Bitcoin BRC-20 token commonplace turns into a brand new vacation spot for meme tokens

Bitcoin’s BRC-20 token commonplace has develop into the most recent development within the crypto ecosystem, particularly after the Pepe meme coin rise in current months. A complete of 8,500 totally different tokens have been minted utilizing the BRC-20 commonplace, and nearly all of these BRC-20 tokens are meme cash, equivalent to Pepe and Meme.

BRC-20 is an experimental token commonplace on the Bitcoin (BTC) blockchain modelled after Ethereum’s ERC-20. It permits programmers to create and ship fungible tokens by way of the Ordinals protocol.

Though modelled after ERC-20, the BRC-20 token commonplace is essentially totally different from its Ethereum-based counterpart. BRC-20 tokens don’t make use of sensible contracts. The token commonplace additionally requires a Bitcoin pockets to mint and commerce these tokens.

The BRC-20 token commonplace was created early in March this 12 months by an nameless on-chain analyst referred to as Domo. The target was to make it potential for fungible tokens to be issued and transferred on the Bitcoin blockchain. The market cap of BRC-20 tokens has exploded over the previous month and at the moment sits at $120 million, a 600% rise from the final week.

The BRC-20 token frenzy has additionally dwarfed the unique variety of Bitcoin transactions on the blockchain. The variety of BRC-20 transactions on the Bitcoin blockchain between April 29 and Might 2 reached over 50% outperforming common BTC transactions.

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The BRC-20 token quantity peaked on Might 1 with 366,000 transactions, and the overall variety of transactions on the community is 2.36 million.

Together with the rise within the variety of BRC-20 transactions, the transaction charges have additionally seen a big surge because of the new token exercise. Since its inception in late April, the community has generated a further 109.7 BTC in transaction charges for miners.

The meme coin frenzy has been a notable subject on the Ethereum (ETH) blockchain, however with the rise of the BRC-20 commonplace, an identical development can also be noticed on the Bitcoin blockchain. The meme coin frenzy has additionally led to a big rise in Ethereum network gas fees resulting in community congestion as effectively.

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