BDID Price Plummets, godid Project Accused of Lack of Vision, Impacting “Golden Shovel” Projects in the Bitcoin Ecosystem: AUCTION, MUBI, TURT Also Decline.
Summary:
BRC-20 is on fire, exploring the opportunities and risks of the new narrative of “BRCFi”.
Background:
BRC-20 is not just about speculation! Pay attention to these 6 low market value projects: RWA, Cross-Chain Bridge, Lending…
On December 15th, Bounce Brand launched a new round of Launchpad project called Bdid (BDID). After the IDO, the trading price reached 15 times the IDO price. However, it was revealed in the past two days that there has been continuous selling, resulting in a sharp decline in BDID price.
According to geckoterminal data, at the time of writing, the price of BDID has fallen to $0.015.
BDID: What does it represent?
BDID is the native token of the DID aggregator GoDID, which includes functions such as batch search, registration, transaction, and management of various DIDs. On December 11th, GoDID announced a partnership with decentralized auction platform Bounce Brand. Subsequently, its subsidiary platform bdid.io issued a token called BDID that focuses on the BTC ecosystem. On December 18th, GoDID completed a new round of financing led by NGC with a valuation of 30 million.
What does a valuation of 30 million mean? At that time, the market value of BDID reached 22 million, and it was just a token released by a subsidiary platform of GoDID. This amount raised questions in the community, such as “What does BDID represent?” and “What will the investors get in return for their investment? Company shares or separate tokens?”
The origin of BDID can be traced back to May 2nd this year when GoDID released a BRC20 token called DIDS. Until the end of last month, GoDID officially announced on social media that it would airdrop native GoDID tokens to holders of DIDs tokens (BRC-20) according to certain rules. As a result, BDID was born.
However, on December 15th, BDID participated in the new round of Launchpad project by Bounce Brand. There were three participation modes, including purchasing lottery tickets through AUCTION, pledging AUCTION and receiving proportional allocation, and pledging stablecoin DAII and receiving proportional allocation. After the auction, BDID was listed on Uniswap, with a DEX trading volume exceeding $12 million.
Some dissatisfied community users expressed that the team used all the promised airdrop for IDO. In response, team members told BlockBeats that they only promised the main airdrop. Out of a total of 500 million BDID tokens, 25 million were mining airdrops targeted at MUBI, BSSB, AUCTION, and WBTC.
“Golden Shovel” Affected, Bounce Coin Price Drops
Currently, influenced by BDID, the previously known “Golden Shovel” projects in the Bitcoin ecosystem, AUCTION, MUBI, and TURT, have also declined.
Bounce Brand’s Launchpad uses a “kill two birds with one stone” strategy to launch token issuance, with two independent teams jointly issuing a token. The project’s identity is kept confidential and uses AUCTION and BitStable’s stablecoin DAII for participation, with two auction pools. On the day the information was released, AUCTION’s price rose sharply, with a 24-hour increase of 47.5%. Currently, the price has fallen to $40.
MultiBit is a bridging protocol that connects BRC20 assets to EVM networks, allowing users to seamlessly transfer tokens between the ETH chain, BNB chain, and BTC network. On November 12th, Bounce Brand completed the MultiBit (MUBI) Launchpad, with an IDO price of $0.00047 and raised 88 ETH, with a return of over 80 times during this period. Similar to BDID, MUBI, which is also a Bounce Launchpad project, has seen a decline in price to $0.32.
TurtSat, the IDO platform for the “BRC-20 Experiment” Ordinals ecosystem that incubated MUBI, is also affected by this incident. According to coingecko data, the price of its native token TURT has fallen to $0.08.
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Bdid
Bounce Brand