BRC20 Enters Utility Arc: GHSY & TRVS

brc20

BRC20 tokens have seen yet another injection of attention recently with ATHs being hit across the board. This follows the recent Binance listing of ORDI, the first BRC20 token deployed on the Ordinals protocol, reaching a high of $65 on December 5th. Other tokens experiencing a notable uptick include TRAC and SATS, both witnessing a substantial increase in sales volume.

Traditionally, BRC20 tokens have been, well, completely useless in their functionality, serving either as memes or mere representatives of projects who have delivered no working product as of yet. However, a new narrative is beginning to play out, quite possibly inspired by the success of TRAC, with two tokens catching the eye of Ordinals investors seeking teams committed to delivering tangible products.

Ghosty.cash

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Ghosty.cash ($GHSY) positions itself as the Uniswap for BRC-20, enabling efficient and anonymous cross-chain swaps with BRC-20 tokens. To ensure user privacy, GHSY routes transactions through a series of exchanges, tunneling funds through the Monero network for added anonymity. This sets GHSY apart from conventional coin mixers by emphasizing that they neither mix user funds nor hold any cryptos at any time.

The platform will incentivize users by allowing them to stake $GHSY and earn wBTC, granting a share of the platform’s profits. Despite its relatively recent entry into the market, GHSY has steadily grown, reaching 1050 holders and sits at a current price of $0.43 per token.

GHSY charges a modest fee of around 0.4% for exchanges, which contributes to the continuous improvement of its services. They’ve garnered a whole new legion of admirers by partnering with TRAC’s TAP protocol, quite possibly the first in many future alliances. 

But is it safe to use? According to their FAQs, yes, Ghosty conducts extensive security tests and does not hold user funds, prioritizing the safety of user assets.

Traverse

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Traverse ($TRVS) is emerging as a security protocol designed for BRC20s, offering a robust set of safety features. With a current price of $0.000034 per token and only 550 holders, TRVS is the lesser known of the two, for the time being at least.

At its core, Traverse brings traditional security features to the blockchain, ensuring phishing protection and wallet recovery through a combination of MFA and security questions. The platform supports a wide range of assets across various chains, including both crypto and NFTs.

Users with cold wallets benefit from enhanced security through TRVS, protecting against malicious contracts, phishing attacks, and exploits. Traverse even ensures peace of mind that in extreme scenarios, such as the company going bust, users could still access their vaults. 

Final Thoughts

In a nutshell, GHSY and TRVS are the new players in the BRC20 space setting a new standard, addressing needs that often went unnoticed before. They bring a fresh perspective to the table, and as these projects gain traction, it’s likely that others will follow suit, drawing users towards options that genuinely offer value.

The ongoing developments in this space are quite intriguing for those keeping an eye on things. But, of course, let’s not overlook what brought us to the dance—the memecoins and those useless animal tokens; the likes of which there will always be room for on Ordinals!

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