Overview of the Latest Developments in Bitcoin Ecosystem Projects

Recently, the overall activity level of the Bitcoin ecosystem has increased, with several long-term developed projects entering the delivery or new milestone stages, such as RGB, sat 20, BRC 2.0, etc. This article will briefly summarize the latest developments of the related projects.

RGB Protocol: The first token of the mainnet is about to reopen for claims.

The RGB protocol landed on the Bitcoin mainnet on August 7th and issued the first token on the mainnet, RGB, with a total supply of 21 million coins, using a fair claiming model. As of now, the claiming progress for RGB tokens is 60%. During the claiming process, issues such as excessive website traffic and long claiming queues have arisen, prompting the development team to upgrade servers multiple times and implement defensive measures against bots.

According to the latest announcement, the development team plans to release Bitlight wallet v1.1.3 on August 14th at 17:00 and reopen the RGB token claim, but this time only 10% of the tokens will be available for testing. If the test results are satisfactory, the remaining tokens will be gradually opened for claiming.

Despite the fact that the launch of the RGB protocol did not fully meet user expectations, the development team continues to improve and actively combat bot behavior, which has maintained a certain degree of fairness in the application process and the decentralization of tokens. The RGB tokens that have been distributed can be transferred through wallets, with the price of a single RGB (50 coins) ranging between 10-13 dollars, achieving a 2-3 times return compared to the application cost.

BRC 2.0 Upgrade: Phase One Delayed to September 2

BRC 2.0 is an upgrade to the BRC 20 protocol, aimed at enabling EVM-compatible smart contract functionality for all BRC 20 tokens. The first phase of the upgrade was originally scheduled for August 14, but due to insufficient preparation, it has now been postponed to around September 2.

Due to the delay in the upgrade, the overall market value of Pre-BRC 2.0 assets has decreased. The current floor price of the first BRC 2.0 concept NFT Adderrels is 0.0076 BTC, down 60% from its peak. The project team is still actively operating and has updated the details for staking NFTs to receive token airdrops.

Another project claiming to be the first Pre-BRC 2.0 token minted on Ordinals, LIQUID, is currently taken over by the community, and its price is close to the minting cost.

SAT 20 Protocol: SatoshiNet Mainnet Launch

The SAT 20 protocol is a BTC native asset issuance and circulation protocol developed over two years, with the core feature of asset binding to satoshis, allowing free movement with satoshis. SatoshiNet is a Bitcoin native Layer 2 built on the SAT 20 protocol, officially launched on the mainnet on August 8.

The core functions of SatoshiNet include four contract capabilities: asset launch, asset crossing, AMM trading, and limit trading, featuring instant settlement, low fees, and compatibility with Bitcoin assets. Currently, four crossing contracts have been deployed, supporting assets such as BTC, pearl, rarepizza, and DOG•GO•TO•THE•MOON.

Pearl, as the first token of the ORDX protocol, has also become the governance token of the SatoshiNet network. SATSWAP is the first DEX currently on SatoshiNet, offering features such as token launch, trading market, and limit orders.

Spark: Launchpad Launch

Spark is a Bitcoin-native Layer 2 focused on payment and settlement, which does not support smart contracts but has its own token issuance standard LRC 20. On August 11, one of the Spark protocol node operators conducted an LRC 20 AMM function test on Spark, but the test results were not satisfactory.

On the same day, the LRC 20 Launchpad platform utxo.fun went live, but encountered technical issues, temporarily halting token issuance. Nevertheless, the leading token of LRC 20, FSPKS, still maintains a floor price of around $100, which represents a substantial gain compared to the initial minting cost of $2.

Fiamma: Bitcoin Bridge Mainnet Launch Based on BitVM 2

Fiamma is a Bitcoin wealth management platform, with core products including the non-custodial super app Fiamma One and Fiamma Bridge built on BitVM 2. On August 6, Fiamma officially launched, supporting the transfer of BTC to 11 chains including Ethereum, Arbitrum, Aptos, BNB Chain, Base, and others.

To encourage user participation, Fiamma has launched a points task activity. FIABTC is the platform token, natively pegged to BTC at a 1:1 ratio, utilizing BitVM 2 technology to achieve minimal trust. Combined with Fiamma Bridge and Fiamma One, the platform is expected to provide users with more on-chain earning opportunities while ensuring the safety of BTC holders' funds.