With the popularity of Bitcoin narratives, the Ordinals-based donation platform TurtSat has emerged from the Bitcoin ecosystem and is steadily progressing. This article is sourced from an article by San Yuan Community, compiled and written by PANews.
(Prelude: Beyond the FOMO frenzy, an overview of Bitcoin’s “long-term business”)
(Background Supplement: BRC-20 is popular, exploring the opportunities and risks of the “BRCFi” narrative)
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
Summary
TurtSat is an Ordinals-based donation platform whose 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 already launched multiple BRC-20 projects, and they have all performed well after launch, earning the nickname “golden shovel”.
Official website:
https://turtsat.io/
Product and Business Model
Product
Donation Protocol: IDO platform
Index Services: Currently, UniSat provides index services, promoting and assisting in the development of BRC-20
Ordinals Open Source Tools Platform: Future services and tools will be opened to lower the entry barrier for developers into the Ordinals ecosystem
Business Model
Users can obtain EGGS by staking $TURT, and EGGS can be exchanged for whitelist access to launch projects. In the future, EGGS may be used in more scenarios, including but not limited to project voting and direct exchange for collaborative 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 Sale: 80%; Private Sale: 7.5%; Airdrop: 7.5%; Community Governance: 5%
Circulation: No accurate circulation data. Excluding the 330M tokens staked on the official website, there are estimated to be over 500M in circulation
FDV: Approximately $30M
Financing
Financing: Public and private rounds. For details, refer to the Token Economic Model. The information of private round investors or individuals is not publicly disclosed.
Project Highlights
The success of the project lies in three aspects: timing, favorable conditions, and people. In the early stages, it had the effect of making money, attracting traffic and funds. With a large amount of funding and market attention, the project team seized the opportunity and steadily progressed.
Timing: The project was launched during the early stages of the bull market in October-November when Bitcoin narratives were popular, and market funds and attention were focused on the BTC ecosystem.
Favorable Conditions: The project is positioned as BTC ecosystem infrastructure, an open platform built on Ordinal with community-driven development. It builds the foundation of the BTC ecosystem, promoting the launch and development of BTC ecosystem projects.
People: Product design and operational capabilities. The project quickly launched 15 new projects in just two and a half months, averaging a new project every five days. The project has a discerning eye for selecting projects, with generally good project quality, especially the phenomenon-level project MUBI that appeared in the early stages.
The team adjusted its strategy in a timely manner, introducing a new asset, EGGS, to ensure fair launches.
Summary
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 Launchpad platform like DAOMaker, Turt, the golden shovel, still has a great opportunity to continue mining.
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