📄 Abstract:

This Twitter Space, hosted by Best in Slot, focuses on the Bitcoin ecosystem, specifically BRC20s and the upcoming BRC 2.0 upgrade. The discussion covers the technical aspects of the upgrade, its potential applications (DeFi, AMMs, DAOs, stablecoins), and its implications for the broader Bitcoin ecosystem. Key topics include modularity, sequencers, tickers, on-chain activity, and interoperability.

✅ Rundown:

• 00:04 - 00:07: Introduction to Bitcoin Industry Spotlight, focus on Bitcoin ecosystem innovations.
• 00:07 - 00:10: Speaker introductions: J25, Binari, Isabel (BitLaser).
• 00:10 - 00:14: Isabel discusses her podcast on quantum computing and its potential impact on Bitcoin.
• 00:15 - 00:16: Domo shares thoughts on quantum computing and Isabel's podcast.
• 00:16 - 00:27: Binari introduces BRC 2.0, addressing common questions and misconceptions.
• 00:27 - 00:31: Domo explains the modularity of BRC 2.0 and its benefits.
• 00:31 - 00:35: Discussion on BRC 2.0's capabilities: AMMs, DAOs, stablecoins, and the challenges of Bitcoin's 10-minute block time.
• 00:35 - 00:42: Sequencers and their role in enabling faster trading on BRC 2.0.
• 00:42 - 00:46: J25 questions the handling of RBF (Replace-by-Fee) in decentralized sequencers.
• 00:46 - 00:51: Discussion on the need for on-chain activity and bringing the "black hole effect" from other EVMs to Bitcoin.
• 00:51 - 00:55: Ticker discussion: 4-byte vs. 5-byte tickers and the potential for expanding the namespace.
• 00:55 - 01:01: J25 shares his focus on EVMs and the potential for DeFi resurgence.
• 01:01 - 01:05: Discussion on fees, miners, and how BRC 2.0 can address the slow on-chain economy.
• 01:05 - 01:09: Domo explains the transfer inscription upgrade and its potential for Lightning Network integration.
• 01:09 - 01:12: BRC 2.0 testnet and the upcoming Explorer and contract deploy interfaces.
• 01:12 - 01:17: Modularity of BRC20, the withdraw and deposit functions, and interoperability.
• 01:17 - 01:23: Interoperability with EVMs and the potential for multi-chain tokens.
• 01:23 - 01:30: Partners building on BRC 2.0: Unisat, OKX, Ordinals Bot, Liquidium, 100 layer, and others.
• 01:30 - 01:38: Discussion on meme coins, wash trading, and organic activity in BRC20s.
• 01:38 - 01:45: Mempool dynamics and game theory during the Sats mint.
• 01:45 - 01:49: Ordinal Lockers and their integration with BRC 2.0.
• 01:49 - 01:53: Guest Sheldon from Omnidy asks about tracking protocol discussions.
• 01:53 - 01:57: Guest Ben Schiller asks about staking and OKX BRC20S, a staking upgrade to BRC 20.
• 01:57 - 02:05: Closing remarks and a final question from a listener about incentivizing BRC20 adoption.

📌 Key Insights:

• BRC 2.0 is EVM-compatible: This opens the door for porting existing Ethereum dApps to Bitcoin, but requires careful consideration of Bitcoin's 10-minute block time.
• Modularity is key: BRC 2.0 is designed as a modular upgrade, allowing for new features and functionalities without disrupting existing BRC20 tokens.
• Sequencers are crucial for fast trading: BRC 2.0 enables the development of sequencer-powered applications for faster trading and DeFi experiences.
• Interoperability is a focus: BRC 2.0 aims to connect Ordinals and BRC20s, enabling new use cases like locking Ordinals to mine BRC20 tokens.
• Community involvement is essential: Expanding the ticker namespace and other protocol upgrades require community input and consensus.

🧠 Project Mentions:

• BRC20: The core token standard being upgraded.
• BRC 2.0: The upcoming upgrade to BRC20, adding smart contract functionality via EVM.
• Ordinals: Protocol for inscribing data on satoshis; BRC 2.0 aims for interoperability.
• Runes: Mentioned as another meta-protocol on Bitcoin.
• Bitmaps, Taps, Stamps: Other Bitcoin meta-protocols.
• Babylon: Layer-2 solution; Best in Slot had a previous space with them.
• Mara: Bitcoin mining company; Isabel plans to invite representatives to a future space.
• Unisat: Building transfer inscription upgrade and swap module.
• OKX: Exchange with an interest in BRC 2.0 development.
• Ordinals Bot, Liquidium, 100 layer: Teams expressing interest in building on BRC 2.0.
• Sonic, Barichain, Abstract: EVMs that J25 is following.
• Phantom: Wallet where Sonic came from.
• Uniswap, SushiSwap, PancakeSwap: Used as examples of DeFi protocols and vampire attacks.
• Anon: Mentioned in the context of multi-chain tokens.
• Omnidy: Has supported BRC20s on their bridge, but paused temporarily.
• BRC20S: Staking upgrade to BRC20 that OKX worked on previously.
• Bitcoin Puppet: Ordinals collection; one listener has locked up a Bitcoin Puppet.

🔥 Hot Takes:

• "Casey could suck my left nut."
• "BRC20 is currently dead."
• "I better get a fucking airdrop or 25 of those motherfuckers, please and thank you."

📈 Potential Alpha:

• BRC 2.0 Testnet Explorer Coming Soon: The first Explorer with contract deploy and interact interfaces will be released next week, enabling developers to test and build on BRC 2.0.
• Five New Products on BRC 2.0: Best in Slot plans to release at least five more products on top of BRC 2.0, creating interconnected functionalities and potential airdrop opportunities.
• Unisat Transfer Inscription Upgrade: The single-step transfer module being developed by Unisat could unlock BRC20-specific Lightning channels.
• Ordinal Lockers Integration: BRC 2.0 will be aware of locked Ordinals, opening up new possibilities for mining games and staking mechanisms. Locking up ordinals now may lead to future airdrops.
• Fair Meme Coin Launches: A developer is working on a fair meme coin launch where users send their Ordinal characters to "mines," potentially creating a new wave of meme coin mania.
• OKX Interest: OKX is very interested in BRC 2.0 and it's worth revisiting their BRC20S staking proposal, creating potential opportunities for staking BRC20 tokens.
• OKX Undervalued Meme Coins: There are meme coins on OKX with large market caps that are not well known in the West.

🧭 Market Sentiment:

The speakers are generally bullish on the future of Bitcoin DeFi and the potential of BRC 2.0 to drive on-chain activity. There is a shared desire to move beyond the meme coin era and build more sustainable and valuable applications on Bitcoin. Some speakers express skepticism towards Solana and other EVMs, while others emphasize the importance of interoperability and attracting users from other ecosystems. One listener expressed frustration with the current state of BRC20s and demanded to be incentivized with airdrops.