Bitcoin hits new high. Can Unisat lead the ecological boom again?

Fractal Bitcoin is a Bitcoin expansion solution created by the well-known Bitcoin wallet team - Unisat.

According to official documents, Fractal Bitcoin improves transaction processing capacity and speed by recursively creating an infinite expansion layer on the BTC main chain using BTC core code, while maintaining full compatibility with the existing Bitcoin ecosystem, with the characteristics of fast transaction speed, native compatibility, and dynamic adjustment.

In the first Eastern time, the life and death of the inscription was in the hands of a few BTC core developers. Unisat obviously realized that the buildings on such an uncertain event are all bubbles, and chose to build a new BTC public chain, which not only can control its own destiny, but also can reduce the high transaction fees on the BTC main network.

Fractal Bitcoin is developed based on the BTC core code and is fully compatible with existing Bitcoin wallets, tools and mining equipment. At the same time, it has a good performance in network carrying capacity and transaction traceability after going online.

Fractal uses the same PoW mechanism as Bitcoin, allowing BTC miners to seamlessly switch to Fractal mining with existing hardware. Through the Cadence Mining mechanism, combining permissionless mining and joint mining, 2 out of every 3 blocks are generated by permissionless mining and 1 is generated by joint mining. Permissionless mining allows anyone to participate, while joint mining allows BTC miners to mine both types of blocks at the same time without additional computing power.

Currently, Fractal's combined mining power is 352.278 EH/s, while Bitcoin's is about 570.96 EH/s during the same period, accounting for 61.9%. In other words, Fractal maintains the security of the network by giving miners a certain amount of $FB every day.

1.CAT20 protocol

CAT20 is an earlier protocol of the Fractal network. According to the official document of @ProtocolCAT (https://catprotocol.org/), CAT Protocol is a new type of Bitcoin token protocol based on UTXO, and its full name is Covenant Attested Token (CAT). The protocol is verified by miners and uses smart contracts to manage token casting and transfer. It has the following features:

• No Indexer Required: The token's rule set is guaranteed by Bitcoin consensus and inherits the security of BTC. Its data and logic reside on the chain and do not rely on any off-chain third party (such as an indexer) to run.

• Modularity: CAT tokens can be used in other smart contracts to build more complex decentralized applications (such as AMM, lending, staking, etc.).

• Programmable Minting: The token minting rules are executed by smart contracts to avoid over-minting.

• Cross-chain interoperability: The CAT protocol allows multi-chain assets, and decentralized applications can run across chains.

• SPV compatibility: CAT tokens support simplified payment verification (SPV). Light clients such as mobile phones can independently verify the authenticity of tokens without trusting central servers.

The CAT protocol supports both homogeneous tokens (called the CAT20 standard) and non-homogeneous tokens (called the CAT721 standard). Currently:

During the minting process of the first CAT20 token, the gas soared from 150 sats/vB to 5000 sats/vB, and the gas of a single CAT20 (5 in one) reached a maximum of 10U, and has now fallen back to 3.5U.

The first CAT721 NFT has a total of 10,000, of which 1,500 are provided to OKX wallets for lottery, and 8,500 are provided to users who pledge 100 CAT20 tokens in their wallets.

Unisat has a very high degree of support for CAT20. Not only did it launch a query page during the CAT20 minting period, but it also supports CAT20 assets on the current website and wallet.

2.PizzaSwap

PizzaSwap is the Fractal Swap created by Unisat before, which is a key product in the first Eastern Time Unisat roadmap.

PizzaSwap currently has no tokens. Unisat once airdropped the five-character Brc20 $PIZZA to ecological users in May this year, and always positioned it as a giveaway. But obviously this name has aroused users' speculation that it may be the governance token of PizzaSwap. It rose to 6U when it was about to go online in September, and now it has fallen back to around 2U.

On October 27, Unisat announced on its official Twitter account that PizzaSwap will start LPfest on November 6, and users can get transaction fees and $FB rewards by adding liquidity to PizzaSwap.

As Fractal's gas token, the price of $FB has fallen from a high of 38U to around 5U since its launch, and its current circulating market value is only 25M, which is even less than the market value of most of the short-lived inscriptions last year. There are many reasons behind this, which are generally closely related to the current circulation of $FB.

$FB's airdrop share is not large. The main output method is the joint mining of miners, which is criticized by some users for daily selling pressure; on the other hand, because the circulation ratio of $FB is relatively small, it does not meet the listing requirements of some exchanges to a certain extent, so users have fewer channels to obtain $FB; finally, the low circulation of $FB will be significantly affected by the development of the chain ecology and the wealth effect. When projects appear on the chain, users rush to buy $FB, and Fractal, except for the short-term popularity after the inscription was launched, the later runes were not as expected, and the gas on the chain has fallen back to single digits.

But for a development team like Unisat that has crossed the bull and bear markets of inscriptions, perhaps they have other plans.