When the inscription style rises again, can it save the broken market of the people?
Mar 04, 2025 pm 08:06 PM
Original | Odaily Planet Daily
Can the inscriptions regain their strength?
In the recent market downturn and weak performance of altcoins and Meme coins, the new inscription protocol HRC-20 on the BRC-20 and Hyperliquid chains have attracted community attention.
The total amount is 21 million, and the BRC-20 token MASK, which needs to be minted 2.1 million times (10 pieces per piece), once pushed the Bitcoin network gas fee to 14 Satoshi/byte on February 23, becoming one of the few "large inscription tokens" in recent months that is expected to be minted and has a number of addresses exceeding 10,000. (Odaily note: "Large Inscription Tokens" refer to BRC-20 tokens with huge minting times and require a lot of money and time.)
At the same time, the first HRC-20 token on Hyperliquid L1, HYPI, was opened for minting on February 21, with a total of 21 million pieces and the minting was completed within 5 hours. The official has invested US$109,154.01 to obtain the Hyperliquid spot trading quota, and opened trading in the early morning of this day, launching HYPI's packaging asset wHYPI.
Inscription: Revival or a flash in the pan?
The short-term FOMO emotions often make people feel illusioned.
MASK: The short-lived popularity
BRC-20 token MASK was deployed on March 10, 2023. Even during the hottest period of the BRC-20 inscription, it was not minted. Some players were even trapped at a high casting fee of 30 Satoshi/byte last year.
There are many different opinions on the reasons for its recent recovery. Some speculate that miners manipulate the market and create the illusion of prosperity to earn more Bitcoin handling fees; some believe that there is a "mysterious power" behind it. In any case, this has temporarily brought heat to the inscription market.
On February 23, the MASK casting progress reached 70%, and the market price of OKX inscriptions was US$0.3. The market once expected that it would be completed and continued to rise on February 24, but the heat subsided far exceeds expectations. As of today (February 25), the minting progress is only 88%, and the price has fallen to US$0.1, and the high on February 23 has become history.
MASK may end up minting, but its ending is likely to fade out of the market like the "large inscription token" eorb, which is also 2.1 million.
HRC-20: Performance is not as expected
HRC-20 is a homogeneous token standard launched by HPS Protocol, the inscription protocol on Hyperliquid L1, which introduces the concept of Hyperscriptions on Hyperliquid L1 and HyperEVM. HYPI is the first and only HRC-20 token, with a number of addresses held at 2231.
At present, almost all the functions of the HPS Protocol platform are unavailable, and users cannot independently deploy and transfer HRC-20 tokens. In order to quickly start trading, the official chose to launch wHYPI in the Hyperliquid spot market. Users holding HYPI will receive a 1:1 wHYPI airdrop. After the HRC-20 market is launched, users can redeem wHYPI. The total circulation of HYPI and wHYPI has always remained at 21 million pieces.
HYPI single sheet (100 pieces) casting cost is US$2-3. Before it was launched on the spot market, the over-the-counter trading price reached US$25 per sheet, with an estimated market value of US$5.25 million, which is nearly 10 times the casting cost.
However, wHYPI has been falling all the way after it was launched. The current price is US$0.024 per piece (US$2.4), with a market value of US$540,000, which is lower than the cost of casting. Players who purchased at high prices on the field suffered heavy losses.
The market is sluggish, and speculative demand is still strong
Today, the crypto market fell again, BTC fell below 91,000 USDT, and the altcoin and Meme currency markets fell sharply.
However, the market downturn also means hunger for funds and strong speculative demand. Any new hype opportunity may attract a lot of attention, but the risks are equally huge, with a lack of returns in the short term and funds will be withdrawn quickly. The MASK of BRC-20 and the HYPI of HRC-20 are the products of this market environment.
Inscriptions have become a trivial corner of the market, and the attention is far less than that of other events. Only a few investors are still sticking.
The rise and fall of the inscription is like Meme coins, reflecting the fluctuations in market speculative demand. As long as speculative demand exists, a new asset distribution model will appear. But participants should be cautious and do not blindly follow the trend.
The above is the detailed content of When the inscription style rises again, can it save the broken market of the people?. For more information, please follow other related articles on the PHP Chinese website!
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