On May 9, the BRC-20 bitcoin token total market capitalization exceeded $1 billion, with a total trading volume of $207.7 million over the past 24 hours. Some of the most prominent deployed tokens include ORDI, NALS, VMPX, PEPE, and MEME, with price changes ranging from +11% to -55% over the past day.
According to analysts at multi-chain wallet BitKeep, the BRC-20 token standard is a new form of fungible token that "uses serial numbers and inscriptions to create and manage token contracts, token Minting and token transfer." Ordinals is a numbering system that assigns each satoshi a unique number, or 0.00000001 bitcoin, enabling it to be tracked and transmitted. Meanwhile, the "inscription" process adds a layer of data to each satoshi, allowing users to create unique digital assets on the Bitcoin blockchain.
The BRC-20 token standard was developed by Twitter user Domo on March 8. Currently, there are over 14,000 BRC-20 tokens deployed on Bitcoin, compared to an estimated 400 million tokens on Ethereum. Despite its appeal, the BitKeep researchers wrote, " BRC-20's creators have publicly stated that the standard is worthless and that users should not waste money minting this interesting experiment." On May 8, BitKeep announced that it will soon support the ordinal protocol and the BRC-20 protocol on its mobile and pl ug -in extension platforms.
The BitKeep NFT marketplace will also include a new Bitcoin NFT section, allowing the display, minting, transfer and trading of BTC NFTs based on the serial number protocol. The developers wrote: "BitKeep will continue to focus on new protocols such as BRC-21 , and provide more diversified support and services based on market trends and user needs."
Despite enthusiasm for its propquarts, trust Wallet Does Not Support Bitcoin Ordinals. Meanwhile, Metamask Added A New Feature in February that Allows used to Store Serial Numbers. Cryptocurrency Hardware Wallet Provider Ledger Also Supports the Ordinals Protocol.
