{"id":20529,"date":"2023-05-03T18:20:38","date_gmt":"2023-05-03T18:20:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/brc20-token-standard-sparks-frenzy-in-bitcoin-community-with-market-cap-surpassing-95-million-bitcoin-news\/"},"modified":"2023-05-03T18:20:38","modified_gmt":"2023-05-03T18:20:38","slug":"brc20-token-standard-sparks-frenzy-in-bitcoin-community-with-market-cap-surpassing-95-million-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/brc20-token-standard-sparks-frenzy-in-bitcoin-community-with-market-cap-surpassing-95-million-bitcoin-news\/","title":{"rendered":"BRC20 Token Standard Sparks Frenzy in Bitcoin Community With Market Cap Surpassing $95 Million \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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As of May 3, 2023, the Bitcoin blockchain has witnessed a staggering 3.35 million Ordinal inscriptions, and a new experimental token standard known as \u201cBitcoin Request for Comment,\u201d or BRC20, has garnered substantial attention in the past week. With 10,487 BRC20 tokens built using Ordinals and a swelling market capitalization exceeding $95 million, this new development has the crypto world buzzing.<\/strong><\/p>\n

Ordinals Protocol Witnesses 3 Million Inscriptions While BRC20 Tokens Drive Bitcoin\u2019s Mempool into Overdrive<\/h2>\n

The Bitcoin community is abuzz with conversations<\/a> surrounding the BRC20 token standard<\/a> after its introduction<\/a> by a pseudonymous developer named Domo in March. BRC20 tokens leverage the Ordinals protocol, enabling creators to mint fungible crypto assets onchain with ease. To create a BRC20 coin, individuals need to encode a JSON data object containing critical token information. Like an ERC20 token contract on Ethereum, this data would encompass fundamental details such as the token\u2019s name, symbol, and total supply.<\/p>\n

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EVERYTHING Ethereum can do IS BEING done on BTC<\/a> w\/ blockspace & custom indexers<\/p>\n

First Liquidity Pool for DEX on Bitcoin L1 w\/ BRC-20<\/p>\n

NO ONE thought it possible<\/p>\n

Posting the SAME info that UNISWAP DEX would post to make a transaction & reconciling it later w\/ indexer pic.twitter.com\/1IBuQ8e7A4<\/a><\/p>\n

\u2014 trevor.btc @ NYC (@TO) May 3, 2023<\/a><\/p>\n<\/blockquote>\n

The impressive issuance of over 10,500 BRC20 tokens<\/a> \u2014 alongside the surge of Ordinal inscriptions surpassing 3 million<\/a> \u2014 has led to a backlog of over 200,000 unconfirmed transactions<\/a> in Bitcoin\u2019s mempool. A comprehensive list of these 10K+ BRC20 coins can be found at ordspace.org, displaying each token\u2019s value in US dollars. Currently standing at a remarkable $95 million, the BRC20 token economy has witnessed tokens skyrocketing with quadruple-digit gains.<\/p>\n

\"BRC20
BRC20 market cap on May 3, 2023, at 10:00 a.m. (ET) according to ordspace.org.<\/figcaption><\/figure>\n

Notable examples of these tokens include ordi, $OG$, PEPE, MEME, PUNK, SHIB, and DOMO. The ordi market cap today is hovering above $52 million; the $OG$ token market cap sits at $7.9 million, and the PEPE BRC20 coin\u2019s market valuation rests at $8.3 million as of May 3, 2023. This rise of BRC20 tokens and Ordinal inscriptions, predominantly comprised of text, has driven Bitcoin\u2019s average and median-sized fees to soar.<\/p>\n

Data from bitinfocharts.com on May 3, 2023, reveals that the average onchain Bitcoin transaction fee<\/a> is 0.00025 BTC<\/a> or $7.05 per transaction, equating to roughly 0.0000011 BTC<\/a> per byte. Additionally, the median-sized transfer fee<\/a> is 0.00012 BTC<\/a> or $3.46 per transaction, according to metrics compiled by bitinfocharts.com. The flood of BRC20s and Ordinal inscriptions has reignited a heated debate<\/a> over whether the fungible tokens and non-fungible token (NFT) concepts built on BTC<\/a> justify confirmation alongside financial transactions.<\/p>\n

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Bitcoin<\/a>, Blockchain<\/a>, BRC20<\/a>, BRC20 token<\/a>, BRC20 token standard<\/a>, crypto assets<\/a>, Ecosystem<\/a>, fungible tokens<\/a>, Market Capitalization<\/a>, Mempool<\/a>, nft<\/a>, Ordinals protocol<\/a>, Transaction Fees<\/a>, Unconfirmed Transactions<\/a><\/div>\n<\/div>\n

What are your thoughts on the growing trend of creating fungible tokens on the Bitcoin blockchain using the Ordinals protocol? Do you think the surge in BRC20 tokens justifies the high transaction fees and the backlog of unconfirmed transactions in Bitcoin\u2019s mempool? Share your opinions with us in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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