Bitcoin BRC-20 token normal turns into a brand new vacation spot for meme tokens

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Bitcoin’s BRC-20 token normal has develop into the newest pattern within the crypto ecosystem, particularly after the Pepe (PEPE) memecoin rise in current months. A complete of 8,500 totally different tokens have been minted utilizing the BRC-20 normal, with the vast majority of these BRC-20 tokens being memecoins, akin to PEPE and Memetic (MEME).

BRC-20 is an experimental token normal on the Bitcoin (BTC) blockchain modeled on Ethereum’s ERC-20. It permits programmers to create and ship fungible tokens through the Ordinals protocol.

Though modeled after ERC-20, the BRC-20 token normal essentially differs from its Ethereum-based counterpart. BRC-20 tokens don’t make use of good contracts. The token normal additionally requires a Bitcoin pockets to mint and commerce these tokens.

The BRC-20 token normal was created early in March by an nameless on-chain analyst referred to as Domo. The target was to make it doable for fungible tokens to be issued and transferred on the Bitcoin blockchain. The market cap of BRC-20 tokens has exploded over the previous month and at the moment sits at $120 million, a 600% rise from the final week.

BRC-20 tokens marketcap. Supply: Ordinals

The BRC-20 token frenzy has additionally dwarfed the unique variety of Bitcoin transactions on the blockchain. The variety of BRC-20 transactions on the Bitcoin blockchain between April 29 and Might 2 reached over 50% outperforming common BTC transactions.

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The BRC-20 token quantity peaked on Might 1 with 366,000 transactions, and the overall variety of transactions on the community is 2.36 million.

BRC-20 tokens transaction quantity. Supply: Dune

Together with the rise within the variety of BRC-20 transactions, the transaction charges have additionally seen a big surge as a result of new token exercise. Since its inception in late April, the community has generated a further 109.7 BTC in transaction charges for miners.

BRC-20 tokens complete charges. Supply: Dune

The meme coin frenzy has been a notable subject on the Ethereum (ETH) blockchain, however with the rise of the BRC-20 normal, the same pattern can be noticed on the Bitcoin blockchain. The meme coin frenzy has additionally led to a big rise in Ethereum community fuel charges resulting in community congestion as properly.

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