🔸SRC-20

The SRC-20 protocol, developed by the Stacks ecosystem, is a new standard for managing tokens on the Bitcoin blockchain. It is based on the widely-used ERC-20 standard for token management on the ETH

Important Links:

Twitter Thread: https://twitter.com/Alpha_princess_/status/1664934012966801408

UPDATED PROTOCOL THREAD:

https://twitter.com/OrdinalsGlobal_/status/1675265812364492802

Minting SRC20 Tokens

Creating and Funding Your Wallet

  1. Create and fund your wallet. Use @hirowallet, but if you can't set up custom gas there, make use of @FreeWallet.

Minting Process

  1. Go to crypt0biwan.github.io/src20/ and choose the ticker you want. Ensure the % isn't indicating that it's sold out.

  2. Go to stampchain.io/src20/ and fill out all the fields. Let's use the RARE token (ID #7) as an example:

    • Tick: Copy the ticker of the selected token. For example: RARE

    • Amount: Copy from the Lim column. For example: 1000

    • Address: It's crucial to copy your BTC Stamp address here.

  3. Click on QUOTE, then STAMP and send the desired amount of BTC to the listed address using your wallet.

  4. To see your token, simply put your address here.

SRC20 Tokens on Uniswap - An Explanation

Many people are puzzled as to how an SRC20 token can trade on Uniswap. The answer lies in a mechanism known as wrapping.

Wrapped Kevin ($wKevin)

Wrapped Kevin ($wKevin) is an ERC-20 Ethereum token designed to bridge the gap between Kevin (an SRC20 token) and Ethereum.

How it Works

  • $wKevin is an ERC-20 token that represents Kevin on the Ethereum blockchain.

  • This allows Kevin to be traded and used on Ethereum-based decentralized applications like Uniswap.

  • It operates on a trust-based system, meaning specific entities have the authority to create and remove the cryptocurrency as needed for wrapping and unwrapping.

  • The market price of $wKevin may differ from Kevin's price due to supply and demand factors, despite the wrapping/unwrapping process creating some correlation between them. This may present opportunities for arbitrage.

  • $wKevin can be unwrapped for SRC-20 Kevin at a 1:1 ratio once transfers for SRC-20 are up and running.

Conclusion

Currently, there are only 434 SRC-20 tokens, which is very small compared to BRC-20. Therefore, it's very early days. Among them, KEVIN could be a good buy considering it is the first SRC20 token.

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