Bitcoin developer and thought leader Joshua Henslee recently released a new video explaining the current state of Lock-to-Mint protocols.
Clearing up the confusion around Lock-to-Mint
Henslee says this video will clarify some of the questions about Lock-to-Mint token protocols and what’s happening with them.
His previous video was about HODL and LRC-20 tokens in general. However, the day after he released it, Panda wallet released Bamboo token, and 5,000 BSV coins were locked to mint it out. This doubled the number of coins locked in total.
These tokens are not tradable yet; they’re a new token standard, and not many wallets or exchanges support them. Firesat isn’t supporting LRC-20s yet, but the JungleBus indexer supports BRC-20s. Henslee predicts an LRC-20 indexer is coming.
Growing pains as it all starts to take off
Speaking of indexers, Henslee says a wave of Chinese traders took down JungleBus. This is a central point of failure, and he thinks many more indexers must be built to mitigate this.
Furthermore, Henslee doesn’t think indexing everything under the sun is feasible. He feels content with coins locked against it should be a priority as it clearly has value to someone (the locker).
These incidents are all part of the growing pains expected when an ecosystem starts to take off. Nonetheless, Henslee wants to see it continue to grow. In his view, this is the most exciting thing to happen to BSV in years.
People love the Lock-to-Mint concept
Clearly, people love the Lock-to-Mint concept. It started on BSV, but people are already experimenting with it on Dogecoin.
Who’s ready for the first lock to mint (LRC-20) token on Dogecoin? 👀 pic.twitter.com/NowB4hwkoG
— tomlson — e/json (@0xtomlson) December 12, 2023
Henslee predicts this will apply to non-fungible tokens (NFTs) and much more. Some think it’s all a pump and dump, but value is subjective, and the market clearly likes it. Better yet, lots of new people are pouring into BSV because of it.
Roundup of this Joshua Henslee video
Henslee quickly recaps on Lock-to-Mint and what it’s all about. As the Bamboo token mint by Panda wallet showed, there’s a huge demand for this. Five thousand BSV coins were locked to mint this token out extremely quickly.
These tokens aren’t tradable yet. Technically, LRC-20 is a new token protocol. Very few wallets or exchanges support them. However, this will all come in time.
The ecosystem is experiencing some growing pains. That’s only natural, and it shows a new wave of interest in BSV and tokens on it. All of this will get figured out, and we’ll end up with a more robust ecosystem in the end.
While some people don’t like this stuff, value is subjective, and a large number of people do. Already, the idea is spreading, and developers are experimenting with it on Dogecoin.
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