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.
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.
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