What is the BRC-20 token rush, which includes projects such as Pepe Coin (PEPE), which has been tiring the Bitcoin (BTC) network lately and has been popular with everyone?
in January of 2023 Ordinals The process that started with the implementation of the protocol on the Bitcoin network BRC-20 extended to the token frenzy. Bitcoin’s smallest unit in the early stages of the protocol “satoshis processed on Ordinals NFTs had gained popularity. In the last 1 month period, again satoshis over texts Processing tokens began to be produced.
The full abbreviation is “Bitcoin Request for Comment” and satoshiBRC-20 tokens overwrittenis powered entirely by the security of the Bitcoin network, and bitcoin in your network activity is showing. BRC-20 token standard, Ethereum (ETH) ERC-20 similar to the standard, on the blockchain clever contracts It is designed to run.
Increasing interest has created intensity in the Bitcoin network
The serious hype experienced on tokens with the BRC-20 protocol, especially PEPE, has also created an overload in the Bitcoin network. On the Bitcoin network during busy waiting process number 400,000Cryptocurrency exchange on the way to BinanceBitcoin withdrawal transactions twice had to stop.
Contrary to market purchases we know to own the BRC-20 tokens in question a critical role of transaction fee exists. Example As an option, when you want to buy X tokens with a supply of 10 thousand pays the highest transaction fee 10,000 addresses can own these tokens. In this case, there is a serious problem on the network. intensity it creates. In this respect, BRC-20 token transactions are not with token purchases on the exchange, but NFT mint with the process similarity is showing.
Based on data provided by the on-chain analytics platform Dune with increasing interest together Saturday, May 6 The trading volume of the Bitcoin Ordinals trading market hit a record high. 9.2 million exceeded the dollar. The number of daily active users of the Bitcoin Ordinals trading market is also record The number of daily transactions exceeded 6 thousand by breaking 10 thousand he saw.
Volume increased 12x in 1 week: PEPE and ORDI lead the way
BRC-20.io Total market volume of BRC-20 market according to data provided by In 1 week approximately 12 floors increasing 80 million from dollars 990 million rose to dollars. of PEPE market volume 1 week ago 10 million filling up now 102 million reached dollars. Another BRC-20 token Ordi’s whereas 50 million dollar market volume increased rapidly in the same period. 580 million reached dollars.
Another example of rising breast named token. Meme last week approx. 4 million At the time of writing, while the dollar has a market volume 63 million BRC-20 market with a market volume of $ third positioned during. vmpx, Bench And domoIt was among the tokens that performed similarly in the BRC-20 frenzy.
BRC-20 tokens Uniswap countable UniSat stands out as the decentralized exchange of this market. The only ones that adopted the BRC-20 standard last week 6,700 tokens this amount at the time of writing around 14,000 exists. While these volumes show the volume of the tokens in question above the BRC-20 standard, they do not represent the total market volume.
Various usage areas
The BRC-20 token standard is a token standard that can be used for many projects on the Bitcoin blockchain. BRC-20 tokens on the blockchain decentralized applications (dApp) can be used to create and therefore To expand the functionality of the Bitcoin network provides a tool.
Among these projects, decentralized exchanges (DEX), payment systems, games and other applications. Therefore, the BRC-20 token standard can contribute to the growth and development of the ecosystem.