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This year's crypto market is very exciting, with <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> reviving, Layer 2, and modular blockchain. However, when it comes to the brightest star of this year, it must be none other than the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ecosystem.

Just like how <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> used to amaze the entire blockchain world with smart contracts, the 23-year trend of in_script_ions is also a new narrative that allows people to see "building more possibilities on the Bitcoin blockchain."

Here, we will briefly introduce the current top 10 tokens in terms of market value. The ranking based on market value data is sourced from X user @0xSea.eth.

## TOP1-$STX
STX is the native token of the <a href="/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a> network, which is Layer2 on the BTC chain and aims to implement smart contracts on Bitcoin.
![](https://gimg2.gateimg.com/image/article/1703216113img_v3_026c_79823990-e0fe-4df0-bca8-5608514317ix.jpg)

With the emergence of Bitcoin-based NFT projects such as Ordinals, the position of Stacks has risen sharply in the past year. According to DefiLlama, the funds locked in Stacks have increased from $7 million to $50 million since the beginning of this year. Meanwhile, since investor Tim Draper expressed positive feedback on Stacks, $STX has rapidly risen by 30%.

Stacks can be said to be the leader in economic applications on Bitcoin, aiming to build the cornerstone of Defi, Dapp, and more applications. Stacks introduces the concept of "sBTC," which will be pegged to BTC, allowing the Stacks layer to release $500 billion in BTC capital, bringing the maximum and most durable decentralized assets to more people and more use cases.

Now Stacks can also earn BTC by participating in consensus, hold and temporarily lock STX, and support network security and consensus. The consensus reward has distributed over 2000 Bitcoins, and it is not surprising that its TVL and market value are so amazing.

## TOP2-$sats
$Sats is the first batch of tokens issued using the BRC-20 protocol, named after the smallest unit of Bitcoin, satoshi, with a corresponding maximum supply of 21 million.

At first, Sats was more like a memecoin, but after being used as a transaction fee on UniSats, it undoubtedly gained a more stable and versatile application scenario. After launching CEX, its status was further recognized; The individual value of Sats is relatively low, and its holdings are also scattered, but it did not experience a sharp decline after a wave of gains; Now its total market value has surpassed ORDI.
![](https://gimg2.gateimg.com/image/article/1703216156img_v3_026c_66e9edaa-705b-4a75-9712-13c63b874fix.jpg)

## TOP3-$ordi
Perhaps the most familiar BRC-20 token for everyone, and also the first BRC-20 token created by community user @ Domo; At that time, ORDI attracted the most attention because it was directly built on the BTC blockchain, and its name was also derived from the Ordinals protocol.

Players can create their own Ordi tokens and place orders for transactions by minting, deploying and inscribing on the chain. The essence of the Ordinals protocol is a logic of text indexing and reordering, which is different from the function of smart contracts. It does not need to be completed through certain specific platforms or applications, and only requires low Gas fees to create its own in_script_ion assets.

Since the beginning of 2023, many players have seen the potential of Ordi as a leading project in the BTC ecosystem's new track, and have participated in it. The price has jumped from only relying on gas fees to in_script_ions, less than a few cents, to nearly 70U in the secondary market.

However, the BRC-20 token has also sparked many controversies, such as increasing the load on Bitcoin blocks. Some people believe that this undermines the purity of Bitcoin as a decentralized ledger. However, it must be said that those who initially participated in Ordi in_script_ions in the primary market have mastered the most astonishing wealth code of the year, and some even refer to inscribing as "printing money." At least from the perspective of growth, this is not unreasonable, However, the current long-term value of the in_script_ion assets still needs to be calmly observed.

## TOP4-$Mubi
Mubi is the native token of MultiBit, which is the first double-sided bridge in history designed to facilitate cross network transfers between BRC20 and ERC20 tokens. Generally speaking, users transfer BRC20 tokens to dedicated BRC20 addresses. After confirmation, these tokens can be minted on the EVM network. However, the uniqueness of MultiBit lies in its double-sided bridging function, which can seamlessly transition back from the EVM network to Bitcoin.

By promoting the liquidity of these tokens, MultiBit enhances cross chain interoperability. Its vision is to improve the liquidity and accessibility of BRC and ERC tokens in a secure and user-friendly manner.

As of December 20th, the market value of MUBI is approximately $340 million, with a total supply of 1 billion.

## TOP5-$Rats
RATS is a BRC-20 token created through the Ordinals protocol, with a current market value of approximately $330 million. It is a typical memecoin.

The highlight of RATS lies in its active community support, and its image design is very successful. The implicit meaning of "small and numerous uninvited guests in the blockchain" has also hit the psychology of many players. RATS completed full circulation in November.
![](https://gimg2.gateimg.com/image/article/1703216201img_v3_026c_6b653f8e-2f12-4e3b-a5ac-7427773be5ix.jpg)

## TOP6-$Atom
ATOM is a token based on the ARC-20 standard of Bitcoin blockchain and belongs to the Atomicals protocol.

Atomicals Protocol is a simple and flexible protocol used to mint, transfer and update NFTs for UTXO blockchains such as Bitcoin. Atomic (or "atomic") is a way of organizing the creation, transfer, and updating of digital objects - it is essentially a digital ownership chain defined based on some simple rules.

From the perspective of developers, Atomic is the simplest way to organize digital assets on blockchains such as Bitcoin. Atomicals has a wide range of applications, such as game dynamics, art collections, virtual land, etc., but currently lacks some stability.
![](https://gimg2.gateimg.com/image/article/1703216224img_v3_026c_c2873a0c-45af-4bd8-b7a9-cad8b97849ix.jpg)

## TOP7-$ALEX
ALEX is the first platform to provide one-stop DeFi services on Bitcoin through Stacks. Based on Bitcoin lending, smart contracts that manage these loans can be used to create bonds. By utilizing these decentralized bonds, derivative products, leverage, and all other advanced financial functions can be recreated and replaced with algorithms from automated liquidity exchanges or ALEX.

The current circulation supply of $ALEX is 600 million pieces, with a maximum supply of 1 billion.

## TOP8-$Trac
$TRAC is a token based on the BRC-20 standard, similar to ORDI, with a total circulation of 21 million tokens.

The current circulating market value of TRAC is $140 million.

## TOP9-$RIF
$RIF is the native token of Rootstock Infrastructure Framework, which applies an open and decentralized infrastructure protocol to develop distributed applications (dApps) faster, easier, and more scalable in a unified environment. By providing open-source and decentralized tools and technologies, it is easy to build accessible DeFi products.

RIF Rollup is supported by zkRollup technology, and players who are interested in Ethereum may know that zkRollUp is a Layer2 solution used to solve throughput issues, a trustless protocol for fast, scalable, and low-cost payments on Rootstock. Its current functions and scope include low-cost transfer of RBTC and ERC20 tokens on the Rootstock network.

Overall, RIF has built a bridge between complex blockchain technology and seamless user experience, providing open and decentralized tools and technologies, with a current market value of approximately $130 million.

In the Bitcoin ecosystem, tokens with underlying architectures such as $RIF, STX, ALEX, STX, etc. are different from those with in_script_ions. You can keep an eye on the project's dynamics and understand its economic model, and you can also trade on the Gate platform.

## TOP10-$PIPE
PIPE is a Bitcoin local token protocol inspired by Casey Rodarmor's RUNES and Ordinal's BRC-20 ideas.

Due to RUNES not allowing fair minting (an important aspect of BRC-20) and potentially making all of its tokens valuable securities, PIPE attempts to combine the advantages of these two concepts.

PIPE consists of three functions: deployment, coin minting and transfer, which is similar to BRC-20. The deployment feature indicates that a new token has been deployed, while the coin minting feature allows coins to be minted from that token based on deployment rules (supply, restriction). Finally, the transfer feature is used to send tokens to the selected recipient.

Presently, the circulating market value of pipeline is about 130 million, and pipeline has no index or wallet. With more specialized markets to support pipeline minting and trading, it is believed that it can also trigger a positive chain effect. 



<div class="blog-details-info">
<div>Author:**Sherry**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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This year_s crypto market is very exciting, with Solana reviving, Layer 2, and modular blockchain. However, when it comes to the brightest star of this year, it must be none other than the Bitcoin eco_.

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How Many of the Top 10 Tokens in the Bitcoin Ecosystem Did You Invest In?