Up to now week, the worth of BRC-20 tokens in the marketplace has grown by 600%, and the variety of BRC-20 transactions on the community has surpassed the variety of BTC transactions.
Bitcoin’s BRC-20 token commonplace has grow to be the latest pattern within the crypto ecosystem, notably in gentle of the Pepe (PEPE) memecoin’s ascent in current months. The BRC-20 commonplace has been used to mint 8,500 distinctive tokens, with nearly all of these tokens being memecoins, together with PEPE and Memetic (MEME).
BRC-20 is an experimental token commonplace on the Bitcoin blockchain, modeled after ERC-20 for Ethereum. It permits programmers to generate and transmit fungible tokens utilizing the Ordinals protocol.
Though it’s based mostly on ERC-20, the BRC-20 token commonplace is just not the identical as its Ethereum-based equal. Sensible contracts aren’t used with BRC-20 tokens. To mint and promote these tokens, the token commonplace additionally says that you simply want a Bitcoin pockets.
The BRC-20 token commonplace was developed by Domo, an nameless on-chain analyst, in the beginning of March. The goal was to allow the issuance and transmission of fungible tokens on the Bitcoin blockchain. The market cap of BRC-20 tokens has surged over the previous month, reaching $120 million, a 600% improve over the previous week.
The frenzy surrounding the BRC-20 token has surpassed the unique variety of Bitcoin transactions on the blockchain. Between April 29 and Might 2, BRC-20 transactions on the Bitcoin blockchain surpassed common BTC transactions, accounting for greater than 50% of all transactions throughout that interval.
On Might 1, the BRC-20 token quantity reached its highest level with an unbelievable 366,000 transactions, contributing to a complete of two.36 million transactions on the community.
Together with the rise in BRC-20 transactions, the brand new forex exercise has triggered transaction charges to go up. Because it began up on the finish of April, the community has introduced in an additional 109.7 BTC for miners by way of transaction charges.
Content material Supply: cointelegraph.com
