Wallet providers introduce BRC-20 token support despite market drawdown

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The move comes amid a 85% drawdown in the market cap of BRC-20 tokens compared to early May.

). Ordinals enable the creation of fungible tokens on top of Bitcoin. Meanwhile, Inscriptions allow users to create unique digital assets on the Bitcoin blockchain. Together, they form the BRC-20 token standard that allows users to deploy, mint and transfer Bitcoin assets.

Unlike the ERC-20 token standard, BRC-20 tokens cannot perform complex functions and are limited to the three aforementioned features. The protocol was created by Twitter user Domo on March 8, 2023. Since then, 34,652 BRC-20 token types have been deployed. In comparison, there be as many as 400 million ERC-20 tokens on Ethereum. Domo has personally stated that the BRC-20 standard is “worthless” and that users should “not waste money mass minting” this “fun experiment."

 

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Last month, cryptocurrency exchange okx also announced support for BRC-20 assets via the OKX Wallet app. Many centralized and decentralized exchanges have also rolled out BRC-20 support.

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