Written by: c00k1e, BlockBeats
Special thanks: xinyi
It has been two days since the Fractal mainnet was officially launched. Before we review these two days and look forward to the opportunities that may arise in the future, I found a question that made me laugh and cry:
Many people still don’t know where to buy $FB...
The most direct manifestation of this problem is that at 11 pm on September 9, a "new FT protocol" called FLUX suddenly appeared. Somehow, foreigners also noticed this "inscription disk" that our Chinese are most familiar with. Some foreigners even asked where to find the OTC of $FB...
So before we continue, let's take a look at the channels where we can trade $FB:
The CEX that can currently trade/deposit and withdraw $FB is CoinEx. This exchange was established in 2017. The Epic Sat mined during the previous halving was auctioned by CoinEx and ViaBTC, and its background is reliable.
DotSwap has launched swap pairs between Bitcoin and $FB, which can be traded directly on the chain $FB or used to create a liquidity pool for $FB.
OK, let's review these 2 days of Fractal.
$FB Circulation
How many $FB are currently in circulation?
In addition to the 1 million $FB airdropped, the rest of the $FB mentioned in the white paper is reserved. First, 15% of the ecosystem treasury, 60,000 $FB were transferred, and 10,000 of these 60,000 were transferred to 6 addresses, which is exactly the same as the 6 projects that received the Season 0 Grant announced by Fractal. Only one Fractal in the 6 addresses was moved, and 60,000 is not much, so it can be regarded as non-circulation.
10% community incentive, 1 million $FB were transferred, which is the airdrop part.
5% pre-sale, 7-month lock-up period, no movement.
The consultant share is 5%, and a maximum of 20% can be used each year, which has not been touched.
15% of core contributors, 7-month lock-up period, no changes.
Therefore, the current circulating market value is approximately (1 million airdrops + 25 block rewards * 7783 blocks produced) * 20 ≈ 24 million US dollars, and the FDV is 4.2 billion US dollars.
Mining - It's really hard
The current Fractal network's total computing power is 243.442 EH/s.
How do we explain this volume? The current Bitcoin network hashrate is about 661 EH/s, which means that Fractal’s network hashrate is about 37% of Bitcoin’s.
We can understand it more deeply through a rough estimate. The computing power of an Antminer S21 is 200 TH/s, and the official website price is $5,400. Currently, the single mining pool with the largest computing power on Fractal is MaxiPool, which has mined 1,335 blocks, that is, 1,335 * 25 = 33,375 FB, an average of 16,687.5 per day. At present, the total computing power of MaxiPool is 3,703,010 TH/s. If we calculate it according to the current $FB price without calculating the electricity cost, an Antminer S21 mining machine will take 5,400 / (200 / 3,703,010 * 16,687.5 FB * 20) = 300 days to pay back.
Small investors who hope to participate in mining by leasing computing power and holding computing power NFTs are also losing money. The total amount of $FB mined by FSIC is 259, averaging 0.068 per NFT. FSIC only leased computing power for one year. If we only look at the situation in the past two days, then the average amount per NFT in a year can only be about 12.4 $FB.
So, the FSIC floor price has been going down…
The main reason for the volume is that the following large mining pools have come in to jointly mine, which means that they can also obtain $FB income while mining Bitcoin. Therefore, there are also some negative voices that believe that the large mining pools are "freeloading".
In addition, who is the mining pool with the highest ranking? The hashrate of 101 EH/s cannot be a small miner, it can only be a large mining pool. Looking at the data on mempool.space, it seems that there is no match, so could this be a joint force of multiple mining pools?
FLUX——Familiar inscription plate, never late
Around 11pm on September 9, the day Fractal was launched, FLUX came out of nowhere, and it was obvious that it was well prepared. It costs 0.05 FB to print one, and the total number of 21,000 is 21,000, and it takes one hour to print.
The project team had previous experience in "starting a business" in Pipe Ecosystem and Rune. I don't want to talk about the controversy over FLUX charges and the overall protocol being very similar to the Pipe protocol, because there is no need to dwell on this point, after all, the OTC price once reached 50 U. In addition, although Fractal has announced that it will not index inscriptions before block height 21,000, this FLUX is a UTXO-based FT protocol, which is similar to Rune, not like BRC-20, which is built on the basis of the Ordinals protocol.
I just want to remind everyone not to be too "patterned". Comparing the introductions of Pipe and FLUX on Github, they are almost exactly the same, so I said "come prepared" - the things are still the same, just in different places.
This is Pipe
This is FLUX
In addition to FLUX, @gm7t2 has made the Ordinals browser for the Fractal network, and the inscription number displayed on it has now reached XXXXX. Seeing a bunch of ported CryptoPunks, mfers, Moonbirds, etc., it really brings me back to the early days of Ordinals.
These inscriptions exist but will not be indexed. I also think that there will basically not be the kind of hype space as the previous "Curse Inscription", so everyone can just watch the fun.
But today, Cat Protocol, which uses OP_CAT, was released. This project actually uses OP_CAT for innovation. If you want to know more, you can check their official documentation.
What opportunities are worth paying attention to?
I think there are two stages.
First of all, before the Ordinals protocol is activated at block height 21000, I would not be surprised if someone brings something like Pipe here, such as renaming Atomicals or not. But I am not optimistic about whether it can be hyped up. After all, FLUX can be popular because no one has time to analyze whether it is really innovative. How the price will behave after people react remains to be seen.
Other than that it doesn’t look like there will be much fun until block 21000… although I really hope there will be.
Then there will be a lot of things to play with, and I think the following are worth paying attention to:
- On the faster Fractal, there will be meme-like god disks like those on ETH/Solana/Base. Currently, there are three companies that have said they will build pump.fun on Fractal, namely Satspumpfun, satx.fun and BVM. They are all "old faces" - the advisory team of Satspumpfun includes Jack Liu, satx.fun should be from the Moto series, and BVM is BVM... So, the key here may be two points. One is to see which company is more willing to spend money to build a god disk, and the other is to see which company can attract more high-quality meme token initiators. In addition, we also need to see whether the network experience can be as smooth as it is now after Fractal really becomes popular.
- The NFT projects that are worth paying attention to at present are honzomomo and "Fractal Goose". The former has been operating Official Twitter since July, and the popularity is quite good, but what I don't understand is that they say they are the first Fractal small picture series in their publicity. How can this be guaranteed at that time? The latter is the Goosinals, which was originally popular on the main network. The reason for this is that their team has been promoting the "Fractal Goose". Since August 11, they have said that "Fractal Goose" will still be a free and open casting, "First is First" 10K series. Secondly, for other picture projects, it may be difficult to transfer consensus to Fractal or even resist, but the Goosinals series itself was formed by everyone spontaneously using Dmitri Chernia's pixel goose picture generator for MoMA Postcard and then engraving it into an inscription. At that time, there were geese on multiple chains, and there was no such serious "parent chain" plot or value dependence. Finally, the Chinese community is the backbone of the Goosinals community, and Chinese players themselves are very interested in Fractal.
So for all of the above we can now prepare:
- Buy some $FB and divide it into multiple addresses. When you encounter a new project, use multiple addresses together to prevent a single address from being stuck in UTXO and falling behind others.
- For "Type Goose", use the pixel goose image generator to generate your favorite goose image in advance, and start playing as soon as the block height reaches 21000 (it seems like this at present, but you still need to pay close attention to the Official Twitter status. As for the engraving tool UniSat, it will definitely be online at that time)
