BRC 2.0 Upgrade Triggers New Round of Follow in Bitcoin Ecosystem

Recently, with the approach of the BRC 2.0 upgrade, the prices of related assets have surged, and the market has regained interest in the Bitcoin ecosystem. Over the past month, the transaction price of the representative NFT project Adderrels from the BRC 2.0 series skyrocketed from around 15 dollars to about 2300 dollars, achieving an investment return of over 100 times.

BRC 2.0 is an important upgrade to the BRC 20 protocol, launched by the core maintainers. This upgrade aims to enable EVM-compatible smart contract functionality for BRC 20 tokens, supporting the implementation of advanced financial applications such as DeFi, stablecoins, DeFAI, DAOs, and RWAs. This upgrade has received widespread support from the BRC 20 ecosystem.

However, the programmable implementation adopted by BRC 2.0 is not very ideal. It uses an off-chain processing solution, integrating the EVM executor with the BRC 20 indexer, and the final state update is completed by the indexer on the Bitcoin chain. This approach is considered to have a lower degree of decentralization and poses a risk of single points of failure.

In addition to programmability, BRC 2.0 also introduces the "Ordinal Locker" feature, enhancing the interoperability between BRC 20 and Ordinals. This feature utilizes Bitcoin's time lock mechanism, allowing users to lock Ordinals assets, which opens up new application scenarios for BRC 20.

The BRC 2.0 upgrade will be carried out in two phases: the first phase is expected to start on August 14, which will enable 6-character BRC 20 tokens and launch a launchpad; the second phase is expected to take place on September 17, at which point all BRC 20 tokens will have programmability.

Although BRC 2.0 has not officially launched yet, the market has seen several Pre-BRC 2.0 conceptual assets claiming future airdrops. Among them, the more well-known include:

• Adderrels: The first BRC 2.0 concept NFT, with a total supply of 3420, the floor price has risen from about 15 dollars to 1600 dollars.

• LIQUID: Claims to be the first Pre-BRC 2.0 token on Ordinals, with a total supply of 50,000, where each NFT represents 1,000 tokens.

• Early Birds: Claimed to be the first BRC 2.0 series NFT with staking functionality, with a total of 5000 pieces.

• buttmullets: An NFT project closely related to Adderrels, with a total of 3333 pieces.

• Griftmo: Total supply is 3888 coins, although the airdrop plan has not been disclosed, it has received official interaction.

Currently, the Pre-BRC 2.0 concept assets are of mixed quality, and investors need to participate with caution. Although some projects have yielded high returns, most projects have low whitelist thresholds and carry significant risks.