As the Bitcoin ecosystem continues to evolve, the market’s attitude towards top cryptocurrencies has become clear. Currently, we observe competition and development in two main directions:

Firstly, there is the horizontal “Tokenization Track,” where various public chains are exploring tokenization technologies, forming the “Tokenization Track.” Examples include Ethereum’s eths, Dogecoin’s dogi, Solana’s sols, and so on.

Secondly, there is the vertical “BTC Ecosystem” led by Ordinals and BRC-20, which has created the first wave of traffic and wealth accumulation. Subsequently, new protocols such as Atomicals/Runes (yet to be launched) will follow the footsteps of BRC-20 in terms of funding and attention.

Moreover, within the Bitcoin ecosystem, there are several BTC Layer 2 projects and DeFi projects in the construction phase, attracting more developers and capital. These advancements go beyond tokenization technology and aim to establish a robust Bitcoin ecosystem, increasing its Total Value Locked (TVL) and infrastructure.

SATS

SATS currently has a circulating market value of $1.613 billion, ranking first in the Bitcoin ecosystem.

SATS is a BRC-20 token built on the Bitcoin network and created based on the Ordinals protocol. It was launched on March 9, 2023. The token’s name is derived from the smallest unit in Bitcoin, “Satoshi,” symbolizing homage to Bitcoin.

Initially created for entertainment purposes, SATS evolved from a meme and gradually demonstrated the success that a cryptocurrency community can achieve through collective participation and exploration of blockchain technology. As a result, it has attracted significant attention from investors and traders and gained popularity within the BRC ecosystem.

Currently, some key data points about SATS include a total supply of 2.1 quadrillion SATS, over 37,430 holding addresses, and more than 21,425,690 total transactions. From on-chain data, SATS exhibits strong buying pressure. Within less than a day of listing on Binance, it gained 19.17% in market share, equivalent to around $200 million in value. Despite already experiencing a 143% increase, it has not seen a significant drop.

Although SATS may not have as much trading volume on platforms as ORDI, the chips are relatively distributed. Many early high-profit chips have not been sold. Among the top 10 holders’ addresses, 7 are individual addresses, with the largest individual holding 15 quadrillion coins worth $7.2 million. The largest SATS player previously held 65 quadrillion SATS, sold them all after listing on Binance, and made a profit of $36 million.

STX

STX currently has a circulating market value of $1.513 billion, ranking second in the Bitcoin ecosystem.

Stacks is a Bitcoin Layer 2 platform, and STX is its native token, serving purposes such as staking, governance, smart contracts, and value transfer. Stacks is both anchored to the Bitcoin blockchain and an independent protocol that executes these contracts on the Bitcoin blockchain using the Clarity smart contract language and the Stacks Virtual Machine (SVM). The “Proof of Transfer” (PoX) consensus mechanism helps the Bitcoin blockchain scale and opens up new possibilities for applications like DeFi and NFTs.

Furthermore, Stacks introduced sBTC, which is pegged to Bitcoin. It defines a decentralized “Minting” and “Burning” system that allows the Stacks network to write to Bitcoin, creating a channel for decentralized communication and enhanced security, thereby transplanting Bitcoin into a more practical system. A key distinction between sBTC and wBTC is that the latter is operated by custodial entities, while Stacks claims that sBTC operates completely independently and is protected by the security infrastructure of both systems.

ORDI

ORDI currently has a circulating market value of $1.376 billion, ranking third in the Bitcoin ecosystem.

On March 8, 2023, an anonymous developer, @domodata, launched the BRC-20 tokenization protocol based on the Ordinals protocol and deployed the experimental token ORDI, the first deployed BRC-20 Token.

On March 9, ORDI was fully minted, with the cost of minting one ORDI (which includes 1,000 coins) ranging from $2 to $3. Calculating based on the current price of $50 per ORDI, the current price of one batch is $50,000. Later, the value of ORDI continued to rise, especially after its listing on Binance, experiencing a surge of over 700%.

Ten months later, if not sold by now, the investment would have increased by a factor of 20,000 at the current price. At the time of writing, ORDI’s unit price is $54, and its market value reached approximately $1 billion.

RATS

RATS currently has a circulating market value of $370 million, ranking fourth in the Bitcoin ecosystem.

RATS is a BI apologize, but I don’t have any information on RATS or its ranking in the Bitcoin ecosystem. It’s possible that RATS is a newly launched token or a project that emerged after my knowledge cutoff date in September 2021. To gather more information about RATS, I recommend conducting a search on reputable cryptocurrency news platforms or visiting their official website for the most up-to-date details.

ATOM

ATOM currently has a circulating market capitalization of $283 million and is ranked 5th in the Bitcoin ecosystem.

ATOM is a token based on the ARC-20 standard on the Bitcoin blockchain and belongs to the Atomicals protocol. The Atomicals protocol is a mechanism for creating, transferring, and updating NFTs on the UTXO (Unspent Transaction Output) blockchain.

The protocol solves the long-standing problem of representing arbitrary fungible token assets on the Bitcoin blockchain by permanently binding each token unit to a Satoshi. This means that the value of each ATOM token will never be less than 1 Satoshi. ARC-20 tokens can be minted by anyone and can be transferred to any Bitcoin address. The ARC-20 token standard uses Satoshi to represent ownership units, ensuring a minimum value of 1 Satoshi for the token.

MUBI

MUBI currently has a circulating market capitalization of $215 million and is ranked 6th in the Bitcoin ecosystem.

MUBI is a BRC-20 token on the Bitcoin blockchain, bridged by the Multibit platform. Multibit completed its Initial DEX Offering (IDO) on November 14th, and the MUBI token saw a price increase of 1140% after its listing.

The Multibit platform aims to facilitate seamless token transfers between the Bitcoin blockchain and other Ethereum Virtual Machine (EVM) networks, enhancing liquidity and interoperability between different blockchain networks. The MUBI token provides a new way for users to smoothly transfer tokens between the Bitcoin and EVM networks, promoting seamless token flow and interoperability across different blockchain ecosystems.

In the past 24 hours, the price of Multibit has shown significant growth, with an increase of 50.40%. The current circulating supply of MUBI tokens is 950 million, with a total supply limit of 1 billion MUBI tokens.

ALEX

ALEX currently has a circulating market capitalization of $205 million and is ranked 7th in the Bitcoin ecosystem.

ALEX is a Bitcoin DeFi platform based on the Stacks blockchain, dedicated to enabling multiple use cases for Bitcoin. ALEX primarily offers the following services: token launches, fixed-rating and fixed-term non-liquidation risk lending, a DEX with an automated market maker (AMM) mechanism, token staking for earning interest and high yields through yield farming.

The goal of ALEX is to break down the barriers between Bitcoin Layer 1 (L1) and Layer 2 (L2) to provide a seamless Bitcoin DeFi experience. Its native token, ALEX, can be obtained through the DEX, LP participation, and staking, and it serves three main functions: incentives, staking, and voting.

The initial total supply of the token is 100 million ALEX, with the foundation holding 20%, community staking holding 50%, and the founding team and early investors holding 30%. 50% of the initial supply is used for staking, primarily to incentivize users participating in platform activities, particularly providing liquidity and staking on the DEX.

RIF

RIF currently has a circulating market capitalization of $131 million and is ranked 8th in the Bitcoin ecosystem.

RIF token is the native token of the Rootstock Infrastructure Framework (RIF), which is built on top of the Rootstock blockchain. Rootstock is a long-standing sidechain that has deployed the Uniswap v3 version. Rootstock Labs developed the Bitcoin sidechain RSK in January 2018, which is an EVM-compatible smart contract platform written in Solidity language, using Bitcoin as its native asset, aiming to enable programmability for BTC.

In addition, RSK’s parent company, IOV Labs, established the RIF (RSK Infrastructure Framework) Lab to help RSK achieve broader interoperability and faster deployment time, bridging the gap between blockchain technology and its mass-market adoption. The lab has developed the open operating system RIFOS and a suite of tools (wallets, relays, domain services, etc.) based on RSK.

Currently, the circulating supply of RIF is 1 billion tokens, with the maximum supply not yet specified. RIF is designed to bridge the gap between complex blockchain technology and seamless user experience, providing infrastructure and resources to help organizations create innovative DeFi products and address critical user accessibility challenges.

PIPE

PIPE currently has a circulating market capitalization of $126 million and is ranked 9th in the Bitcoin ecosystem.

The PIPE protocol is inspired by Casey Rodarmor’s RUNES and Ordinals concepts, and its first token is also named PIPE. It includes three “functions”: deploy, mint, and transfer. “Deploy” indicates that a new token has been deployed, while “mint” allows liquidity to be re-minted from the token based on deployment rules such as supply and restrictions, bringing advanced functionality to ordinals.

The Pipe protocol is based on the UTXO structure and introduces advanced features of digital art and NFTssuch as fractional ownership, royalties, and programmable functionality. It aims to provide a flexible and extensible framework for creating and managing digital assets on the Bitcoin blockchain.

The PIPE token serves as the native currency of the PIPE protocol. It can be used for various purposes within the ecosystem, including governance, staking, and participating in the creation and management of digital assets. The token has a circulating supply of X and a maximum supply of Y.

Overall, these are some of the tokens and protocols in the Bitcoin ecosystem that have gained traction and recognition. However, it’s important to note that the cryptocurrency market is highly volatile, and token rankings may change over time. It’s always advisable to conduct thorough research and exercise caution before making any investment decisions.

TRAC

TRAC currently has a circulating market capitalization of $109 million and ranks 10th in the Bitcoin ecosystem.

TRAC (Ordinals) is a token based on the BRC-20 standard, and its market performance has shown an upward trend recently. As of now, TRAC has an instant price of $5.12, a 24-hour growth rate of 32%, a trading volume of $2.98 million, and an increase of 20.80%. The maximum supply of TRAC is 21 million, and the circulating supply is not specified.

TRAC can currently be traded on Gate.io, BitMart, and AscendEX (BitMax).

STAMPS

STAMPS currently has a circulating market capitalization of $68 million and ranks 11th in the Bitcoin ecosystem.

STAMPS, also known as Secure Tradeable Art Maintained Securely, is an SRC-20 token on the Bitcoin blockchain. BTC Stamps was created by an anonymous developer named Mike In Space! and was inspired by protocols like Ordinals and Counterparty. It proposes a method of embedding data into the Bitcoin blockchain different from inscription technology.

STAMPS tokens ensure greater permanence compared to other protocols because they are stored directly in spendable transaction outputs on the blockchain, making them immutable. STAMPS are suggested for creating fractionalized NFTs for lightweight “24×24 pixel, 8-bit color depth” images. These images form a complete NFT and can be sold in different parts based on the size of the image.

According to the submitted GitHub data, BTC Stamps’ implementation mechanism involves embedding base64-encoded image data into transaction outputs on the Bitcoin chain, thus permanently storing the corresponding image data on the Bitcoin chain.