2 years ago
BRC-20 token marketplace headdress has seen a 600% emergence implicit the past week, and its transaction measurement has overtaken the modular BTC transactions connected the network.
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Bitcoin’s BRC-20 token modular has go the latest inclination successful the crypto ecosystem, particularly aft the Pepe meme coin emergence successful caller months. A full of 8,500 antithetic tokens person been minted utilizing the BRC-20 standard, and the bulk of these BRC-20 tokens are meme coins, specified arsenic Pepe and Meme.
BRC-20 is an experimental token modular connected the Bitcoin (BTC) blockchain modelled aft Ethereum's ERC-20. It allows programmers to make and nonstop fungible tokens via the Ordinals protocol.
Although modelled aft ERC-20, the BRC-20 token modular is fundamentally antithetic from its Ethereum-based counterpart. BRC-20 tokens don’t marque usage of astute contracts. The token modular besides requires a Bitcoin wallet to mint and commercialized these tokens.
The BRC-20 token modular was created early successful March this twelvemonth by an anonymous on-chain expert called Domo. The nonsubjective was to marque it imaginable for fungible tokens to beryllium issued and transferred connected the Bitcoin blockchain. The marketplace headdress of BRC-20 tokens has exploded implicit the past period and presently sits astatine $120 million, a 600% emergence from the past week.
BRC-20 tokens marketcap. Source: OrdinalsThe BRC-20 token frenzy has besides dwarfed the archetypal fig of Bitcoin transactions connected the blockchain. The fig of BRC-20 transactions connected the Bitcoin blockchain betwixt April 29 and May 2 reached implicit 50% outperforming regular BTC transactions.
Related: Bitcoin metrics to the moon: ATH for hash rate, regular transactions and Ordinals
The BRC-20 token measurement peaked connected May 1 with 366,000 transactions, and the full fig of transactions connected the web is 2.36 million.
BRC-20 tokens transaction volume. Source: DuneAlong with the emergence successful the fig of BRC-20 transactions, the transaction fees person besides seen a important surge owed to the caller token activity. Since its inception successful precocious April, the web has generated an further 109.7 BTC successful transaction fees for miners.
BRC-20 tokens full fees. Source: DuneThe meme coin frenzy has been a notable taxable connected the Ethereum (ETH) blockchain, but with the emergence of the BRC-20 standard, a akin inclination is besides observed connected the Bitcoin blockchain. The meme coin frenzy has besides led to a important rise successful Ethereum web state fees leading to web congestion arsenic well.
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