Sats

[Sats @Phvno_]

#Ordinals are getting fun again

[Black Beard @theblakbeard]

#Ordinals are getting fun again

[Leonidas 🧡 $DOG @LeonidasNFT]

@AdamWeitsman @opensea Petition for @opensea to add support for Ordinals

✏️ Repost to sign

[Sats @Phvno_]

@letrungxyz

[Sats @Phvno_]

@RuneCrypto_ https://t.co/uWAlM7C7zi

See here the 4.2m reserve addy

[Rune @RuneCrypto_]

sato has $4,210,000 in its reserves: why, what, how?

# What

the sato contract holds 1,825 ETH right now. that's $4,210,000

this isn't a treasury, isn't a foundation balance, isn't held by anyone. it's locked inside the contract that issues ethereum:0x829f4b62eebe12af653b4dd4ffc480966f7d7f09

it's been deposited by every person who has ever minted sato

# How it got there

every time someone mints a new sato, they pay ETH. that ETH doesn't go to a developer. doesn't go to a marketing wallet. it goes directly into the contract.

user ETH → contract → mints sato to user

the ETH stays in the contract forever. there is no admin key to withdraw it. there is no upgrade path to add one. there is no pause button, no emergency function, no migration script. the deployer's only privilege ever was setting the minter address once, after which all administration was permanently disabled.

verify it on etherscan. the contract has no privileged functions. the ETH cannot be removed by any human action.

# Why it's there

the reserves are what backs the inverse curve. when someone wants to sell sato, the contract pays them ETH from these reserves at a deterministic price (the burn quote, currently $0.79/sato).

it's the structural floor. anyone holding sato can exit at the burn price at any time, on chain, in a single transaction, without permission.

most tokens have no such mechanism. you sell them on uniswap, you take whatever the AMM pool gives you. liquidity is provided by LPs who can withdraw any time. there's no contractual obligation to redeem you.

sato has one. the contract is the buyer of last resort, with $4,210,000 behind it.

# How it grows

1. every mint deposits ETH into the curve
2. every sell/burn pays out ETH at the inverse curve rate, but skims 0.3% as fee that stays in the reserve

# What it means.

if you hold sato, your coins are backed by ETH in the reserves.
that backing only grows over time.
you can exit at the curve burn price anytime.
no one can dilute the reserve, no one can rug it

if you're considering buying:
every coin you buy is backed by real, on-chain, locked ETH
you can see it. you can verify it. you can math it out.

if you're skeptical:
the contract is verified on etherscan
here are zero admin functions
the reserves are publicly readable: address(contract).balance
the math is published in the whitepaper

—

most "store of value" tokens are an assertion. sato is a contract with $4.11M in escrow, immutable, mechanical, holding the floor.

[Sats @Phvno_]

@PupsToken

[Sats @Phvno_]

@cryptofergani Me

[Sats @Phvno_]

Choose wisely

[Sats @Phvno_]

@KingDegen0x Add me🫪

[Sats @Phvno_]

@Martian_Snek @BitcoinPuppets @PupsToken Welcome gang

[EDK @EDKbtc_]

this article can help you choose an ordinals marketplace that's right for you

[quary.sats @const_quary]

𝕀𝕟𝕤𝕔𝕣𝕚𝕡𝕥𝕚𝕠𝕟 𝕤𝕒𝕝𝕖𝕤 𝕙𝕒𝕡𝕡𝕖𝕟𝕚𝕟𝕘 𝕨𝕚𝕥𝕙 𝕟𝕠 𝕚𝕟𝕥𝕖𝕣𝕗𝕒𝕔𝕖

You may have noticed transactions specific to Magic Eden.

It might affect you too! Here's what's happening:

MagicEden completely shut down its interface on 9 March. They did announce, however, that the API will continue to work for the rest of March. Let's unpack what this means for you as a former user.

- The API allows programmers to access certain features that were available on the web platform as well
- Some of these features are: read listings, buy listings, and more.
- If you had your inscriptions/runes listed, your sales can still execute; the same goes for offers

What should you do as a user?

First of all, you need to check what listings you have active. Remember how I said that the ME API allows third parties to read listings?

At Magisat, we use that exact feature to import users' listings. The best thing you can do to ensure you're safe is go to Magisat(dot)io, log into your wallet, navigate to "Portfolio" and follow these steps:

1. Press "Import", wait for the sync, then press "List."

2. A modal will pop up with every inscription that MagicEden still has and provides on their API.

3. By default, the placeholder price will be the one that the MagicEden listing has as well.

4. Analyze the listings, list what you like to keep listed on Magisat as well, and REMEMBER the inscriptions that you want to cancel all the listings for.

5. From the same page, after you close the modal, SELECT all the listings you want to cancel from ANY other platform that has them listed, and the transfer button in the footer.

6. You will be redirected to Magisat's transfer tool. There, write your own address as the destination for each inscription (can be the same as the one that you're currently on).

7. Hit transfer. That's all! You're now (1) Safe from selling your Ordinals that you didn't get to delist, and (2) you imported the listings over to Magisat and got eligible to our Magisat Takeover campaign.

Stay safe! Useful links and tutorial video for importing in the first comment👇.

[Sats @Phvno_]

@rodarmor @BitcoinPuppets We thank you for your service🫡

[Sats @Phvno_]

@0xSweep

[Sats @Phvno_]

Satoshi got mentioned in the Epstein files is what causes this dump

[Sats @Phvno_]

@NFTGUYY @0xSweep Not me

[Sats @Phvno_]

@meechie The best position

[King No @KingQuantavio]

The $mETF last supper

[Sats @Phvno_]

https://t.co/i8v1TpK3fb