In 2023, Bitcoin rose by more than 150%, becoming one of the most sought-after assets in the capital market. Among them, there are expectations of ETF landing and the positive feedback of the Bitcoin ecosystem explosion.

In January 2023, Casey Rodarmor released the Ordinals Protocol, laying the foundation for opening up the ecosystem of Bitcoin. The Ordinals Protocol proposes adding images, text, and other information to each satoshi of Bitcoin, and such products are also known as inscriptions.

The emergence of inscriptions has made Bitcoin not only a cryptocurrency, but also a platform that can carry various information and creativity. A large number of developers and derivative products have begun to enter the Bitcoin ecosystem, bringing more innovation and vitality to Bitcoin. The popularity of inscriptions has attracted attention and investment from both inside and outside the industry, creating a huge wealth effect and increasing miner income.

Just yesterday, Binance, which has always been low-key in the field of inscriptions, launched a million-dollar airdrop campaign after launching the inscription market, actively laying out to seize the entrance of Web3.

The trading and circulation of inscriptions are constantly driving technological evolution, industry competition, and layout while bringing liquidity and trading volume to Bitcoin.

巨头转身

translates to

Giant Turnaround

With the expansion of enterprise scale, many companies will face a common problem of how to respond to emerging trends and technologies, and maintain their competitiveness and innovation. As one of the world's leading trading platforms, Binance has also faced such challenges.

However, unlike some large enterprises that have fallen into difficulties, Binance quickly and decisively turned the tide. Binance co-founder He Yi stated in a Chinese community AMA in December 2023 that the previous production and research team treated BRC-20 as a strongly cyclical thing and could not judge its future popularity, so resources were limited. However, they will increase investment in the future. Two months later, Binance announced the official launch of the Inscription Market in the Web3 wallet, and supports ERC-404 tokens.

Binance Web3 wallet was launched in November 2023 and is built into the Binance App. The wallet natively integrates with many public chains and DApps, providing direct access to various applications such as DeFi, GameFi, SocialFi, and NFT. According to official data, within less than a month of its launch, Binance Web3 wallet has already created one million wallets.

This launch of the Inscription Market is a major upgrade for the Binance Web3 wallet and a strategic shift for Binance. Rohit Wad, Chief Technology Officer of Binance, hopes that through the Binance Inscription Market, users can have a one-stop portal to explore and try out inscription tokens and enjoy their benefits, thereby supporting industry development. The simplified process is designed to make the entire user experience simpler and more enjoyable.

Satisfy Users, One-stop Web3 Entrance

When expressing the intention to increase investment in the inscription market, He Yi once stated that trading platforms should not decide products based on their own preferences. It is important to prioritize meeting the needs of users as much as possible.

In fact, the main purpose of Binance's Inscription Market is to meet user needs and provide a one-stop solution.

First of all, the Binance Inscription Market has integrated the API of UniSat, a leading project in the field of inscriptions, so that users can enjoy UniSat's deep liquidity and a selection of over 60,000 BRC-20 tokens. This means that users can trade or inscribe any BRC-20 and inscription on the EVM chain on the Binance Inscription Market. While keeping the Binance Web3 wallet simple, convenient, and secure, it provides users with more choices.

Secondly, Binance Inscription Market also provides a BTC transaction accelerator, which allows users to stay ahead of the game by accelerating transactions and inscriptions in the event of network congestion. This is a very practical tool that enables users to maintain a leading position in the rapidly changing world of cryptocurrency. Additionally, the Binance Inscription Market is integrated into Web3 wallets, allowing for one-click transfer of inscription tokens between the Binance trading platform and Web3 wallets.

In practical experience, the Binance Inscription Market has met the usage needs of mainstream users. It is also very exciting to look forward to the subsequent upgrades and iterations of the Binance Inscription Market bringing more interesting innovations and features. After joining the Inscription Market, the Binance Web3 wallet has also tended to be more perfect in terms of functionality, and has also solidified Binance's strategic positioning in the Web3 entrance.

Meanwhile, the Binance Inscription Market has launched a limited-time promotion. During the event, Binance Inscription Market users who complete qualified transactions will have the opportunity to share millions of dollars worth of tokens supported by inscription projects such as RATS, AINN, BDIN, MMSS, BIDP, and BRC20.com. At that time, the winners will be ranked according to their Binance UID (BUID) and the number of consecutive digits that match the BNB beacon chain block hash value at the beginning of the corresponding airdrop week, and tokens will be airdropped to the winners based on their ranking.

Over the past few years, Binance has invested a significant amount of time and resources in providing the best Web3 gateway for its users.

In terms of industry popularization and user education, Binance has launched a free blockchain and cryptocurrency education platform called Binance Academy. It uses 31 languages to help 27 million learners improve their understanding of the digital financial world. At the same time, Binance Academy has conducted global university tours in 45 countries, with over 10,000 students learning about and studying blockchain. Since its launch, Binance Academy has helped over 39 million users learn about blockchain technology and cryptocurrency.

Regarding fund flow, Binance actively promotes compliance and implements anti-money laundering and user KYC verification globally, with an annual compliance expenditure of up to 213 million US dollars. Additionally, Binance is also promoting the application of cryptocurrency in the real world. Binance Pay is a cryptocurrency payment service based on the Binance wallet, while Binance Card is a debit card that can be used for cryptocurrency consumption. The launch of these two services is beneficial for the use of cryptocurrency in the payment field.

At the same time, Binance is committed to empowering the industry through its own funds, focusing on supporting blockchain and cryptocurrency startups. According to incomplete statistics, Binance Labs currently manages over $10 billion in assets and has more than 250 portfolio companies in 25 countries.

Spiral Upward, Binance Inscription Market and Inscription Liquidity

Inscription is not just a new feature in the blockchain field. It promotes direct on-chain interaction, simplifies asset processing on the blockchain, and enables more people to create tokens. With Inscription, everyone can deploy tokens and achieve transparent minting, which is conducive to the popularization of the decentralized spirit of blockchain. In addition, Inscription opens up a new field of tokenization for tokens on the blockchain, adding another layer of value and expanding its usability.

The launch of Binance Inscription Market not only shows Binance's attention and satisfaction to user demands, but also brings tremendous attention and traffic to the Inscription Market.

TokenInsight report shows that although Binance's global cryptocurrency trading market share decreased from 54.2% to 48.7% in 2023, Binance's market share has gradually recovered after reaching a settlement with US regulatory agencies, and it is still the largest cryptocurrency trading platform in terms of market share. At the same time, the total asset value on the Binance chain is nearly $80 billion, ranking first and several times higher than the second place. This also indicates that Binance's users are still the main purchasing power in the cryptocurrency market, and this influence is not limited to the Binance platform itself.

On November 7th, Binance announced the launch of Inscription ORDI. Subsequently, the trading volume of Inscription market skyrocketed and quickly surpassed its previous historical high.

Source: Dune Analytics

As of February 23rd, the price of BNB has surpassed $380, indicating users' eager anticipation for Binance's next move. For a long time, the crypto community has expected the world's largest trading platform, Binance, to lead technological innovation in the crypto world and bring users a smoother experience and liquidity, which is now gradually being realized. The launch of Binance's Inscription Market also signifies that Binance continues to prioritize its users and move towards becoming the entry point for Web3.

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