In recent times, we are seeing the return of BRC 20 and Sats tokens with an impressive growth of 250% in just 2 days. So is BRC 20 really back, what is Sats and what is the reason why Sats has grown so strongly? Let’s find out with Weakhand in this article.
Before entering this article, everyone can refer to some of the following articles to better understand what BRC 20, Bitcoin Ordinals and Sats are.
- What is BRC 20? All you need to know about BRC 20
- What is Bitcoin? Everything about Bitcoin
- What is Bitcoin Ordinals? Everything about Bitcoin Ordinals
- What’s happening with Bitcoin Ordinals
What is Sats?
Sats is simply a Memecoin minted on Bitcoin using the BRC 20 standard. When it comes to Sats, the biggest impression people have about it is its extremely large supply. The total supply of Sats is 2,100,000,000,000,000 which is 2,100 trillion, 100 million times more than Bitcoin.
Therefore at the beginning of its launch, many users did not believe that this BRC 20 token would eventually be completely minted. But with users’ interest and very strong belief in Sats – A meme named after Satoshi Nakamoto was finally fully created.
On September 24, 2023, Sats casting progress reached 100% with a total of 21,107,258 castings and 36,061 holders. Casting begins on March 9, 2023 and lasts a total of 6 months.
Sats – BRC 20 token named after Satoshi Nakamoto
With the recent growth of Bitcoin, BRC 20 tokens have received attention again, especially Sats with impressive growth from 0.00000002 USDT to the current level of 0.00000007 USDT. Furthermore, the token name itself is an “innate advantage” that gives Sats a certain edge in the competition on the meme race.
What Causes Sats to Soar?
With the expansion of the Sats community, UniSat – the largest wallet developer in the BRC 20 ecosystem also shows interest in this token. If you don’t know, UniSat Wallet is a Chrome plug-in wallet for the Bitcoin ecosystem, helping users store, mint and transfer BRC-20 tokens including buying and selling BTC, NFTs, domains, etc. .
On October 16, 2023, UniSat announced the use of Sats tokens as gas fees for its new product brc20 – swap. Each user trading on brc20 – swap will be charged a fee of 0.3%, of which approximately ⅙ (0.05%) of this fee will be collected by UniSat and the remaining ⅚ (0.25%) will be allocated to Liquidity Providers (LPs) providing provide liquidity on brc20 – swap. This fee structure is largely based on the exchange rate standards currently used by Uniswap. Regarding the use of fees, UniSat announced that it will donate 2% of its revenue to L1F (Layer 1 Foundation). In addition, UniSat also announced that it will publish the fully explained and verified code of brc20 – swap in the near future.
The story of Memecoin adding additional utilities is not the first time it has happened in the cryptocurrency world, DOGE and Shiba previously caused heated discussions in the market due to launching their own blockchain. This story comes from the consumption of swap fees, through swapping BRC 20 tokens on UniSat, Sats tokens will be charged as transaction fees. This will cause users to consume a large amount of Sats tokens if the BRC 20 trend continues to explode in the future.
Currently, BRC20 and even the Ordinals ecosystem suite are still in their early stages, and UniSat has huge market share and influence. Sats are favored by UniSat and bring great positive expectations. OKX data shows that Sats generated a trading volume of about 1.6M USD in the last 24 hours with nearly 1,400 Transactions.
Some statistics about Sats tokens in the past 24 hours
Has Trend BRC 20 Really Returned?
Bitcoin Ordinals and especially BRC 20 created huge Hype during the period from April – May 2023. However, after that it gradually cooled down and at one point in the period August – September 2023, the trading volume of Bitcoin Ordinals plummeted by 97% compared to the peak period.
Number of BRC transactions 20
Recently, with the explosion of Bitcoin, the BRC 20 trend seems to be rekindling with a sudden increase in the number of transactions. The amount of transaction fees also increased accordingly, but in general it was still quite far below the hype level in the early part of May 2023.
BRC 20 tokens have grown the most in the past 30 days
Looking at the BRC 20 tokens with the strongest growth in the past 30 days, there is also a honk name with an increase of 5,000% more impressive than Sats with 650%. In the data provided by OKX, users generally only focus on some popular tokens such as Sats, BTCs and honk. The remaining BRC 20 tokens hardly receive much attention from users.
In my opinion, this is just a small recovery of BRC 20 and has not really pulled the trend back, simply because there is still nothing new enough to attract users back.
summary
BRC 20 and especially the Sats token have created impressive highlights in recent times. With new things being built on the Bitcoin ecosystem such as brc20-swap, metaverse,… I’m sure the boom will return in the near future. Above is the information that I want to share in this article, hope everyone has a better understanding of what Sats is.
