Binance published a report examining the BRC-20 tokens and the technology behind them, which will mark 2023.
In the report published by Binance “inscriptions” and BRC-20 tokensHe stated that it caused a serious increase in activity in the Bitcoin network and the emergence of new technologies to be developed. These emerging innovations are part of Bitcoin’s More than just a store of value He stated that it showed that it can also be used as a platform for various applications.
With the launch of spot Bitcoin ETFs and increased transactions on the Bitcoin network, Bitcoin is expected to around 40% advancing market share increased over 50% Stating that BRC-20s have created a new trend and demand frenzy, Binance wrote that this situation affects Bitcoin transaction fees and even the functioning of the network.
However, Binance stated that with the development of this technology, different thoughts came with the society, and some critics said that it created problems and congestion in the network, and some said that this was the case. There is an opportunity to create new L2 solutions he stated in the report.