Total Market Cap of BRC-20 Tokens Nears $1 Billion | CoinMarketCap

Total Market Cap of BRC-20 Tokens Nears $1 Billion

They are inspired by the ERC-20 standard on Ethereum, but they use a different protocol called Ordinals to inscribe data on satoshis, the smallest unit of Bitcoin. BRC-20 tokens are fungible, meaning they can be exchanged for other tokens of the same type. The BRC-20 market has grown rapidly since its launch in March 2023 by an anonymous developer named Domo. The first and most popular BRC-20 token is ORDI, which started as a meme but now has a market cap of over $500 million. Other BRC-20 tokens include VMPX, MEME, BANKBRC, and PEPEBRC, which have been listed on Gate.io, the first exchange to support BRC-20 trading.

Going forward, Ordinals and BRC-20 tokens face some challenges, such as limited functionality compared to ERC-20 tokens and high network congestion and fees due to the increased demand for Bitcoin transactions. Additionally, many Bitcoin proponents do not like the idea of Ordinals increasing the cost of using bitcoin for its original purpose as digital cash.I've been writing about Bitcoin since 2014.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

$60B Evaporated From Crypto Markets as BTC Slides to Weekly Lows: Market WatchThe total crypto market cap is down by roughly $60 billion in two days.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitcoin-based BRC-20 tokens push combined market value over $900MTokens created on Bitcoin through the Ordinals protocol have exceeded a total market value of $900 million, highlighting the rapid rise of an emerging asset niche.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Pepe (PEPE) Regains $1 Billion Market Cap After Price DumpPepe (PEPE) overcomes price dip, restores market cap to $1 billion PEPE $PEPE
Source: Utoday_en - 🏆 295. / 63 Read more »

First Mover Americas: Meme Coin PEPE Surges to $1B Market CapPepecoin, the new token based on the “Pepe the frog” meme, has reached a $1 billion market capitalization. The $PEPE rally has spurred increased trading activity in other meme tokens on decentralized exchanges, according to data from IntoTheBlock.
Source: CoinDesk - 🏆 291. / 63 Read more »

Hilton Grand Vacations stock rises after new share repurchase program, representing 11% of market capShares of Hilton Grand Vacations Inc. climbed 1.0% in premarket trading Monday, after the timeshare company approved a new $500 million share repurchase...
Source: MarketWatch - 🏆 3. / 97 Read more »