$REON: Cornerstone Community Pioneering the Social Ecosystem on BTC
$REON was launched on December 19 as a MEME token, initiated by the ReadON community and utilizing the conventional BRC-20 fair launch method. The rapid surge in attention towards $REON was noteworthy: not only he inscription’s minting process was finalized in a mere 40 minutes, $REON also experienced a remarkable ascent, climbing to the 6th position on OKX immediately after launch. This was accompanied by an impressive increase of over 400% in its token price, all within the first 24 hours.
$REON has presented an encouraging outlook for the future of BTC and inscriptions. As the architect of the REON community, ReadON plays a pivotal role in conveying its vision to both $REON holders and the wider ReadON community. Our aspiration is for this roadmap to be sufficiently detailed and pragmatic, garnering the backing and support of the entire $REON holder base.
CONTROVERSIES
During the fair launch of $REON, we observed several phenomena, leading to the derivation of key insights about the existing inscription minting process and the broader BTC Ecosystem.
The “fair” launch is not truly fair
Although we promptly informed the community about the token launch as soon as the deployment was confirmed, a significant portion of the tokens was quickly acquired by bots and automated programs operating on-chain. This led to a gas war, which proved to be disadvantageous for genuine users. The programmed bots had a clear edge over ordinary users, resulting in loyal ReadON enthusiasts incurring losses due to gas fees. Our own attempts to participate in the minting process, finding ourselves buried in the queue alongside regular users, brought a stark realization: the concept of a “fair launch” indeed requires significant improvement.
Lack of transparency of tokenomics and uncertain token utility
We hold the conviction that for any token to succeed, having a clear utility and being supported by a forward-thinking project is essential. Currently, the BRC-20 market seems predominantly driven by “Fear Of Missing Out” (FOMO), rather than by the intrinsic value of the projects themselves.
Elevated gas fees but boundless potential
$SATS currently boasts the largest BRC-20 holder base, comprising approximately 40–50K users. In contrast, ReadON has amassed 1 million registered users across 9 countries. Overcoming the challenges of high gas fees and infrastructural constraints could unlock enormous potential for growth and expansion.
Essential social infrastructure remains underdeveloped
Fundamental infrastructures such as snapshot, wallet-supported Digital Identity (DID), or token-gated social platforms are all yet absent in the BTC ecosystem. This makes it challenging to establish and engage communities based on common inscriptions, hindering the process of making proposals and voting within such groups. We believe that social applications offer the most accessible pathway for guiding users into this new ecosystem and lower barriers to entry.
OUR VISION
ReadON has had a definitive mission from day one: to usher 1 billion users into Web3 through innovative content and social utilities. Our aspiration is for $REON to become the cornerstone community, spearheading the development of a comprehensive social ecosystem for users on BTC.
ROAD MAP
Establishing social identity for true fairness
To facilitate truly fair launches with the BTC ecosystem moving forward, it is imperative for us to establish a social identity layer that can effectively differentiate real users from bots. Balancing on-chain social identity with user privacy and safety is a complex challenge, as both aspects are equally critical. Fortunately, advancements in Zero-Knowledge Proof technology have demonstrated promising potential in achieving both transparency and safety concurrently.
Implementing a governance layer for token-gated communities
Decision-making, management, and governance actions represent the fundamental social utilities for all communities. By enhancing our toolset, we aim to make this governance layer universally applicable across all BTC assets, fostering stronger consensus and unity within their respective communities.
Social Layer 2 on BTC: Efficient and low-gas infrastructure for BTC social applications
We are committed to empowering the $REON community to build and introduce a Layer 2 social infrastructure on BTC in collaboration with various partners. This initiative will enable developers to design social applications centered around identity, content, connections, and interactions.
OPEN TO EVERY ONE
$REON represents not just a project, but a community wholly devoted to establishing a social ecosystem on BTC. With an abundance of tasks ahead, we are eager for individuals who share our vision to join our endeavor. To support this initiative, we will incubate, invest in, and collaborate with potential projects to empower the $REON community. If you have any project proposals or ideas, please do not hesitate to contact us at reon@readon.me. In the future, we aim to transition our community governance to a token-gated platform to enhance transparency.
Let’s get on to the actions and make things happen.
