Which currencies will benefit from the Bitcoin spot ETF?

The Bitcoin spot ETF was approved in the early morning of January 11, Beijing time, and 11 ETFs were authorized to start trading on Thursday, local time. As soon as the news came out, the price of Bitcoin rose by more than 47,000 US dollars. Although it subsequently dropped to 45,000 US dollars, the price of Bitcoin Inscription BRC20 increased significantly due to this impact. In fact, the surge in Bitcoin and BRC20 can drive all coins. , so many investors are concerned about which currencies will benefit from the Bitcoin spot ETF? According to data analysis, the main ones are ORDI, SATS, ATOM, STAMPS, etc. Next, the editor will talk about it in detail.

Which currencies will the Bitcoin spot ETF benefit?

Bitcoin spot ETFs have favorable currencies such as ORDI, SATS, ATOM, STAMPS, PIPE, TRAC, RIF, ALEX, MUBI, RATS, STX, etc. The following is a detailed introduction to some currencies:

1, ORDI

On March 8, 2023, anonymous developer @domodata launched the BRC-20 inscription protocol based on the Ordinals protocol and deployed the experimental token ORDI, which was the first to be deployed BRC20Token. On March 9, ORDI was minted. The cost of printing an ORDI (one piece contains 1,000 coins) is US$2 to US$3. Based on the current price of US$50 per ORDI, the current price of one ORDI is US$50,000. Since then, the value of ORDI has continued to rise, especially after being listed on Binance, and its price once soared by more than 700%.

2. SATS

SATS is a BRC-20 token based on the Bitcoin network and a token created based on the Ordinals protocol. It was released on March 9, 2023. The name of this token comes from Satoshi, the smallest unit in Bitcoin, and represents a tribute to Bitcoin. SATS was originally created for entertainment purposes and was considered a meme, but gradually showed the success that a cryptocurrency community can achieve by participating in and exploring blockchain technology together, attracting a large number of investors and transactions as a result It has also become very popular in the BRC ecosystem.

3. ATOM

ATOM is a token based on the ARC-20 standard of the Bitcoin blockchain and belongs to the Atomics protocol. The Atomics protocol is a mechanism for creating, transferring, and updating NFTs on the UTXO blockchain. By permanently binding each token to a Satoshi, the protocol solves the problem of representing fungible token assets on the Bitcoin blockchain. This means that each ATOM token can never be worth less than 1 Satoshi. ARC-20 tokens can be minted by anyone and transferred to Bitcoin addresses. The ARC-20 token standard uses Satoshi to represent units of ownership, ensuring that the token has a minimum value of 1 Satoshi.

4. STAMPS

SRC-20 token, also known as STAMPS (Secure Tradeable Art MaintainedSecurely), is a new type of token on the Bitcoin blockchain. Created by anonymous developer MikeInSpace! and inspired by protocols like Ordinals and Counterparty, BTC Stamps proposes a different method of embedding data into the Bitcoin blockchain than inscription technology. STAMPS tokens guarantee greater permanence than other protocols because they are stored directly in the blockchain’s disposable transaction outputs, making them impossible to delete. The proposed use of STAMPS is to create fractional NFTs from lightweight "24×24 pixel, 8 color depth PNG or GIF" images that form a complete NFT and can be sold in different parts based on the size of the image.

5. PIPE

The PIPE protocol is designed based on the concepts of Casey Rodarmor’s RUNES and Ordinals’ BRC-20, and its first token is also named after PIPE. The protocol contains three main functions: deployment, minting, and transmission. Here, "deploy" means that the new token has been successfully deployed, while "minting" allows liquidity to be re-minted according to deployment rules (such as supply, limits), providing more advanced functionality for ordinals.

Pipe protocol is based on the UTXO architecture and introduces the advanced functions of digital art and NFT to the Bitcoin world. It perfectly inherits the characteristics of Bitcoin UTXO, while optimizing network congestion, improving mint/handling fees and transfer experience. Although the data of Pipe and ordinals are both stored on the Bitcoin chain, their storage locations are different, just like the coins and banknotes in the wallet are not in one place. This design purpose allows users to enjoy more excitement and fun. .

6. TRAC

TRAC (Ordinals) is a token based on the BRC-20 standard. The market performance of TRAC (Ordinals) has recently shown an upward trend. As of now, the real-time price of TRAC is $5.12, a 24-hour increase of 32%, and the trading volume is $2.98 million, an increase of 20.80%. The maximum supply of TRAC is 21 million, and the circulating supply is unclear.

7, RIF

RIF token is the native token of Rootstock Infrastructure Framework, which is a service layer built on the Rootstock blockchain. Rootstock is a long-standing side chain on which the Uniswapv3 version is deployed. RootstockLabs developed the Bitcoin side chain RSK in January 2018. It is an EVM-compatible smart contract platform written in Solidity language. It uses Bitcoin as its native asset and aims to give BTC programmability. On top of this, RSK parent company IOVLabs has established the RIF (RSK Infrastructure Framework) laboratory, aiming to help RSK achieve wider interoperability and faster deployment time, and bridge the gap between blockchain technology and its large-scale market adoption. gap. Currently, the laboratory has developed the open operating system RIFOS and a series of suites (wallets, relays, domain name services, etc.) based on RSK.

8, ALEX

ALEX is a Bitcoin DeFi platform based on the Stacks blockchain, dedicated to activating the multiple uses of Bitcoin. ALEX mainly provides the following services: projects launch their tokens, fixed-rating and fixed-term loans without liquidation risk, DEX with AMM mechanism, deposit tokens to earn interest and obtain high returns through yield farming. ALEX aims to break down the barriers between Bitcoin Layer1 (L1) and Layer2 (L2) to provide a seamless Bitcoin DeFi experience. Its native token ALEX can be obtained through DEX, LP participation and staking, and has three main functions: incentive, staking, and voting.

9, MUBI

MUBI is the BRC-20 token of the two-way bridging platform Multibit based on the Bitcoin blockchain. Multibit completed the IDO on November 14, and the token MUBI increased by as much as 1140%. The Multibit platform is designed to facilitate users to seamlessly transfer tokens between the Bitcoin blockchain and other Ethereum Virtual Machine (EVM) networks, thereby enhancing liquidity and interoperability between different blockchain networks. MUBI tokens provide a new method that allows users to smoothly transfer tokens between Bitcoin and EVM networks, promoting the seamless flow and interoperability of tokens between different blockchain ecosystems.

10, RATS

RATS is a BRC-20 token created through the Ordinals protocol. It is a unique mouse-inspired meme token that represents the most prolific mammal on the planet. one. Unlike many tokens aimed at achieving major achievements in the blockchain ecosystem or the crypto-asset market as a whole, RATS is a meme token created for entertainment purposes. The success of meme tokens often happens when people come together to have fun and explore blockchain technology, so much of RATS’s success can be attributed to the enthusiasm of its community. RATS has become a symbol of this spirit and has an increasing number of supporters.

11. STX

Stacks is a Bitcoin L2 platform, and STX is its native token, which has pledge, governance, ticket smart contracts and value transfer purposes. While Stacks is anchored on the Bitcoin blockchain, it is also an independent protocol. It introduces the smart contract language Clarity and the virtual machine SVM (StacksVirtual Machine) to execute these contracts on the Bitcoin blockchain through "PoX" (Proof of Transfer, transfer proof) consensus mechanism to help the Bitcoin blockchain expand, opening up new possibilities for applications such as DeFi and NFT.

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