Navigation Directory
1 Introduction
2. Jack’s journey into the Bitcoin ecosystem
3. Jack’s investment philosophy
4. The concept of BAMK and NUSD
5. Build on-chain attention and community
6. Future Milestones and Goals
7. Conclusion
01. Introduction
Welcome to Ryze Up, brought to you by Ryze Labs. Ryze Labs is a bridge between the East and the West. We want to accelerate the development of Web3 in emerging markets and impact the world of Web3 around the world. Local insights, global impact, let’s start together. Time to Ryze Up.
This episode's host
Joven, Director of Business Development at Ryze Labs, focuses on expanding the fund’s impact in the global developer community and providing strategic guidance to the fund’s portfolio companies.
Special Guest
Special guest: Jack Liu, a well-known figure in the Bitcoin ecosystem. Jack participated in Bitcoin expansion as early as 2015/2016. The Bitcoin ecosystem has grown significantly over the past decade, introducing features such as ordinals, runes, op_cat, and various Layer 2 and sidechain solutions. Jack shares his unique journey and insights into the world of Bitcoin and cryptocurrency.
02. Jack’s journey into the Bitcoin ecosystem
Jack’s journey into Bitcoin began in 2013 when he discovered a white paper on Zero Hedge. The price of Bitcoin was around $175 at the time. Coincidentally, he found an article about a Bitcoin ATM that would be opening in Vancouver, so he bought his first Bitcoin while visiting. Initially, the Bitcoin industry was small and dominated by technicians, which made it challenging for someone like Jack who had no coding background to enter the field. However, his passion for Bitcoin led him to become a blogger in 2013 and 2014.
Jack’s career took a major turn when Kraken founder Jesse Powell contacted him through Roger Ver who read Jack’s blog. This led to Jack’s involvement with Kraken and later joining OKCoin where he helped launch OKX. He also worked at Circle and witnessed the development and debate within the Bitcoin scaling community. Despite the emergence of other cryptocurrencies such as Ethereum, Jack remained focused on Bitcoin and contributed to various projects and innovations.
03. Jack’s investment philosophy
Jack shared his investment philosophy, emphasizing the importance of simplicity and liquidity in the decentralized economy. He described his approach to evaluating cryptocurrency opportunities, using the formula of "simple, new, and liquid." He explained that in the decentralized world, the goal is to connect with strangers around the world, so investments must be easy to understand and widely accepted. For example, Jack pointed out that Ordi was the first BRC20 token on Bitcoin, and its simplicity and easy tradability on various platforms helped it quickly gain market value.
Jack also reflects on missed opportunities and the importance of adjusting investment strategies based on past experiences. He emphasizes the need to identify and seize new trends early, even if they seem unconventional or risky at first.
04. Concepts of BAMK and NUSD
Jack provided operational insights into BAMK and NUSD. BAMK is a meme token, while NUSD is similar to Ethena on Ethereum. The initial distribution of BAMK includes 6.25% to the public and another 6.25% to NUSD holders. The remaining token supply is reserved for future needs, such as potential venture capital or additional reward allocations. Jack emphasized the importance of sustainable growth and plans to burn tokens based on specific milestones. BAMK quickly became a top 3 rune by market capitalization after its launch.
NUSD is a synthetic U.S. dollar that runs on the Bitcoin mainnet. Jack detailed the need for stablecoins like NUSD on the Bitcoin mainnet, which provide a decentralized alternative to traditional stablecoins such as USDT and USDC. Despite Bitcoin’s slower transaction speeds and higher fees, significant on-chain activity proves the worth of NUSD.
Jack compared NUSD to well-known stablecoins such as USDT and USDC. Unlike these traditional stablecoins that are backed by actual US dollars in bank accounts, NUSD operates as an algorithmic stablecoin running on the Bitcoin mainnet. This decentralized approach appeals to Bitcoin holders who want to avoid centralized exchanges and keep transactions on-chain.
05. Build on-chain attention and community
Jack’s insights on building on-chain attention were particularly thought-provoking. He emphasized that success in the crypto world does not necessarily come from traditional marketing strategies, but from genuine interaction with the on-chain community. Rather than focusing on off-chain attention, such as social media popularity or media exposure, Jack believes in the power of on-chain presence and activity.
For BAMK and NUSD, this approach means creating real value and participation in the Bitcoin network. Jack mentioned that the rapid development of these projects is due to their organic growth, transparency, and active community participation. By issuing tokens on the chain and cultivating a decentralized economy, they have attracted a group of dedicated users who have contributed to the success of the project by trading, holding, and building additional tools and applications.
One standout aspect of BAMK’s growth has been its strong community engagement. Jack attributes this to a user-centric approach that prioritizes the interests of users over focusing on investor profits. This philosophy is reflected in the initial distribution strategy: 6.25% of BAMK is minted for free and available to the public, and another 6.25% of BAMK tokens are airdropped to NUSD holders. This inclusive approach has led to a highly engaged community that has organically contributed to marketing and content creation, aligning their interests with the success of the project.
Jack shared that BAMK's Telegram group has grown from a small community to hundreds of active members who are raising awareness of the project by creating memes, referrals, and content. This grassroots approach has played an important role in the development of the project, demonstrating the impact of real on-chain participation and community building.
06. Future Milestones and Goals
Looking ahead, Jack discussed future milestones for BAMK and NUSD. These include further growth in total locked value (TVL), potential centralized exchange listings, integration with Layer 2 solutions, and broader adoption in the Bitcoin ecosystem. An important long-term goal is to automate projects using on-chain perpetual swaps and reduce reliance on centralized exchanges.
Jack also spoke about the importance of organic growth and addressing any concerns with centralized exchanges before seeking a listing. The ultimate goal is to ensure that BAMK and NUSD are sustainable, transparent, and beneficial to the community in the long term. It is worth noting that UTXO Management has invested $1 million in NUSD, indicating that the project has received a certain degree of institutional attention.
07. Conclusion
BAMK and NUSD are emerging projects that have been online for less than two months, but they have quickly risen to the third highest runes token. Their rapid rise has surprised many and made them a presence worth watching in the Bitcoin space. It is interesting to watch developers like Jack create the infrastructure and necessary tools required for Bitcoin Finance (BTCFi). Despite the potential risks of synthetic dollars, it will be interesting to watch how Jack and his team address these challenges and continue to develop the project. We will keep a close eye on the progress of BAMK and NUSD.
