SHOW ALL

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

BRC-20 token standard The new destination for meme tokens

BRC-20_token_standard_The_new_destination_for_meme_tokens

In the past week, the value of BRC-20 tokens on the market has grown by 600%, and the number of BRC-20 transactions on the network has surpassed the number of BTC transactions.

Bitcoin’s BRC-20 token standard has become the newest trend in the crypto ecosystem, particularly in light of the Pepe (PEPE) memecoin’s ascent in recent months. The BRC-20 standard has been used to mint 8,500 unique tokens, with the majority of these tokens being memecoins, including PEPE and Memetic (MEME).

BRC-20 is an experimental token standard on the Bitcoin blockchain, modeled after ERC-20 for Ethereum. It permits programmers to generate and transmit fungible tokens using the Ordinals protocol.

Even though it is based on ERC-20, the BRC-20 token standard is not the same as its Ethereum-based equivalent. Smart contracts are not used with BRC-20 tokens. To mint and sell these tokens, the token standard also says that you need a Bitcoin wallet.

The BRC-20 token standard was developed by Domo, an anonymous on-chain analyst, at the beginning of March. The objective was to enable the issuance and transmission of fungible tokens on the Bitcoin blockchain. The market cap of BRC-20 tokens has surged over the past month, reaching $120 million, a 600% increase over the past week.

BRC-20 token standard The new destination for meme tokens

The frenzy surrounding the BRC-20 token has surpassed the original number of Bitcoin transactions on the blockchain. Between April 29 and May 2, BRC-20 transactions on the Bitcoin blockchain surpassed regular BTC transactions, accounting for more than 50% of all transactions during that period.

On May 1, the BRC-20 token volume reached its highest point with an unbelievable 366,000 transactions, contributing to a total of 2.36 million transactions on the network.

BRC-20 token standard The new destination for meme tokens

Along with the rise in BRC-20 transactions, the new currency activity has caused transaction fees to go up. Since it started up at the end of April, the network has brought in an extra 109.7 BTC for miners through transaction fees.

Content Source: cointelegraph.com

BRC-20 token standard The new destination for meme tokens

About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

SHARE:
Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *