BRC20 Token Standard Sparks Frenzy in Bitcoin Community With Market Cap Surpassing $95 Million

As of May 3, 2023, the Bitcoin blockchain has witnessed a staggering 3.35 million Ordinal inscriptions, and a brand new experimental token commonplace referred to as “Bitcoin Request for Comment,” or BRC20, has garnered substantial consideration prior to now week. With 10,487 BRC20 tokens constructed utilizing Ordinals and a swelling market capitalization exceeding $95 million, this new improvement has the crypto world buzzing.

Ordinals Protocol Witnesses 3 Million Inscriptions While BRC20 Tokens Drive Bitcoin’s Mempool into Overdrive

The Bitcoin neighborhood is abuzz with conversations surrounding the BRC20 token standard after its introduction by a pseudonymous developer named Domo in March. BRC20 tokens leverage the Ordinals protocol, enabling creators to mint fungible crypto property onchain with ease. To create a BRC20 coin, people must encode a JSON information object containing essential token data. Like an ERC20 token contract on Ethereum, this information would embody elementary particulars such because the token’s identify, image, and complete provide.

EVERYTHING Ethereum can do IS BEING carried out on BTC w/ blockspace & customized indexers

First Liquidity Pool for DEX on Bitcoin L1 w/ BRC-20

NO ONE thought it potential

Posting the SAME data that UNISWAP DEX would put up to make a transaction & reconciling it later w/ indexer pic.twitter.com/1IBuQ8e7A4

— trevor.btc @ NYC (@TO) May 3, 2023

The spectacular issuance of over 10,500 BRC20 tokens — alongside the surge of Ordinal inscriptions surpassing 3 million — has led to a backlog of over 200,000 unconfirmed transactions in Bitcoin’s mempool. A complete listing of those 10K+ BRC20 cash will be discovered at ordspace.org, displaying every token’s worth in US {dollars}. Currently standing at a outstanding $95 million, the BRC20 token financial system has witnessed tokens skyrocketing with quadruple-digit positive aspects.

Notable examples of those tokens embrace ordi, $OG$, PEPE, MEME, PUNK, SHIB, and DOMO. The ordi market cap at present is hovering above $52 million; the $OG$ token market cap sits at $7.9 million, and the PEPE BRC20 coin’s market valuation rests at $8.3 million as of May 3, 2023. This rise of BRC20 tokens and Ordinal inscriptions, predominantly comprised of textual content, has pushed Bitcoin’s common and median-sized charges to soar.

Data from bitinfocharts.com on May 3, 2023, reveals that the average onchain Bitcoin transaction fee is 0.00025 BTC or $7.05 per transaction, equating to roughly 0.0000011 BTC per byte. Additionally, the median-sized transfer fee is 0.00012 BTC or $3.46 per transaction, in response to metrics compiled by bitinfocharts.com. The flood of BRC20s and Ordinal inscriptions has reignited a heated debate over whether or not the fungible tokens and non-fungible token (NFT) ideas constructed on BTC justify affirmation alongside monetary transactions.

What are your ideas on the rising pattern of making fungible tokens on the Bitcoin blockchain utilizing the Ordinals protocol? Do you suppose the surge in BRC20 tokens justifies the excessive transaction charges and the backlog of unconfirmed transactions in Bitcoin’s mempool? Share your opinions with us within the feedback part under.