Opa!
Bom Dia amigos do Chico Army!!
Yeah I guess you could say my portuguese is getting a tad bit better….as I’m chilling
in Brazil!!
But you know what always gets better.
Our ability to sniff out and spot the next BIG narratives coming for the crypto markets.
Lately I’ve covered DEX’s, RWAs, and now it’s time to uncover the final BIG narrative
of the next bull run.
So are you ready to DeFi with BTC?
Well you don’t really have a choice…because it’s time for Chico Crypto!!
Well this narrative has been a long time coming….as the asset this ecosystem is built upon is
the OG, the first ever crypto asset….
YUP I’m talking about an ecosystem built upon none other than BITCOIN!!!!
Specifically DeFi, decentralized finance built on top of the Bitcoin protocol…
WOW…WOW…WOW…slowdown Chico…DeFi built on top of Bitcoin??
I thought that was next to near impossible?
BTC doesn’t support turing complete smart contracts like Ethereum…the crypto tech
which allows things like DeFi to be built…
Well let me blow your mind right quick….if you didn’t know, the erc-20 standard is
what allows the vast majority of tokens & DeFi protocols to flourish on Ethereum.
The ERC-20 introduced a standard for Fungible Tokens on Eth, in other words, they have a
property that makes each Token be exactly the same (in type and value) as another Token.
Thus tokens can represent many things, like reputation points in an online platform, skills
of a character in a game, lottery tickets, financial assets like a share in a company,
a fiat currency like USD or even an ounce of gold…
This creation for Eth, which was built in 2016 and took off in 2017 has allowed Ethereum
to grow into what it is today, and the lack of it on Bitcoin is why you only see one type
of asset on the Bitcoin protocol….BTC…
But Bitcoin now has its own fungible standard for tokens, called BRC-20 & the DeFi ecosystem
for BTC is about to BLOW UP!!
Here is a great explainer on the token standard from myth.btc…and as we can see, the brc-20
standard was created by Twitter user and BTC Dev, @domodata on March 8th, 2023.
How they work?
Well as we can see the code is simple and works by utilizing Ordinal inscriptions of
JSON data to deploy token contracts, mint tokens, and transfer tokens.
Basically this means digital assets are inscribed on a satoshi, the lowest denomination of a
BTC…off-chain inscriptions, create on-chain fungible or even non fungible tokens like
the NFT standards of Eth, like erc721 or erc 1155!!
Tokens and DeFi on BTC is going to be BIG!!!
And here is a comparison of the brc20 ecosystem in Bitcoin versus the erc20 ecosystem on Ethereum.
As we can see the total marketcap of brc20’s is just 103.2 million, the erc20 ecosystem
is a whopping 152.6 billion…yeah this screams opportunity to me…
Now from the explainer, we can see the first brc-20, the first token ever minted on Bitcoin,
it named ORDI, and was deployed by @domodata himself…it had the parameter of .a limit
of 1,000 tokens per mint and 21,000,000 tokens total ever created…
Obviously Ordi took inspiration from BTC, with a 21 million max token cap…and since
this is the first token ever created on BTC, in my opinion, It is the son of BTC, it’s
BTC’s Jesus and its value is immeasurable!
((Link #1 What is brc-20)) So how do you pick up some $ORDI on Bitcoin??
Well first you need to download the main wallet connected to the main DEX for Ordi and brc-20
tokens.
This can be found at ordinalswallet.com and set yourself up a wallet, saving your 12 word
phrase so you do not lose access to it.
Then you need to fund the wallet with Bitcoin…wherever you have BTC, just send it to the address
you created….ordinals wallet can be found in the description…
Ordinals Wallet is the main hub for the trading of brc-20 assets, ….Once funded and your
balance arrives, it’s time to click on BRC-20 assets, in the top left corner, this will
open the top brc-20 tokens for trade, as we can see ORDI is the #1 asset, with the most
volume, that is the one we want…click on it, and it will take you to the open orders.
Because we have just over .05 of a BTC, we need to purchase our ORDI for a bit of a higher
price, but that’s OK, I believe this is going to MOON!
Once bought, the purchase will confirm & you can check to see the ORDI you just bought
in your wallet, and it’s easy to transfer or list your ORDI’s for sale!!!
Hey batter, batter….SCHWWWWINNNNG!!!
ORDI is the OG of brc20, but let me tell you there is a whole lot more to DeFi on BTC,
including other projects and protocols, and other brc20s.
I’m going to get into my favorite in a second, but first it’s time for a sponsored segment
of this video brought to you by JDB, Just Data for Blockchain – and like always the
details of our agreement can be found in the description
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in addition to buys and sells, they are also creating a hot token section where they’ll
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Now back to those BRC20s & DeFi on BTC….
Here is a nice little sheet created, which gives the power rankings for the top BRC20s.
The methodology these power ranking takes into account.
1) coins with over 800 holders 2) daily growth in holders and finally 3) volume/market cap.
So out of the other top coins, which ones am I eyeing??
Well I’m not eyeing the meme coins initially, I’m eyeing the DeFi based projects!
And the first one I’m drooling over, is Oshi aka Oshi Finance…from their landing
page we can see Oshi is the first ever, bitcoin liquidity pool protocol aka this is the Uniswap
of BTC….of course the app isn’t out yet because this technology is brand spanking
new…but you gotta take risks to make it BIG in this industry…no risk, no freaking
reward….
But the pools are coming, one of the main people behind Oshi, Merlin.OG tweeted this
just over a week ago…”Thanks to the first proposal of CrimsonElep and the hard work
of 0xGrug we have just deployed the first pool on ordinals with the assets $pepe $wzrd!!
The pools are working…they are coming and will be hitting the scenes quick!!
What other BRC20’s am I looking at?
Well as we can see from the power ranking NALS is number one, Nals is the pea in the
pod, to Ordi….Ordi+Nals equals ordinals, so I’m definitely picking it up…
And finally we gotta talk about the “meme” coins….the first meme coin minted, and it
has the name of the HYPE sweeping the space…this is PEPE.
I’m picking up a small bag of this, just in case….
Now the final coin I want to cover is the only btc DeFi coin out of these listed on
Coingecko…this is Alex Lab’s ALEX token….
Alex Lab’s is a DeFi suite, built on top of the Bitcoin Layer 2, Stacks….and the
applications is fully live and ready to go…you can swap, you can stake, you can pool, and
you can farm with the Alex Dapp…
BTC Layer 1 DeFi with ordinals is taking off right now, it’s only a matter of time before
L2 takes off….we are going to have a BTC DeFi summer with ordinals just like what happened
with Ethereum, we will have a layer 2 season with Bitcoin DeFi once the transactions fees
get too crazy on BTC, they already are….
And you know who always calls it 1st?
Chico Crypto does.
Saude, Vejo você na próxima vez!!
Cheers I’ll see you next time!!