The BRC-20 token standard is a new wave of fungible token that is gaining traction in the cryptocurrency market. It uses the Ordinals and Inscriptions processes to create and manage token contracts, token minting, and token transfers that are stored on the Bitcoin base chain. With a total market capitalization of BRC-20 Bitcoin tokens surpassing $1 billion and a total trading volume of $207.7 million in the past 24 hours, some of the most notable tokens deployed include ORDI, NALS, VMPX, PEPE, and MEME. These tokens have demonstrated price variance of between +11% and -55% within the past day.
The ordinals numbering system assigns a unique number to each satoshi, or 0.00000001 Bitcoin (BTC), enabling its tracking and transfer while adding a layer of data to each satoshi via inscription. This layer allows users to create unique digital assets on the Bitcoin blockchain. The BRC-20 token standard was developed by Twitter user Domo on March 8, and currently, there are over 14,000 BRC-20 tokens deployed on Bitcoin compared to an estimated 400 million tokens on Ethereum. Despite its traction, the creator of BRC-20, Domo, has openly stated that the standard is worthless and that users should not waste money mass-minting this fun experiment.
BitKeep, a multichain wallet, announced on May 8 that it would soon support the ordinal protocol and BRC-20 protocol on its mobile and plugin-extension platforms. A new Bitcoin NFT section will also be included in the BitKeep NFT marketplace, allowing for the display, minting, transfer, and trading of BTC NFTs based on the ordinal protocol. The developers wrote, “BitKeep will continue to monitor new protocols, such as BRC-21, and provide more diverse support and services based on market trends and user demands.”
Trust Wallet does not support Bitcoin ordinals, although it is enthusiastic about its outlook. Meanwhile, MetaMask added a new feature allowing users to store ordinals in February. Cryptocurrency hardware wallet provider Ledger also supports the ordinals protocol.
In conclusion, while the BRC-20 token standard is a new entrant in the cryptocurrency market, it already has gained traction with a total market capitalization of over $1 billion and a trading volume of $207.7 million in the past 24 hours. The use of ordinals and inscriptions processes for creating and managing token contracts, token minting, and token transfers provide users with the ability to create unique digital assets on the Bitcoin blockchain. BitKeep has shown its support for the protocol by including it in its mobile and plugin-extension platforms, as well as in its Bitcoin NFT section in the BitKeep NFT marketplace. Overall, the BRC-20 token standard is showing promising signs for the future and may soon become one of the leading token standards in the cryptocurrency market.