The Bitcoin ecosystem is still a hot topic that can attract market attention, but some projects are facing challenges. On December 16th, AMM NFT trading platform BakerySwap conducted its first Launchpad, with the IDO project being the Bitcoin chain game Bitcoin Cats. Subsequently, BakerySwap's token BAKE rose more than 100% in the following 3 days. On December 24th, BakerySwap announced that the new Launchpad will go live with the metaverse project BitLand (BLLB) based on the Bitcoin ecosystem, once again driving BAKE up more than 50%.

Related reading: "IDO raised $100 million, why is Bitcoin game Bitcoin Cats so popular?"

In the past week, two Bitcoin ecological projects have been IDOed, bringing triple profits to the BAKE price of BakerySwap. On the other hand, Turtsat, an IDO platform focusing on the Bitcoin ecosystem, announced two IDOs in a week. However, the TURT token has fallen for four consecutive days after briefly breaking through 0.1 US dollars, dropping nearly 50% from its high point.

Turtsat is a community-driven Ordinals open platform, with three core business modules including donation agreement, indexing service, and Ordinals open source tool platform. The donation agreement, also known as IDO service, allows TurtSat to provide initial funding assistance and enhance the influence of projects. Users can support Ordinals open source projects around the world by selecting, voting, and donating, and receive returns by participating in early project development.

Related reading: "TurtSat: Incubating the "BRC-20 Experiment" that increased $MUBI by 10 times, how far can the IDO platform focusing on the Ordinals ecosystem go?"

Its token TURT (BRC-20) saw a surge of over 350% earlier this month on the 7th. On December 8th, after being listed on the MEXC trading platform, TURT continued to rise from around $0.02 to $0.1. The recent sharp drop in its price has attracted attention from the community. Although some believe that the price drop is just normal fluctuations and "washing out", as a "shovel", while other platforms are thriving, Turtsat, which has been continuously IDO-ing, has suffered a market value shrinkage, and there are more reasons behind it that are worth analyzing.

有「黑历史」的 IDO 项目

"IDO projects with a 'dark history'"

On December 21st, Turtsat released a new IDO project called Copycat Dex. According to their introduction, Copycat Dex is an innovative P2P derivative protocol based on PVPAMM, which supports the BRC20 ecosystem and Bitcat DEX. It comes from Copycat Finance, which is supported by BinanceLabs.

12 hours later, Turtsat announced on social media that the release of Copycat Dex token $BICA would be postponed.

It is reported that Copycat Finance is a project launched on the BNB chain in 2021, and its ability to deliver products has been questioned by the community. Anand Chennai2London, a member of the community, published a long tweet on Turtsat after the suspension of Copycat IDO, telling the "story" of Copycat Dex in 2021.

CopycatFinance is a platform that enables copy trading on decentralized platforms. Its token during the 2021 IDO was $COPYCAT, priced at $0.17. However, since its launch, CopycatFinance did not make significant progress for two months, and $COPYCAT fell to $0.02. It was not until November 2021 when it was selected as a Binance Labs incubation project that its price increased tenfold in a day and broke through $0.46 in the following week.

However, in the following two months, CopycatFinance still did not deliver the product, and the price of $COPYCAT plummeted by 80%. Finally, CopycatFinance launched its "non-functional" product. In March 2022, CopycatFinance was hacked and lost millions of $COPYCAT. The project team stated that if the token price falls below $0.01, they will repurchase all tokens, but not in a one-time manner. If the token is above $0.01, they will "lightly repurchase" the tokens every month or every two months starting from that month.

According to community member Anand Chennai2London, "nothing happened after that." $COPYCA fell below 0.01 USD in May 2022 and as of writing, its price is 0.006 USD.

Regarding the historical legacy issues of CopycatFinance, Turtsat's response was considered timely and effective, and the community views this suspension of IDO as a demonstration of Turtsat's "responsibility".

IDO project queuing, but lack of empowerment

However, the emergence of CopycatFinance may not be accidental. Turtsat's recent IDO achievements have indeed faced questions about "PPT projects". After MultBit, Turtsat has continuously launched new projects at a surprising speed. On December 15th, Turtsat announced on social media that it has received IDO applications for 28 projects, which will be sold one after another.

Other than Turtsat, platforms that have conducted IDOs for Bitcoin ecosystem projects include decentralized auction platform Bounce Finance and NFT AMM BakerySwap. Currently, the number of Bitcoin ecosystem projects that have conducted IDOs on Turtsat is greater than the combined number of projects on Bounce Finance and BakerySwap.

Related reading: "Apart from the soaring AUCTION, what other "golden shovels" are worth paying attention to in the market?"

As of the time of writing, the Bitcoin ecosystem projects that Bounce Finance has participated in IDO include: cross-chain bridge protocol MultiBit (MUBI), DeFi protocol BitStable (BSSB), and cross-chain trading protocol Bitswap.

BakerySwap has participated in IDOs for Bitcoin ecosystem projects, including the blockchain game Bitcoin Cats and the metaverse project BitLand (BLLB).

Turtsat participated in several Bitcoin ecosystem projects in IDO, including: asset liquidity developer Chamcha (CHAX) by Ordinals, cross-chain bridge protocol MultiBit (MUBI), aggregated market NxHub (NHUB) by Ordinals, cross-chain LSD protocol Dova (DOVA), blockchain gaming platform Rabbitgames (RAIT), NFT issuance platform SVARGA (SVGA) by Ordinals, yield aggregator Zoopia (ZOOA), and the halted P2P derivative protocol Copycat Dex (BCIA).

除了这些项目之外，基于 BRC20 标准的多链 meme 项目 MultiChain FOOX 和 BakerySwap 首发项目 Bitcoin Cats 都在 Turtsat 上进行了「圣诞特供」版发售。

Apart from these projects, the multi-chain meme project MultiChain FOOX and the first release project Bitcoin Cats based on the BRC20 standard of BakerySwap were both sold in the "Christmas Special Edition" on Turtsat.

The number of projects can to some extent represent the resources and community influence of Turtsat, but this is only one aspect. In terms of empowering projects, Turtsat has not made effective explorations compared to its "competitors". Bounce Brand launched BounceBit on December 1st, which is a DeFi solution designed for the Bitcoin ecosystem. MultiBit will be the exclusive official bridge of BounceBit, and users can participate in the sale of BitLand (BLLB) in the new round of BakerySwap Launchpad projects using BAKE and the previously sold Bitcoin Cats token 1CAT.

Bounce and BakerySwap both more or less bind the IDO projects with their own ecosystems, allowing users who hold early project tokens to participate in the sale of new projects. In the project sale of Turtsat, the whitelist is divided into two categories: Alpha and Beta. The Beta whitelist comes from the community of the new project, while the Alpha whitelist includes KOLs and users who hold a certain amount of "EGGS". On the TurtSat official website, users can stake TURT to obtain EGGS, and then exchange EGGS for Hatching WL to qualify for the whitelist.

In Turtsat's initial roadmap, it will provide indexing services for Bitcoin ecological projects and an open-source tool platform called Ordinals. However, these services have not yet been launched. In the eyes of the community, the hope for Turtsat's IDO project to "take off" can only be pinned on holding TURT and staking EGGS to obtain the whitelist qualification for Turtsat's next project, looking forward to the next MUBI.

Reviving Turtsat?

Turtsat is also continuously paying attention to community feedback. On December 11th, Turtsat publicly solicited suggestions for platform ecological optimization from the community, requiring them to focus on fairness, efficiency, and practicality, and provided whitelist rewards for the IDO project Svarga Launch. Within 3 days, Turtsat received 126 improvement suggestions.

In addition, TurtSat is also expanding its network of partnerships. Over the past week, TurtSat has established partnerships with market maker DWF Labs and Web3 community platform Glaxe.

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