• On May 9th, the total market capitalization of BRC-20 Bitcoin tokens surpassed $1 billion.
• The BRC-20 token standard is a novel form of fungible token that “employs Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers.
• BitKeep recently announced its support for the ordinals protocol and BRC-20 protocol on its mobile and plugin-extension platforms.
BRC-20 Tokens Surpass $1 Billion Market Cap
On May 9th, the total market capitalization of BRC-20 Bitcoin tokens surpassed $1 billion with a trading volume of $207.7 million in the past 24 hours. This growth comes two months after the creation of the Bitcoin token fungibility protocol by Twitter user Domo on March 8.
What is BRC-20?
BRC-20 is a novel form of fungible token that employs Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers which are stored on the Bitcoin base chain. Ordinals is a numbering system that assigns a unique number to each satoshi while inscriptions add data to each satoshi allowing users to create unique digital assets on the blockchain. Currently, there are over 14,000 BRC-20 tokens deployed on Bitcoin compared to an estimated 400 million tokens on Ethereum.
BitKeep Supports Protocols
On May 8th, BitKeep announced its support for both Ordinals protocol and BRC-20 protocol through their mobile app as well as plugin extensions. A new NFT section was also added into their marketplace allowing for display, minting, transfer and trading of BTC NFTs based off this protocol while Trust Wallet does not yet provide support for ordinal protocols. MetaMask also added a feature allowing use of these protocols as well.
Warnings from Creator
Despite its traction in usage among developers and investors alike, Domo – creator of this standard – has openly stated that it’s worthless experiment should not be used or wasted money mass minted by users according to BitKeep researchers.
Conclusion
The success in growth in usage shows just how much potential lies within blockchain technology specifically when it comes to creating unique digital assets with new standards such as BCR 20 despite warnings from its creators about wasting money mass minting it