Key Points:

  • The BRC-20 token standard employs Ordinals and Inscriptions to manage token contracts, minting, and transfers on the Bitcoin base chain.

  • Currently, there are over 17,000 BRC-20 tokens deployed on Bitcoin, with a total market capitalization of $600 million.

The BRC-20 token standard uses Ordinals and Inscriptions to manage token contracts, minting, and transfers. Over 17,000 tokens are deployed on Bitcoin, with a market cap of $600M.

On May 9th, the market capitalization of BRC-20 Bitcoin tokens surpassed $600 million, with a total trading volume of $207.7 million within the past 24 hours. The tokens deployed include ordi, nals, domoD, pepe, and meme, with a price variance of between +5% and -50% within the past day.

The BRC-20 token standard is a novel fungible token that employs Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers stored on the Bitcoin base chain. Ordinals is a numbering system that assigns a unique number to each satoshi, allowing for tracking and transfer. At the same time, the inscription process adds a layer of data to each satoshi, allowing users to create unique digital assets on the Bitcoin blockchain.

Domodata, a Twitter user, developed the BRC-20 token standard on March 8th. Over 17,000 BRC-20 tokens are deployed on Bitcoin compared to an estimated 400 million tokens on Ethereum. Despite its traction, BRC-20’s creator has openly stated that the standard is worthless, and users should not waste money mass minting this fun experiment.

gm. I'm glad that some people like the experiment. Some additional notes. 1. These will be worthless. Please do not waste money mass minting. 2. Due to how some inscription tools are set up, the 'balance' may be minted to the intermediary address used in https://t.co/mja39YGIow…

— domo (@domodata) March 9, 2023

The BRC-20 token standard is a new type of fungible token that uses Ordinals and Inscriptions to manage token contracts, minting, and transfers. It was created as a fun experiment but has gained traction and is being deployed on Bitcoin. Binance NFT Marketplace announced it will support Bitcoin Ordinals, showing its potential. While TrustWallet does not support Bitcoin Ordinals, MetaMask, and Ledger do, suggesting that Ordinals could become important for the broader web3 ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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