Best Twitter threads of the day – May 10th

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The rise of BRC-20 tokens

The Rise of BRC-20 Tokens

There has been so much hype about BRC-20 tokens recently and they’ve been making waves in the crypto space.

What are BRC-20 tokens and why all this hype?

Read this 🧵 to find out pic.twitter.com/VxE2hRPJEq

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

This thread will cover:

⚡️ What are BRC-20 tokens?
⚡️ History of BRC-20 tokens
⚡️ Importance of BRC-20 tokens
⚡️ Differences between BRC-20 and ERC-20 tokens
⚡️ Some popular BRC-20 tokens

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

⚡️What are BRC-20 tokens?

BRC-20 tokens are a type of digital asset built on the Bitcoin blockchain. They adhere to the BRC-20 token standard, which has some similarities with the widely known ERC-20 standard on the Ethereum blockchain

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

⚡️History of BRC-20 tokens

The BRC-20 token standard originated from the Ordinals protocol, which allowed users to inscribe any file on-chain on Bitcoin.

It was launched by Casey in January 2023, enabling the indexing of every Satoshi and the creation of native Bitcoin digital…

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

BRC-20 tokens, utilizing JavaScript Object Notation (JSON) inscribed on Satoshis, enable the creation of tokens that can be traded like other assets on the Bitcoin blockchain. They leverage the Ordinals protocol, which provides durability, immutability, security, and…

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

⚡️Importance of BRC-20 Tokens

BRC-20 tokens play a crucial role in the Bitcoin ecosystem, providing liquidity, incentivizing user engagement, and supporting the overall growth of the network.

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

⚡️Differences between BRC-20 and ERC-20 tokens

The major differences between BRC-20 and ERC-20 tokens are:

– Blockchain Platform: ERC-20 tokens operate on the Ethereum blockchain, whereas BRC-20 tokens are built on the Bitcoin Blockchain. The choice of blockchain platform…

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

– EVM Compatibility: ERC-20 tokens are fully compatible with the Ethereum Virtual Machine (EVM), which allows for the execution of smart contracts. On the other hand, BRC-20 tokens are not EVM-compatible, meaning they do not support smart contracts directly.

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

– Consensus Mechanism: Ethereum uses a Proof of Stake (PoS) consensus mechanism, while Bitcoin utilizes the Proof of Work (PoW) consensus mechanism. This leads to differences in how transactions are validated and blocks are added to the respective blockchains.

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

While ERC-20 tokens currently offer more versatility and adoption, BRC-20 tokens hold promise in exploring new possibilities on the Bitcoin blockchain. As the ecosystem matures and evolves, we can expect further developments and advancements in the BRC-20 token space.

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

Some Popular BRC-20 Tokens

BRC-20 tokens have gained popularity, partly fueled by memecoins like $PEPE

According to BSC News’ recent article, over 14,000 BRC-20 tokens have been issued, with the most popular being $ORDI, PIZA, MEME etc.

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

$ORDI was the first BRC-20 token designed as a meme to unveil the token standard’s potential in the industry with close to $500m Market cap.

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

In conclusion, BRC-20 tokens provide a unique fungible token standard for the Bitcoin blockchain. While different from ERC-20 tokens, they offer their own advantages and have gained attention with the launch of various tokens.

With Bitcoin being the biggest blockchain network,…

— Crypto Coach 🐒📈💰 (@WisdomMatic) May 10, 2023

Possible scenarios for Bitcoin in the next 1-2 year

Possible scenarios for #Bitcoin in the next 1-2 years and how likely I think they are.

Mini thread. 🧵

— Inmortal (@inmortalcrypto) May 9, 2023

Scenario A

– Top of the rally is in.
– Btc ranges between 20-30k and 2023 becomes a boring year. No new lows.
– At the end of Q4 we break 30k decisively and run up to 48k. pic.twitter.com/mlcT7CaHoJ

— Inmortal (@inmortalcrypto) May 9, 2023

Scenario B

– Local top is in.
– 25k retest + sustained demand + consolidation above 29k
– Boring Q3, volatility in Q4
– Similar to 2016 price action pic.twitter.com/8PgBXYJkZ3

— Inmortal (@inmortalcrypto) May 9, 2023

Scenario C

– 25k retest + violent squeeze to +32k, then down.
– Boring Q3 for BTC, massacre for ALT’s.
– Volatility in Q4 (30k breakout). pic.twitter.com/ceMDRoyIZL

— Inmortal (@inmortalcrypto) May 9, 2023

Scenarios ordered by how likely I think they are to occur.

1. Scenario B / 60-70%
2. Scenario C / 50%
3. Scenario A / 30-40%

This is just my personal opinion.

If you had to put all your money in one, which one would you choose, A, B or C?

I read you. ❤️

— Inmortal (@inmortalcrypto) May 9, 2023

Jump, and Jane St have scaled back crypto market making

Jump and Jane St have scaled back crypto market making

💀

Welcome to the new liquidity paradigm

🫡 pic.twitter.com/Oan2uwVyU7

— Alex (@thiccythot_) May 9, 2023

I, for one, welcome our new our new liquidity overlord pic.twitter.com/h4RYc0GDQ1

— Alex (@thiccythot_) May 9, 2023

since many people are asking:

– this is binance international
– only taking top 25 levels
– each level is 10 cents
– this only looks at a couple bps deep, not 1%
– not the full liquidity picture but representative of a noticeable pullback

— Alex (@thiccythot_) May 9, 2023

the difference from another random date (1-25) is less but still noticeable

this might be partly due to increased volatility

would welcome someone plotting this throughout the entire history because taking 1 point in time snapshot isn’t entirely representative pic.twitter.com/05HMBb4iyX

— Alex (@thiccythot_) May 9, 2023

as @dlawant mentions, the dropoff in 1% liquidity is less noticeable

the drop off is more dramatic on the the frontier of the book (first few bps)

1% is almost 3,000 levels

I think you need to tie them both together to get the full picturehttps://t.co/C6zP8p0NrV

— Alex (@thiccythot_) May 9, 2023

this blew up faster than I expected

meant as casual shitpost

not trying to paint a narrative

my book is flat

here’s a less extreme example (1/25) pic.twitter.com/Iez8J5uiKH

— Alex (@thiccythot_) May 9, 2023

vs yesterday (5/08)

obviously many factors affecting this, not just market makers pulling out as others have astutely mentioned

please be mindful of the nuance pic.twitter.com/9HdaM8AgKU

— Alex (@thiccythot_) May 9, 2023

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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