BRC-20 Tokens Driving Growth on the Bitcoin Network
The notable increase in Ordinals inscriptions on the Bitcoin network, from 2.5 million to 4.78 million within a week, can be primarily attributed to the emergence of BRC-20 tokens. This new token standard was developed by a Twitter user named domodata on March 8, 2023.
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Initially, Ordinals were primarily utilized for minting non-fungible tokens (NFTs). However, users soon discovered the potential to create fungible tokens akin to Ethereum's ERC-20 standard, which led to the inception of BRC-20 tokens.
The BRC-20 token standard leverages Ordinal inscriptions for deploying contracts, minting tokens, and executing transfers. A new tracking tool, brc-20.io, has been introduced and showcases over 14,000 BRC-20 tokens on the Bitcoin blockchain, featuring popular tokens such as “ordi,” “nals,” and a Bitcoin-based Pepe memecoin.
Although the total market cap of BRC-20 tokens currently stands at around $600 million, Galaxy Digital projects that this market could potentially reach a staggering $4.5 billion by 2025.
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