BRC-20 tokens surpass $1B market cap as wallet providers prepare integration
On May 9, the total market capitalization of BRC-20 Bitcoin tokens surpassed $1 billion, with a total trading volume of $207.7 million in the past 24 hours. Some of the most notable deployed tokens include ordi, nals, VMPX, pepe, and meme, with price variance of between +11% and -55% within the past day.
According to analysts at multi-chain wallet BitKeep, the BRC-20 token standard is a novel form of fungible token that "employs Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers, which are stored on the Bitcoin base chain." Ordinals is a numbering system that assigns a unique number to each satoshi, or one hundred millionth of a Bitcoin (BTC), enabling its tracking and transfer. Meanwhile, the "inscription" process adds a layer of data to each satoshi, allowing users to create unique digital assets on the Bitcoin blockchain.
The BRC-20 token standard was developed by Twitter user domodata on March 8. Currently, there are over 14,000 BRC-20 tokens deployed on Bitcoin compared to an estimated 400 million tokens on Ethereum. Despite its traction, BitKeep researchers wrote, "BRC-20's creator has openly stated that the standard is worthless and that users should not waste money mass minting this fun experiment."
gm. I'm glad that some people like the experiment. Some additional notes. 1. These will be worthless. Please do not waste money mass minting. 2. Due to how some inscription tools are set up, the 'balance' may be minted to the intermediary address used in https://t.co/mja39YGIow…
On May 8, BitKeep announced that it would soon support the Ordinals Protocol and BRC-20 Protocol on its mobile and plugin extension platforms. A new Bitcoin NFT section will also be included in the
Read more on cointelegraph.com
