The cryptocurrency world is no stranger to innovation, with new projects constantly pushing the boundaries of what’s possible. Among these groundbreaking initiatives is BitPerp, an on-chain perpetual decentralized exchange (DEX) that positioned itself at the forefront of leveraged trading for ordinals, runes, and BRC-20 assets.
BitPerp is the first perpetual DEX designed for users seeking leveraged exposure to ordinals and related assets. Built on the first EVM Layer 2 (L2) on Bitcoin, the Spiderchain by Botanix Labs, BitPerp leverages a sophisticated synthetic architecture to offer unparalleled capital efficiency, reduced trading fees, and extensive leverage options, with some pairs offering up to 100x leverage.
As of March 31st, 2024, Open Interest by Perp DEX platform peaked at $1.24 billion (as per dune), so there is a lot of momentum in this system.
The platform’s design is user-centric, prioritizing accessibility and efficiency. By allowing users to engage with diverse assets through its perpetual products, BitPerp simplifies the trading process while maintaining robust security and control over funds. This review delves into the emerging Bitcoin ecosystem, BitPerp’s intricacies, unique features, problems it addresses, and potential impact on the crypto trading landscape.
The Current Bitcoin Ecosystem
Bitcoin has come a long way since its inception as a peer-to-peer electronic cash system. It has transformed into a robust ecosystem that supports a wide range of applications like non-fungible tokens. Below you can see a timeline from the advent of Bitcoin to the present day.
Ordinals
The launch of ordinals in 2023 by Casey Rodarmor has transformed individual satoshis into carriers of unique data, effectively creating non-fungible tokens (NFTs) on the Bitcoin blockchain. This breakthrough extended Bitcoin’s utility into digital art and collectibles, attracting a new wave of degens to the platform.
The introduction of ordinals has sparked significant interest in the Bitcoin community. According to on-chain data from dune, approximately $460,000,000 in Ordinal fees has been collected to date. The ability to inscribe arbitrary data is nothing short of amazing for Bitcoin.
As per CoinGecko, 5 of the top 10 Ordinal projects by market cap are as of May 2024:
| Name | Price | Market Cap ($) |
| Node Monkeys | .12 BTC | $10,924,904.00 |
| Bitcoin Puppets | .09 BTC | $10,838,580.00 |
| Rune Pups | .005 BTC | $5,863,049.00 |
| Ordinal Maxi Biz | .176 BTC | $3,468,102.00 |
| Bitcoin Frogs | .038 BTC | $1,799,820.00 |
BRC-20 Tokens
BRC-20 tokens are Bitcoin’s answer to the ERC-20 standard on Ethereum. Starting in March of 2023 the transformative digital assets enabled the creation of fungible tokens that can represent commodities or currencies. They hold the distinction of being able to extend the functionality of the Bitcoin blockchain beyond just transactions.
Quickly BRC-20 tokens allowed for creative applications on Bitcoin which drew in many, resulting in a market cap which as of July 2024 is $1.6 billion.
As per CoinMarketCap, the top 5 BRC-20 tokens are:
| Name | Price | Market Cap (in Million USD) |
| ORDI | $37.72 | $792.07 |
| SATS | $0.00 | $362.32 |
| Bitcoin Wizards | $3.94 | $82.77 |
| LeverFi | $0.00 | $69.58 |
| Pups | $7.80 | $60.57 |
Runes
Bitcoin Runes, another protocol by Casey Rodarmor, on Bitcoin allows the creation of fungible tokens launched in April of 2024. The main difference between BRC-20 tokens and Runes is that Runes does not rely on the Ordinals protocol and is designed to be simpler and more efficient.
Runes launched onto the scene with incredible hype, drawing the attention of many in the industry. According to cointelegraph, on April 23 of 2023, Runes claimed the highest transaction share of 81.3%, pushing bitcoin transaction share down to 18.15%, with Ordinals and BRC-20 transactions at .01% each. Continuing to 2024 Runes frequently continues to be a large or majority share in transactions on the Bitcoin ecosystem.
As per Coinranking, the top 5 runes tokens are:
| Name | Price | Market Cap (in Million USD) |
| DOG.GO.TO.THE.MOON | $0.01 | $342.88 |
| RSIC.GENESIS.RUNE | $0.01 | $55.91 |
| LIQUIDIUM•TOKEN | $0.27 | $26.80 |
| BILLION•DOLLAR•CAT | $0.02 | $21.38 |
| RUNI•RUNI•RUNI•RUNI | $0.93 | $19.44 |
Introducing BitPerp
Utilizing tailwinds from these emerging assets, BitPerp positions itself as the first on-chain perp DEX for Runes, Ordinals, and BRC-20 tokens; building on the Botanix Labs L2 and handpicked as a strategic partner.
Using a synthetic model, BitPerp is able to facilitate a wide range of these emerging assets, as well as onboard any new asset classes with leverage (gaming, AI, etc..) making them first movers on any hot narrative compared to competitors. This provides them a unique advantage as BitPerp can provide solutions in a turbulent industry where new technology and infrastructure is being released constantly.
Addressing Core Challenges in the Market
One of the primary motivations behind BitPerp’s development is addressing the inherent challenges in the ordinals and inscriptions market. These challenges include high transaction costs, user experience complexities, and liquidity issues.
- High Transaction Costs: Minting and transferring inscriptions or trading ordinals can be prohibitively expensive due to network fees, especially during periods of high congestion. This deters smaller investors and hampers the broader adoption of these assets.
- User Experience Complexities: Interacting with ordinals involves dealing directly with the bitcoin network, often on nascent and partially developed platforms. The lack of standardization in quality and user interfaces makes the trading process cumbersome and inaccessible to many.
- Liquidity Challenges: Many existing platforms supporting the trading of inscriptions and ordinals suffer from poor liquidity, making it difficult for traders to execute trades at desired prices or within reasonable timeframes. This lack of liquidity undermines the efficiency of markets and deters potential traders.
BitPerp addresses these issues by offering synthetic spot and perpetual products, bypassing the traditional liquidity build-up process. By tracking the prices of BRC-20, runes, and ordina, BitPerp provides a streamlined and efficient trading experience that mitigates the high costs and complexities associated with direct blockchain interactions.
Key Features of BitPerp
- Synthetic Model: BitPerp’s synthetic model, akin to Gainstrade and Synthetix, allows for trading a wide range of emerging asset classes with leverage.
- High Leverage Options: BitPerp offers leverage ranging from 1x to 100x on ordinals, runes, and BRC-20 coins.
- User Control and Security: Traders on BitPerp maintain full custody of their funds, with no requirement for deposits or signups.
- Power Perpetual Contracts: Unique to BitPerp, these contracts allow traders to adjust the impact of price movements by raising the index price to a specified power.
- $BTP Token: Central to BitPerp’s ecosystem is the $BTP token. $BTP plays a crucial role in governance and staking rewards.
Ecosystem and Future Plans
- Q3 2024: Launch of incentivised testnet and trading competition on Botanix Testnet, followed by a mainnet launch. Introduction of the referral system and leaderboard program.
- Q4 2024: Expansion to additional BTC L2s and introduction of the Liquidate-To-Earn program to compensate liquidated traders with $BTP. Listing of new emerging assets like AI and meme tokens.
- Q1 2025: Enabling NFT trading on the platform for ordinals. Creating a spot marketplace for ordinals/runes/brc20 on native BTC.
- Q2 2025: Launching dedicated tools and services to enhance the trading experience and ecosystem.
BitPerp Drip Campaign: Early Access to $BTP Tokens
In an innovative move to engage early supporters and generate funding, BitPerp has launched a drip campaign in partnership with Drip Finance. This campaign offers users an exclusive opportunity to earn $BTP tokens ahead of the Token Generation Event (TGE) and before the wider public launch.
- Launch Pools: Users can stake assets such as WETH (Wrapped Ethereum) or USDC into designated pools. These pools went live on July 29, 2024, with rewards distribution starting on July 31, 2024.
- Yield Generation: The staked assets generate yield through established protocols like Ethena Labs, Gearbox Protocol, Lido Finance, and Frax Finance. This approach ensures a secure and reliable yield generation process.
- Dual Rewards: While the generated yield goes to BitPerp to fund its launch operations, stakers are rewarded with $BTP tokens. This dual-benefit system creates value for both the platform and its early supporters.
- Stretch Goals: BitPerp has implemented a unique “Stretch Goals” system. As the Total Value Locked (TVL) in the pools increases, more $BTP tokens are unlocked at TGE. This creates a negative dilution effect, incentivizing users to stake more and encourage others to participate.
- Security: All contracts involved in this campaign have been audited and verified by reputable security firms like Chain Security and Trail of Bits.
BitPerp Trading Competition: Igniting the Botanix Testnet
To mark the launch of BitPerp on the Botanix testnet, we’re thrilled to announce an upcoming trading competition. This event is not just a competition, but an incentivized testnet experience that could have long-term benefits for participants.
Key Points:
- Coincides with the Botanix testnet launch
- Total prize pool of $20,000 USDT + BTP for the competition
- Features both team and individual competitions
- Potential for future rewards based on testnet activity
- Open to all users trading on the BitPerp Botanix testnet
This competition serves multiple purposes: it allows traders to familiarize themselves with BitPerp’s features, helps us stress-test the platform, and provides an opportunity for early adopters to position themselves advantageously for future developments.
Participants should note that their activity during this testnet phase may have implications beyond the immediate competition. Early engagement could prove beneficial when BitPerp moves to mainnet.
Stay tuned to our official channels for more details on the competition structure, eligibility, and how to participate. Don’t miss this chance to be part of BitPerp’s journey from the very beginning!
