As the popularity of Bitcoin continues to rise, the donation platform TurtSat based on Ordinals has emerged in the Bitcoin ecosystem and is steadily progressing. This article is sourced from the Three Elements Community and compiled by PANews.
(Previous Summary:
Beyond the FOMO frenzy, a comprehensive review of Bitcoin’s “long-term business”
)
(Background Supplement:
The rise of BRC-20 and the opportunities and risks of exploring the new narrative of “BRCFi”
)
Table of Contents:
Overview of TurtSat
Product and Business Model
Product
Business Model
Community and Data
Social Media
Data
Token Economic Model
Financing
Project Highlights
Conclusion
TurtSat is a donation platform based on Ordinals. Its mission is to become the Gitcoin of Ordinals, where anyone can build, donate, and influence Bitcoin Ordinals and BRC-20 projects through Turtsat.
TurtSat has launched multiple BRC-20 projects and has performed very well after each launch. It is hailed as the “gold shovel” by many.
Website:
https://turtsat.io/
Product and Business Model
Product
Donation Protocol: IDO platform
Index Service: Currently, UniSat provides index services, promoting and assisting in the development of BRC-20
Ordinals Open Source Tool Platform: Future services and tools will be opened to lower the threshold for developers to enter the Ordinals ecosystem
Business Model
Users can obtain EGGS by staking $TURT, and EGGS can be exchanged for whitelists of Launch projects. In the future, EGGS may be applied to more scenarios, including but not limited to project launch voting and direct exchange of cooperative token packages. The current staked amount of $TURT is 500M.
Community and Data
Social Media
Twitter:
https://twitter.com/Turtsat
Telegram:
https://t.me/turtsat
Data
Staking Data: Total staked 499,916,154 $TURT, current: 297,353,404.5 $TURT
Number of Launched Projects: 15
Participating Users: 13,516
Total Donation Amount: 38.4 $BTC
Token Economic Model
Total Supply: 1B
Distribution: Public Offering: 80%; Private Offering: 7.5%; Airdrop: 7.5%; Community Governance: 5%
Circulation: No accurate circulation data. Excluding the 330 million tokens staked on the official website, there are estimated to be over 500 million in circulation.
Fully Diluted Valuation: Approximately $30M
Financing
Financing: Public and private rounds, refer to section 4 Economic Model for details. The information of private round investors or individuals is not disclosed.
Project Highlights
The success of the project lies in the combination of timing, location, and people. It initially achieved the effect of making money, attracting traffic and funds. Under a large amount of funding and market attention, the project team seized the opportunity and steadily advanced!
Timing: The project was launched during the early stage of the bull market. In October and November, with the popularity of Bitcoin, market funds and attention were focused on the BTC ecosystem.
Location: The project is positioned as BTC ecosystem infrastructure. It is a community-driven open platform based on Ordinal. It builds the foundation of the BTC ecosystem and promotes the launch and development of BTC ecosystem projects.
People: Product design and operational capabilities. The project quickly launches new projects, with 15 new projects launched in just two and a half months, averaging one new project every five days. The project has a discerning eye for selecting projects, as the project quality is generally good, especially the phenomenon-level project MUBI that appeared in the early stages.
The team adjusts its strategy in a timely manner to ensure fair launches, and introduces a brand new asset, EGGS.
Conclusion
The rise of Ordinals and various chain narratives at the end of the year not only ignited the prosperity of the BTC ecosystem but also brought opportunities to many public chains.
The BTC ecosystem is still promising this year, with the development of asset issuance protocols, BTC layer 2, cross-chain bridges, and other infrastructure accelerating. More and more dApps will appear on BTC in the future, such as DeFi and stablecoins.
As a gold shovel Launchpad platform, Turt has a great opportunity to continue mining and has the potential to become a presence similar to DAOMaker in the BTC ecosystem.
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