍有预期。在产品的开发进程中，9 月 fractal 网络才会正式上线，sats 充当 gas fee 的真正落地和使用要持续到 9 月之后，此外在 k 线的吸筹时间和拉涨幅度上，SATS 在未来几个月伴随大盘的向好还有进一步的价格预期。

3、 SATS 的风险或许来着于背后资金属性和横向赛道的竞争，brc20 背后资金依然以东方资金为主，并且 brc20 的比特币解决方案与 utxo+runes 的方案具有竞争关系，近日，基于 RGB++ 的 UTXO swap 也进行了主网上线，在中期要注意二者是否存在此消彼长的资金转换。

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