In-depth analysis of the leading BRC-20 projects: $MUBI and $ORDI

October 25, 2025

What is BRC-20?

BRC-20 can be considered the Bitcoin version of ERC-20 (very similar but with some differences). It was introduced by an anonymous developer named Domo in March 2023. The technology is derived from Bitcoin's SegWit soft fork (2017) and the Taproot upgrade (November 2021).

How were the Ordinals created?

Ordinals are created by inscribing a number on the smallest unit of Bitcoin, the Sat. This ordinal number and its associated data are embedded in the “witness signature” field of a Bitcoin transaction. This data confirms the ownership of the funds used and ensures that they are not spent twice.

Unlike ERC-20, BRC-20 is still in the proposal stage and its tokens are not traded much on decentralized exchanges. In fact, the trading of these tokens is concentrated mainly on centralized exchanges like Gate. With the recent increase in Bitcoin's price, especially in the Asian region, the BRC-20 token and its Ordinals have significantly grown in popularity over the past six months.

Key Point Analysis (Ordinals ≠ BRC-20)

Bitcoin Ordinals and “NFT”

Ordinals is an NFT protocol based on the Bitcoin network. By assigning a unique and immutable identity to Satoshi (, that is, Ordinal number + comment ), Ordinals makes each homogeneous Satoshi a unique “NFT”. Therefore, Ordinals gives Satoshi a higher transaction and collection value. When the smallest unit of Bitcoin becomes a new popular target, it can be seen as an extension of Bitcoin to some extent.

Since Ordinals was created in December 2022, up until May 18, 2023, approximately 7.8 million NFTs and tokens have been minted, opening new doors for the Bitcoin ecosystem.

Unlike Ethereum-based ERC20 NFTs, Bitcoin-minted NFTs based on Ordinals are stored on the Bitcoin blockchain, which is closer to a “real” NFT because once published and verified on the network, their metadata cannot be changed. For ETH NFTs, ERC721 tokens generally only contain an ID that points to a URL to retrieve the NFT's metadata, which can be changed at any time by the team or the external party controlling the keys to its smart contract.

Both methods of NFT generation have their own advantages and disadvantages, and the main differences between the two can be summarized in Figure 2 below.

Although it is still in its early stages, some major NFT projects have begun to enter the market. Yuga Labs' “Twelvefold” received a maximum bid of 7,115 Bitcoin after its announcement on February 27, 2023. CryptoPunks also issued 10k Bitcoin Punks. There are also some third-party nodes in the market that help users mint Bitcoin NFTs without building their own full nodes, including Ordinals Bot and Gamma.

According to a report by Galaxy Digital, the market size for Bitcoin NFTs could reach $4.5 billion by 2025. Furthermore, the market infrastructure supporting Bitcoin NFTs is expected to be completed in the second quarter of 2023, which will ultimately be reflected in various new bridge projects such as $VMPX and $MUBI, which we will also present in this report.

BRC-20: The evolution of Ordinals

It is worth noting that NFTs can be obtained by filling out different information in Satoshi. So, if the information we fill in has certain rules, or is filled out according to a unified standard ( that is, implementation, minting, and transfer ), can we generate fungible tokens ( FT ) in Bitcoin? The answer is yes.

BRC-20 is a technology that uses Ordinals to create and trade fungible tokens (FT) on the Bitcoin blockchain. In simple terms, BRC-20 can be seen as a variant of NFT Ordinals. The inscription in the NFT is an image, while the inscription in BRC-20 is text data in a unified JSON format. In BRC-20, the inscription is also used as a ledger for BRC-20 tokens, which can be used to track the transfer of each token. However, BRC-20 tokens cannot interact with smart contracts or perform any automated operations.

$ORDI is the first token issued under the BRC-20 standard ( of March 2023, with a maximum of 1,000 tokens minted at a time, totaling 21,000,000 tokens. ) is free at the beginning of its issuance, and users only need to pay mining fees to obtain tokens. The 21,000,000 tokens $ORDI were minted in less than 18 hours. As of May 22, 2023, the lowest price in the secondary market was $11.48/$ORDI. According to Dune Analytics, a total of approximately 8.5 million $ORDI were minted, generating 1,458 Bitcoin in mining fees.

According to ordspace.org, as of May 19, 2023, there are over 18k BRC-20 token projects with a total market value of approximately $ORDI million. In recent months, the BRC-20 protocol has dominated the transaction volume on the Bitcoin network, sometimes exceeding 50% of the total Bitcoin transaction volume.

$420 How does BRC-20 affect Bitcoin and the Bitcoin ecosystem?

BRC-20 will have an impact on Bitcoin mining and transaction fees. Since minting and transferring BRC-20 requires more space on the blockchain, which is caused by its complex mechanism design, the competition for block space may lead to higher transaction fees for users seeking quick confirmation.

According to data from Glassnode, miners' revenue from fees reached a peak of 42.595% and is rising again due to the popularity of ### and the new minting of BRC-20 $ORDI as initiated by ( and $MUBI$VMPR .

Advantages and disadvantages of BRC-20 and Ordinals

) Why is it so popular?

1. Compared to ERC-20

BRC-20 cannot interact with smart contracts ### that is, there is no burn and lock function (, which means that the issuance of BRC-20 tokens will not be reserved by project teams and venture capital institutions. Everyone truly participates equally in the ecosystem.

The value of BRC-20 is backed by Bitcoin, ensuring that BRC-20 tokens will not be at risk of going to zero like ERC-20 tokens and ERC-20 sidechain tokens.

2. The minting and trading of BRC-20 significantly increases transaction fees. High fees and block rewards create amazing profits for miners.

3. A new narrative in a proven consensus: The BRC-20 standard and the Bitcoin ecosystem are new concepts within the industry, easily gaining market sentiment and capital inflows. Some leading institutions like Yuga Labs and CryptoPunks have entered the arena.

4. Beta Play for Bitcoin: BRC20 tokens are essentially created within the Bitcoin network and are currently packaged as a Beta Play for traders to take a risky approach, as Bitcoin prices have continued to rise over the past 12 months.

5. Low market liquidity: For many BRC20 tokens, liquidity on both the buy and sell sides of the market is low, leading to volatility on both sides. Considering that the market is bullish on Bitcoin, we believe that the industry trend is continuous growth as Bitcoin gradually becomes more popular.

) Potential concerns

1. The threshold for user participation is high:

The BRC-20 standard is relatively complex and requires additional steps for data storage and transactions. Specifically, when users mint Ordinals, they need to run a full node. Both the cumbersome construction of nodes and the expensive gas fees of Bitcoin ### including the engraving and transfer ( will prevent retail investors from entering the market to some extent.

2. Security question:

• There is no AMM on the Bitcoin chain, and secure transactions are required in the secondary market.
• Since BRC-20 introduces a more complex asset management mechanism, it requires additional tools or platforms, which may be vulnerable to malicious attacks and violate the design concept of Bitcoin: decentralization.
• Due to the excessive volume of transactions, Gate suspended withdrawals twice on May 7 and 8. On May 8, 2023, no blocks were generated for an hour, and there were 350k unconfirmed transactions. When fee revenues continuously exceed block rewards, it can lead to temporary bandit attacks. Miners will choose to process transactions with higher gas fees and ignore transactions with lower fees.

3. Most BRC-20 tokens are meme coins without real value or application scenarios.

Comparing the snapshots from May and December, we see a “Cambrian explosion” of new BRC20 projects emerging within the ecosystem. However, we note that only a few notable projects have stood the test of time. These include $ORDI, )and $VMPX, several of which have been listed on tier 3 exchanges. Beyond these projects, we see that the total market capitalization of BRC20 tokens has grown from $MUBI to over $444M today, as shown in the graph below $2B excluding MXLY since it is a scam token with a valuation of $10.6T(.

4. The BRC20 infrastructure is still in its early stages:

With just a handful of projects and the various scams/Ponzi schemes that exist in the ecosystem, it is difficult to filter new projects that are stable enough for the retail market. Although more established projects like ORDI are on the rise.

5. Regulatory risks:

Bitcoin is more like a commodity, but BRC-20 tokens could potentially facilitate an unregistered securities market on the Bitcoin blockchain.

Delving deeper: ) and $MUBI

As mentioned earlier, several projects have emerged as leaders in the BRC20 narrative. In this ecosystem, we will focus on Multibit, a project that provides a bridge solution for EVM chains, Bitcoin networks, and BRC20/ERC721 compatibility. We will also delve into the main leader of the BRC20 narrative, $ORDI.

$ORDI MUBI: Multibite

Project Name: Multibit Project Type: BRC20 Token and Ecosystem Bridge Blockchain: Bitcoin, Ethereum, BSC and Polygon Token code: MUBI Cryptocurrency Ranking: N/A Maximum supply: 903,586,439 Circulating supply: 903,586,439 Market Value/USD: $61,850,759 Fully diluted valuation/USD: $61,850,759

What is Multibit?

MultiBit is the first bi-directional bridge between chains for transfers between BRC20 and ERC20 token networks. By facilitating greater liquidity of these tokens, MultiBit strengthens interoperability between chains. Our mission is simple: to promote the liquidity and accessibility of BRC and ERC tokens in a safe and user-friendly manner.

Investor information and fundraising

Funding rounds raised:

Initially minted for free on Bitcoin as a BRC20 token, however, the Multibit team reserved a portion of the tokens for bridges and fundraising through the following links:

In Ethereum, the fully diluted initial valuation ###FDV( of Multibit is $400,000 for a total of 387.5 million $MUBI, distributed as follows:

• KOL whitelist sales: 11.25%
• Public sale: 78.75%
• DEX liquidity )indefinitely locked(: 5%
• Team ) 6 months lock-up followed by 2 years of acquisition (: 5%

The fundraising finally raised $196,075 at a price of $0.000506 per MUBI.

This means that the first investors received a return of 135x on their investment.

)# Token Economy

In addition to the previously mentioned token sale allocations, all other MUBI tokens have been minted and are available as circulating tokens in the BRC20 and EVM ecosystems.

Liquidity Road

Centralized exchange ###CEX(:

) is listed on major second and third level exchanges, with most trading activity concentrated on Gate.

DEX:

The MUBI liquidity group $MUBI LP( is mainly found on Uniswap, with a total value locked )TVL( of $1.9 million on Ethereum L1.

)# Investment Opportunities ###market potential(

1. Bitcoin Beta Game - BRC20

As part of the BRC20 token ecosystem, MUBI is a low market capitalization Bitcoin Beta game suitable for market participants interested in investing in the BRC20 space and focusing on its bridge infrastructure and cross-chain liquidity.

2. The first BRC20 bridge and the market leader in bridges

As the first pu