UniSat Wallet: Creating and Storing Ordinals
An array of new tokens on the Bitcoin blockchain keep emerging in the crypto world. Among these, Ordinals can now be tracked, traded, and even minted, all thanks to the new UniSat wallet.
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UniSat started its journey integrating BRC-20 amidst the rising popularity of NFTs, thereby making this venture successful from the get-go. The project is currently flourishing thanks to the memecoin craze sweeping across the crypto space. Users have had access to the platform's beta version since April 23, 2023. As per the creators' claim, it is the only operational wallet that supports Ordinals at present.
How to сreate and use the BRC-20 UniSat wallet?
You can download the UniSat wallet directly from the project's website via the Chrome browser or from Github. It's open-source software. Choosing “Download from Chrome Store” and “Add to Chrome” triggers the automatic installation of the extension.
UniSat download options. Source: unisat.io
Once the extension is installed, you simply import it into your wallet. But first, you need to go through an authentication process and create a recovery password (seed phrase). You can fund your UniSat wallet either from another wallet or via a cryptocurrency exchange.
How to mint, buy, and sell BRC-20 through UniSat?
The “BRC-20” tab lists all the supported tokens (29,400 entries at the time of writing this article). The “In Progress” section features tokens that haven't reached their maximum possible quantity yet. When a token reaches its cap, it can no longer be minted. However, more than half of the tokens on the platform have yet to reach 10% of their potential issuance. A vast majority, though, are of little to no value, unlikely to last beyond a month.
However, there are also popular ordinals: PEPE, ORDI, SATS, DOGE. You can gauge a token's investment potential based on the number of holders who possess it.
List of supported tokens. Source: unisat.io
Step 1: If you have chosen a token, click on it to access its detailed information page.
Step 2: Specify the required amount of your chosen tokens and click the ‘Continue' button.
Step 3: Input the wallet address, select a payment method (gas), and press the confirmation button.
Step 4: Complete the final confirmation.
Step 5: After the transaction is completed, you can check your wallet — the ordinals should now be reflected in its balance.
In the “Mint” section, you can create your own BRC-20 token by assigning it a unique ticker.
Considering the abundance of tokens featuring unconventional names and held by individual owners, it seems that numerous users are presently exploring the possibilities offered by the UniSat platform.
The buying and selling of BRC-20 tokens are facilitated in the “Market” tab, which was added to the site in early May. If you meet all the UniSat system requirements, you can connect your wallet and start trading.
The success of this project largely depends on the fate of the ordinals themselves. There is a fervent debate happening right now about how memecoins are slowing down transaction speeds on the already unhurried BTC blockchain. Moreover, their popularity has caused transaction fees to skyrocket.
However, if you are interested in the possibility of obtaining a software wallet with the ability to create and sell your own BRC-20 tokens, you can check out the introductory video presented by the UniSat team.
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