Author: Daniel Li, CoinVoice
In today's cryptocurrency field, the Ordinals ecological project is becoming the focus of much attention. Its wealth effect has gradually formed a consensus, attracting more and more investors and developers to focus on the Bitcoin Ordinals ecosystem. In addition to the high-profile new protocols, the focus of public attention has also begun to turn to the IDO platform that incubates and participates in the early development of these projects.
Recently, as the most popular IDO platform in the Bitcoin ecosystem, Bounce Finance (hereinafter referred to as Bounce) successfully launched two projects: MultiBit (MUBI) and BitStable (BSSB), and these two projects have achieved significant success. The BSSB token once rose more than 45 times, while MUBI increased by 1140% after the opening. At the same time, Bounce’s own token Auction, which participated in the IDO of these two projects, also received a daily increase of more than 50%.
Bounce tweeted that it is making every effort to cultivate the BTC ecosystem and will focus on providing incubation and auction support for BTC ecological projects in the future. As Bitcoin Inscription continues to heat up, Bounce’s popularity is also growing. In the future, it is expected that more new projects will complete IDO through Bounce, and Bounce will also play a vital role in shaping the future of the Bitcoin ecosystem.
Bounce Finance: IDO Platform Riding the Trend
Bounce is a decentralized auction protocol for token swaps. The protocol went live in July 2020 and was created by Chandler Song, founder of Ankr. Bounce’s investors include institutions such as ParaFi Capital and Blockchain Capital, as well as industry figures such as Kain Warwick, founder of Synthetix, and Stani Kulechov, founder of Aave. In October 2020, Bounce was selected as the second batch of seed fund funding projects of Binance Smart Chain, so Bounce is also considered a sub-project of Binance.
Currently, Binance lags behind OKX in terms of Web3 wallet and Bitcoin ecosystem, resulting in traffic being seized by OKX in recent market conditions. As the world's largest centralized exchange, Binance is obviously not satisfied with this situation. Therefore, from Ankr to Bounce, and then to the recent rise of BSSB and MUBI, Binance’s strategic layout in the Bitcoin ecosystem has been demonstrated. Bounce is Binance's new platform on the Bitcoin ecological chain, while MUBI is a cross-chain bridge connecting the Bitcoin ecosystem, and BSSB plays the role of MakerDAO in the Bitcoin ecosystem. Bounce’s recent popularity also highlights Binance’s ambitions in the Bitcoin ecosystem. For Bounce, this is also a huge development opportunity.
Bounce's auction mechanism combines liquidity mining, decentralized governance and staking mechanisms. Bounce aims to increase the speed and efficiency of auctions in the DeFi ecosystem, allowing users to build, design, collect and trade various assets, tokens and NFTs on different chains. The first principle of Bounce is the scarcity of resources, which creates a competitive exchange environment. Bounce provides a level playing field for limited supply tokens or other assets such as NFTs.
The development history of Bounce
Founding and initial development stage (2020):
Bounce was founded in 2020 by a group of cryptocurrency and blockchain technology enthusiasts. Their goal is to build a decentralized auction platform that enables users to buy and sell digital assets in a fair and transparent manner. In this early stage, the team focuses on product development and community building.
Bounce V1 version (2020): In 2020, Bounce launched its first official version, Bounce V1. This version introduces a blockchain-based auction function where users can bid to purchase cryptocurrencies and digital assets by participating in auction events. This version attracted attention from the cryptocurrency community and gained a certain user base.
Bounce V2 version and IDO (2021):
Following the success of the Bounce V1 version, Bounce launched its second version in 2021, Bounce V2. This version introduces the Initial Decentralized Offering (IDO) function, allowing project teams to conduct token issuance and crowdfunding activities on the Bounce platform. This feature provides a fair financing opportunity for emerging projects and allows investors to participate in projects at an earlier stage.
Bounce V3 version and innovative features (2023): In February 2023, Bounce V3 was officially launched, significantly reforming the original auction method, introducing Auction as a Service (AaaS), and adding innovative features to fixed swap auctions. The regret function allows participants to withdraw their bids at any time during the auction. In addition, Bounce also plans to launch a new auction mechanism that allows participants to generate revenue during the auction process, as well as a physical collectibles market that allows projects to create their own brand stores on the Bounce platform to sell physical collectibles, including clothing, Accessories, luxury goods and more. Bounce focuses on BTC ecological projects to provide incubation and auction support (November 2023) In the fourth quarter of 2023, with the popularity of Bitcoin Inscription, more and more new projects are preparing to open IDO, MultiBit (MUBI) and BitStable (BSSB) Successful IDO at Bounce. The market has also generated strong interest in Bounce, an IDO platform based on the auction protocol. The Bounce token AUCTION has increased by more than 115% in the past week. At the same time, Bounce’s official Twitter also posted that in the future the platform will focus on providing incubation and auction support for BTC ecological projects.
Bounce’s auction mechanisms include the following:
Fixed Price Auction: A fixed price auction is a type of auction in which the price of the property being auctioned is predetermined and agreed upon by the auctioneer and participants. This type of auction is typically used when the auctioneer has a specific value target for the property being sold.
English Auction: In an English auction, the auctioneer starts with a lower price and gradually increases the price until the highest amount bidders are willing to pay. Auctions usually have a set end time, at which time the highest bidder wins the auction.
Dutch Auction: A Dutch auction (also called a reduction auction) is a type of auction in which the auctioneer starts with a very high price and gradually lowers the price until someone bids. The first bid wins the auction (assuming the price is above the reserve price), avoiding any bidding wars.
Sealed Bid: Bounce provides sealed bid auctions on the blockchain, which have some differences from traditional sealed bid auctions. When the pool time runs out, the final results of the sealed bid auction are revealed. The smart contract will automatically fill bidding orders from the highest bidding ratio all the way down until all tokens in the pool are sold.
Random Choice Auction: A bounce random choice auction is an auction mechanism where instead of the highest bid winning the auction, the winning bid is randomly determined like a lottery. Therefore it is also called a "lottery auction". This type of auction is typically used when the item being sold is very popular and there are many bidders willing to pay a high price for it.
On-chain order book auction: An on-chain order book auction is an auction conducted on a blockchain platform where buyers and sellers place orders to buy or sell specific assets, and these orders are matched based on specific criteria.
Bounce Finance: the incubation engine of the Bitcoin ecosystem
Bounce is the incubation engine of the Bitcoin ecosystem and plays a key role in supporting the incubation and auction of Bitcoin ecological projects. As an IDO platform based on the auction protocol, Bounce provides a safe, transparent and fair competition environment for project teams to promote the early development of projects.
Bounce was inspired by the problems of ICO platforms such as Coinlist and is committed to solving challenges in the ICO investment field. In the past, ICO platforms had problems such as difficulty in identifying project quality, fraud and illegal fund-raising. At the same time, government agencies implemented strict KYC systems for investors. However, the emergence of DEX provides hope for solving these problems.
Bounce focuses on the decentralized trading market and uses an auction method for trading, which is different from decentralized exchanges such as Uniswap. Through pure decentralized design and semi-open source code, Bounce does not require a KYC system, and all auction data is conducted on the blockchain, making it open, transparent and verifiable. This solves the problems of KYC difficulties, opaque fundraising and potential improper operations that existed in previous centralized crowdfunding platforms.
Bounce’s IDO has the following advantages:
First, Bounce provides a fair venue for projects’ initial coin offerings (IDOs) through a powerful auction mechanism. Project teams can use Bounce's platform to showcase the project's vision, technical features and development roadmap to attract investors from around the world. This open and transparent issuance method allows investors to participate in the project earlier and share in the project's growth and success.
Secondly, Bounce’s auction function brings new opportunities to the development of Bitcoin ecological projects. By issuing tokens or NFTs through auctions, Bounce provides investors with fair, transparent and competitive opportunities to participate. Investors can bid to acquire the project’s tokens or NFTs according to their wishes. This auction model stimulates investors' interest and enthusiasm for participation, laying a solid foundation for the success of the project.
In addition, Bounce also provides customization options, allowing project teams to set it up according to their own needs. This flexibility allows each project to formulate auction rules, participation conditions, token issuance, etc. according to its own characteristics and development goals. Bounce's incubation engine provides personalized support for the successful development of projects, further enhancing the project's sustainability and competitiveness.
Through the support of Bounce, Bitcoin ecological projects can advance their development in a safe, transparent and fair competition environment, attracting a large number of investors and community participants. At the same time, investors can also obtain more investment opportunities and participate in the construction of the Bitcoin ecosystem. As the incubation engine of the Bitcoin ecosystem, Bounce has provided strong support for the success of the project and will continue to play an important role in the development of the Bitcoin ecosystem.
Bounce Finance Popular Ecological Tokens
MultiBit is a two-sided bridge designed to facilitate cross-network transfers between BRC20 and ERC20 tokens, enhancing liquidity and cross-chain interoperability. Users first transfer BRC20 tokens to a dedicated BRC20 address. From there, the tokens can be minted on the EVM network. MultiBit’s innovation lies in its two-sided bridging feature that makes it easy to transfer tokens between the EVM network and the Bitcoin ecosystem.
MUBI is the BRC-20 token of the two-way bridge platform Multibit based on the Bitcoin blockchain. Multibit completed the IDO through Bounce on November 14. The token MUBI increased by 1140% after the opening. The current trading price of MUBI is US$0.288, a self-initiated currency. Since then, the increase has exceeded 5339%.
BitStable is a decentralized asset protocol based on the Bitcoin network that allows users to generate $DAII stablecoins globally as collateral assets related to the Bitcoin ecosystem. This platform uses a dual-token system, mainly including two tokens, $DAII and $BSSB. It also supports cross-chain operations and enhances compatibility with other blockchain networks.
BSSB is BitStable's governance token. The community uses it to maintain the system and manage DAII. BitStable will also incentivize BSSB holders through dividends and other measures. The total supply of BSSB is 21 million, of which, in addition to 50% being publicly sold on Bounce, the team will hold 5% of BSSB (6-month lock-in and 15-month linear unlock), and the airdrop quota will account for 3.5% %, staking rewards account for 36.5%, and LP accounts for 5% (locked indefinitely). Since its IDO on November 29, BSSB’s price has gained nearly 700%.
GoDlD is the first market aggregator focusing on all categories of DID. Its core function is batch search, registration, transaction and management of DID. GoDID currently serves users such as ENS, Space ID, and Bitcoin Ordinals. In the future, GoDID's service scope will cover the entire industry chain of the DID track such as education and evangelism, community building, batch registration, managed auctions, tools (such as investment tools, airdrop tools, cross-chain management tools, etc.), technology and underlying protocol research and development, high-quality Project investment incubation, etc.
BDID is the native token of GoDlD. The specific utility has not been disclosed yet. The total supply of BDID is 500 million, of which 80% is used for fair launch and user growth, and the team holds 5% (6-month lock-in, 12-month linear Unlocked), airdrop mining accounts for 5%, and liquidity accounts for 10%. GoDlD will complete IDO on Bounce from December 15th to December 17th, and the current BDID price is US$0.06.