From the lens of 7 years in Exchanges, Media, GameFi & BTC Infra, the recent buzz around the Bitcoin ecosystem, fueled by the upcoming BRC 2.0 upgrade, is a familiar yet distinct cycle. The market is once again captivated by the potential of native Bitcoin financial applications, and for good reason.
The upcoming BRC 2.0 upgrade has ignited a speculative fire in the Bitcoin ecosystem, with related assets experiencing significant wealth effects that are drawing the attention of degen traders. A prime example is the leading BRC 2.0 concept NFT project, Adderrels, which saw its transaction price skyrocket over 100-fold in the past month, from approximately $15 to $2,300. This article will delve into the transformative changes BRC 2.0 promises for the BRC-20 protocol and survey the current landscape of related assets and investment plays.
Unpacking the BRC 2.0 Upgrade
Contrary to what the name might suggest, BRC 2.0 is not a new protocol but rather a significant upgrade to the existing BRC-20 protocol, spearheaded by Best in Slot, a core maintainer of BRC-20. The core of this upgrade is to imbue all BRC-20 tokens with EVM-compatible smart contract functionality. This enhancement is designed to unlock a new frontier of advanced financial applications on Bitcoin, including DeFi, stablecoins, Decentralized AI (DeFAI), DAOs, and Real World Assets (RWAs).
This initiative, which has been in development since January 2025, has garnered widespread support from key players in the BRC-20 ecosystem. Backers include the Layer 1 Foundation, led by BRC-20 founder Domo, as well as major platforms like Unisat and OKX Wallet. This broad consensus indicates that BRC 2.0 is a calculated move by core developers to thrust the BRC-20 standard back into the limelight.
However, the method for achieving this programmability has drawn some scrutiny. The BRC 2.0 architecture integrates an EVM executor with the BRC-20 indexer, with the final state updates being managed entirely by the indexer on the Bitcoin chain. This means the “EVM executor” operates off-chain, requiring users to trust the indexer to correctly report contract interactions on-chain. This reliance on an off-chain solution has led to concerns within the market regarding its degree of decentralization and potential for single points of failure. To address the latency and fee hurdles of the Bitcoin mainnet, Best in Slot has also indicated plans to create a gasless “app-chain” for BTCFi.
Beyond programmability, the introduction of the “Ordinal Locker” is a pivotal feature of the BRC 2.0 upgrade. This mechanism leverages Bitcoin’s time-lock functionality to allow users to lock their Ordinals assets. In doing so, it unlocks a variety of new functionalities for BRC-20 tokens, such as mining, staking, airdrops, and voting. The “Ordinal Locker” supports various lock-in periods, including 1 hour, 1 month, 3 months, 6 months, and 1 year. The recent and rapid appreciation of the Adderrels NFT floor price is directly linked to this new feature.
BRC 2.0 Mainnet Launch Roadmap
The rollout of the BRC 2.0 upgrade is slated to occur in two phases:
Phase 1: Launchpad and 6-Character BRC-20 Tokens
This initial phase is scheduled to activate at block height 909,969, around August 14th. At this point, the BRC 2.0 will go live on the Bitcoin mainnet, enabling the deployment of 6-character BRC-20 tokens (an extension from the current 4 and 5-character limit). These new tokens will immediately possess programmable capabilities. In conjunction with this, Best in Slot will release a custom launchpad for creating programmable virtual assets based on BRC 2.0.
Phase 2: Full Programmability for All BRC-20 Tokens
The second phase is targeted for block 914,888, estimated to be around September 17th. Upon completion of this phase, all existing 4 and 5-character BRC-20 tokens will also gain programmability.
The “Pre-Runes” Playbook: Pre-BRC 2.0 Asset Frenzy
Mirroring the speculative fervor that preceded the official launch of the Runes protocol in 2024, the market is already witnessing a surge in “Pre-BRC 2.0” concept assets. Many of these NFT projects are being launched with the promise of future airdrops of BRC 2.0 tokens. However, investors should exercise caution as the space is rife with opportunistic projects. Here is a look at some of the more prominent Pre-BRC 2.0 assets:
Adderrels: As the first BRC 2.0 concept NFT, Adderrels has seen its floor price surge over 100x from its initial mint price. With a total supply of 3,420, it has a tokenomics model that allocates a significant portion to holder airdrops and staking rewards. Notably, nearly 60% of Adderrels NFTs are already locked via the Ordinal Locker.LIQUID: Touting itself as the first Pre-BRC 2.0 token minted on Ordinals, LIQUID has a total supply of 50 million tokens, with each of its 50,000 NFTs representing 1,000 tokens. The project promises a token airdrop to NFT holders without the need for staking.Early Birds: This collection of 5,000 NFTs is positioned as the first BRC 2.0 series with a staking function. Each NFT corresponds to 1,000 “birdie” tokens to be airdropped after the BRC 2.0 upgrade. A significant portion of these NFTs has already been staked, with stakers eligible for additional token rewards.buttmullets: Closely associated with Adderrels, all buttmullets stakers were given whitelist access, and the project promises future token airdrops. This connection led to a rapid mint-out of its 3,333 NFTs.Griftmo: Despite not explicitly announcing any BRC 2.0 related airdrops, Griftmo has received engagement from the official Best in Slot account. The project’s 3,888 NFTs were minted on July 28th.
The Pre-BRC 2.0 landscape is dynamic and filled with a mix of promising and potentially dubious projects. The low barrier to entry for obtaining whitelist spots or official interactions warrants a cautious and discerning approach from investors.
The BRC 2.0 Wave: A Deep Dive into Bitcoin’s Programmable Future was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.