Bitcoin’s BRC-20 token commonplace has turn into the newest pattern within the crypto ecosystem, particularly after the rise of Pepe (PEPE) memecoins in latest months. A complete of 8,500 completely different tokens have been minted beneath the BRC-20 commonplace, with the vast majority of these BRC-20 tokens being memecoins, equivalent to PEPE and Memetic (MEME).
BRC-20 is an experimental token commonplace on the Bitcoin (BTC) blockchain, modeled after Ethereum’s ERC-20. It permits programmers to create and ship fungible tokens over the Ordinals protocol.
Though modeled after the ERC-20, the BRC-20 token commonplace is basically completely different from its Ethereum-based counterpart. BRC-20 tokens don’t use sensible contracts. The token commonplace additionally requires a bitcoin pockets to mint and commerce these tokens.
The BRC-20 token commonplace was created by an nameless on-chain analyst named Domo in early March. The purpose was to allow the issuance and switch of fungible tokens on the Bitcoin blockchain. The market cap of BRC-20 tokens has exploded over the previous month and presently stands at $120 million, up 600% over the previous week.
BRC-20 token market cap. Supply: Ordinal Numbers
The BRC-20 token frenzy has additionally eclipsed the blockchain’s unique variety of bitcoin transactions. The variety of BRC-20 transactions on the Bitcoin blockchain hit over 50% between April 29 and Could 2, surpassing common BTC transactions.
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BRC-20 token quantity peaked on Could 1 with 366,000 transactions, with the overall variety of transactions on the community reaching 2.36 million.
BRC-20 token transaction quantity. Supply: Dune
Together with the surge in BRC-20 transactions, transaction charges have elevated resulting from new token exercise. Since its inception in late April, the community has generated an extra 109.7 BTC in transaction charges for miners.
Complete charges for BRC-20 tokens. Supply: Dune
The memecoin frenzy has been a notable theme on the Ethereum blockchain, however with the arrival of the BRC-20 commonplace, an analogous pattern may be seen on the Bitcoin blockchain as properly. The memecoin craze has additionally led to a big enhance in gasoline charges for the Ethereum community, which has contributed to community congestion.
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