Binance’s Attempts With Bitcoin Ordinals

Binance is spinning investors like crazy as it continuously focuses on investing in different areas such as SocialFi, AI, Blockchain,… and most recently Bitcoin Ordinals. It is clear that Binance is planning on the Bitcoin Ordinals market through many different moves such as listing, investment by Binance Labs,…

So, let’s find out what unclear and clear points Binance has with BitCoin Ordinals in the article below.

Binance’s Attempts With Bitcoin Ordinals

First moves

In the days of July 2023, at a time when Bitcoin Ordinals was hitting bottom, there was much information that the UniSat Wallet platform – the largest provider of Bitcoin Ordinals and BRC 20, was calling for capital from investors at a high level. valuation up to $50M and Binance Labs is in the process of contacting the project.

Obviously, in the context that Bitcoin Ordinals is facing certain problems, Binance Labs shows a special interest in this industry.

Mass listing on Binance

Binance exchange has really exploded when listing a series of projects in the Bitcoin Ordinals segment in a short period of time such as:

• November 6, 2023: Binance announced the listing of ORDI – the first project in the Bitcoin Ordinals segment.
• December 11, 2023: Binance announced the listing of SATS – a project that plays an important role in the Bitcoin Ordinals ecosystem with Wallet products and is preparing to launch BRC 20 Swap.
• December 17, 2023: Binance announced the listing of RATS on its derivatives exchange.

And up to now, although Bitcoin has been moving sideways for more than a month, ORDI is still on the journey to find new ATHs, the project’s current capitalization has reached $1.8B (at the time of writing). If compared to NFT Blue Chip collections on Ethereum such as Crypto Punks, BAYC, MAYC, Pudgy Penguins, Azuki,… it is much larger.

SATS and RATS also had strong growth after listing on Binance. Only RATS has decreased by nearly 50% since its listing on Binance, while ORDI and SATS continue to grow with no signs of stopping.

However, those are just the tip of the bird iceberg

Binance Labs projects transition to BRC 20 Launchpad

First is BakerySwap. In the past, BakerySwap has been a popular Launchpad platform on the BNB Chain ecosystem, providing DeFi products and especially NFT-related products (NFT Launch, NFT Marketplace). However, in December 2024, the project officially announced its vision of becoming the BRC 20 Launchpad platform with a series of projects:

• December 11, 2023: Project launch is Bitcoin GameFi Metaverse is Bitcoin Cats with 1CAT.
• December 24, 2023: Launching the project Bitcoin GameFi Metaverse combining AI BitLand with BLLB.
• December 31, 2023: Deployment of the project Perp DEX for BRC 20s Bitcat with BICA.
• January 2, 2023: Launching the project as NFT Lending as benDAO with BDIN.

This effect really created a wave of FOMO from the community when the Bitcoin Cats Pool was deposited up to $80M including BNB, ETH and BAKE, the next project to receive even more was BitLand with about $100 M is included in the protocol.

A special point if people pay attention is that in a tweet by Friend3 – the SocialFi platform on the BNB Chain network, when writing about Bitcoin Cats, it was noted that this is a GameFi Metaverse project supported by Binance Labs and Bitcoin Cats is also retweeted this information. However, this is information that has not been confirmed by the owner and Binance Labs has not taken any action regarding this.

Next is Dego Finance. In the past, Dego Finance aspired to become a DeFi Hub with many products such as DEX, Lending & Borrowing, Yield Aggregator,… on many different Blockchains. During the period 2022 – 2023, Dego Finance actually failed to demonstrate its commitments and recently Dego continued to encroach on Bitcoin Oridnals with BRC 20 Launchpad.

Dego Finance immediately announced how to participate in its Launchpad platform, however, according to an objective assessment, Dego’s implementation method will be very difficult to receive community support because the conditions are relatively difficult. .

At the time of publication, Dego Finance is implementing the first BRC 20 project on its platform Banana Markets – Bitcoin Ordinalss platform

Finally, Hooked Protocol from a Quiz to Earn platform gradually transformed into Bitcoin Ordinals with some plans such as:

Finally, Hooked Protocol from a Quiz to Earn platform gradually transformed into Bitcoin Ordinals with some plans such as:

• Provides a set of content about Bitcoin Ordinals so users can Learn to Earn.
• Provides a Launchpad platform for new and potential BRC 20 projects.

The launch of Hooked Protocol’s BRC 20 Launchpad has been strongly received by the community. However, as soon as the first Launchpad project was introduced, Hooked Protocol received strong feedback from the community when to participate, users had to lock up a minimum of 20,000 HOOKs, equivalent to nearly $30,000 to earn for free. TUNO.

After listening to the community, Hooked Protocol has decreased to 5,000 HOOKs, but this is still a too high number compared to the average level of investors.

In summary, we see that projects receiving direct and indirect investment from Binance Labs are showing signs of shifting towards Bitcoin Ordinals.

Binance Labs projects move towards Bitcoin Ordinals

First, a project called Copycat Finance in the past was a Derivatives platform with the PVPAMM model. Recently Copycat Finance officially announced support for BRC 20 assets and at the same time deployed a new Native Token called BCAT. This move of the project received backlash from the community when previously this project had a Native Token, COPYCAT.

Personal Comment About Binance With Bitcoin Ordinals

Personally, I have followed Binance’s journey in 2023 and I see that during this period Binance has many different moves including:

• Launchpad a series of projects in the SocialFi segment such as Hooked Protocol, Open Campus, Arkham, Space ID,… Not only that, Binance Labs also invests directly in the above projects with different amounts of money.
• Invest and observe many AI projects such as Arkham, Worldcoin, LiveArt, Privasea, Sterio, Web3Go.
• When the LSD and LSDfi trend exploded, Binance also quickly listed projects such as Rocket Pool, Lido Finance and most recently JitoSOL.

During this period, Binance has just grasped the trend to list tokens suitable for the market, but there are also listing and investment projects that have not been successful. Most of the SocialFi projects that Binance invested in have not really exploded, names like Hooked Protocol, Open Campus are still managing to develop or Space ID is not really effective when going Multichain.

AI projects are still in the process of perfecting their products and waiting for their time.

Similar to Bitcoin Ordinals, I believe that Binane is also catching the trend and is also researching. Looking at the Bitcoin Ordinals and Inscriptions market on other ecosystems, Binance has only listed Insciptions on Bitcoin while Insciptions on Solana, Avalanche, Fantom, Arbitrum,… are not yet available on the Binance exchange even though Insciptions on Solana the growth is extremely strong. Clearly this is a market that Binance is leaving open.

Let’s look back at the beginning of the article and we have unconfirmed information that Binance Labs has invested in the Bitcoin Cats project – the GameFi platform combined with BRC 20. If this is accurate information, it is clear that Binance also is trying its hand at GameFi projects on Bitcoin. So we will have a number of opportunities such as:

• The next generation Bitcoin Ordinals.
• Inscriptions and Ordinals on other ecosystems.
• GameFi on Bitcoin.
• BRC 20 Launchpad.

If we look back at the past, when DeFi exploded in 2020, we had DeFi Summer on Ethereum, then in the Crypto market period of 2021, we in turn witnessed DeFi continuing to explode on many ecosystems such as BNB Chain, Polygon, Solana, Fantom, Near Protocol,… So Ordinals has exploded in 2023 on the Bitcoin network, will it continue to explode in 2024 – 2025 on other ecosystems?

The Ordinals ecosystem is also gradually expanding with many diverse pieces such as:

• Launchpad: BakerySwap, Hooked Protocol, Turtsats, Amgic Eden, Ordzaar, Ordmint, Ordbit, Ordinals Wallet, Gamma,…
• Tools: OKX, Ordinal Bot, Ordinex, Idclub, Unisat, Ordinal Hub,…
• BRC 20: ORDI, SATS, MOJO, SYMM, CBRC,…
• Ordinals NFT: Crypto Punks, Bitcoin Frogs, Bitcoin Rocks, BTC Degoods, Bitcoin Apes, Pixel Pepes, Bitcoinwhales,…
• Marketplace: Magic Eden, OKX Marketplace,…
• GameFi: Bitcoin Cats, BitLand,…
• DeFi: Opensky Finance, Bend DAO, Liquidium, Unisats, Tap,…

Bitcoin Ordinals’ ecosystem is still expanding strongly.

Summary

Binance has made direct moves to the Bitcoin Ordinals market and is also preparing for this trend if it returns in the future. Hopefully through this article, everyone will have more perspective on Binance and Bitcoin Ordinals.