Bitcoin propels BRC-20 tokens!

A great first in the history of the Bitcoin network. BRC-20 tokens based on the Bitcoin network through the Ordinals protocol currently have a combined market value of over $900 million. For members of the crypto community as well as analysts, this marks the rapid rise of an emerging asset niche on the most famous blockchain.

The market value of Bitcoin-based BRC-20 tokens currently exceeds US$900 million

Ordinals Protocol and BRC-20 on Bitcoin: The Foundations of Today’s Blockchain Success

Ordinals is a protocol allowing developers to give a distinct identity to each Satoshi of the bitcoin network. This takes place during a process called “registration”. This process ensures the development of interchangeable fungible tokens like the BRC-20. That’s not all ! The Ordinals team also allows the development of non-fungible tokens (NFT) on Bitcoin.

The Ordinals protocol team implemented the method to generate the NFTs on the Bitcoin network while the developer Domo came up with an experimental token standard based on the Ordinals protocol, called BRC-20. The latter is comparable to ERC-20, the token standard on the Ethereum blockchain.

Memecoins dominate the Bitcoin network

According to some statistics, the number of BRC-20 tokens created on Bitcoin via the Ordinals protocol has increased significantly. In recent months, for example, more than 11,000 tokens have been generated.

Trading activities related to these BRC-20 tokens have resulted in a significant increase in daily Bitcoin transactions. Added to this is a rise in Bitcoin’s network fees over the past week.

Memecoins represent the majority of tokens created using BRC-20 on the Bitcoin network. And the computer memecoin sits at the top of the list with a diluted value of more than half a billion dollars.

Memecoins and BRC-20 currently play an important role within the Bitcoin network. But not only ! The rapid rise of these digital assets on the world’s most famous blockchain platform is concrete evidence of the development of blockchain as well as the growing interest in crypto investments.

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