{"id":4257,"date":"2023-05-03T09:00:49","date_gmt":"2023-05-03T13:00:49","guid":{"rendered":"http:\/\/leadingcryptonews.com\/bitcoin-brc-20-token-standard-becomes-a-new-destination-for-meme-tokens\/"},"modified":"2023-05-03T09:00:49","modified_gmt":"2023-05-03T13:00:49","slug":"bitcoin-brc-20-token-standard-becomes-a-new-destination-for-meme-tokens","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/bitcoin-brc-20-token-standard-becomes-a-new-destination-for-meme-tokens\/","title":{"rendered":"Bitcoin BRC-20 token standard becomes a new destination for meme tokens"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div data-v-2ab31f4e=\"\">\n<p>Bitcoin\u2019s BRC-20 token standard has become the latest trend in the crypto ecosystem, especially after the Pepe (PEPE) memecoin rise in recent months. A total of 8,500 different tokens have been minted using the BRC-20 standard, with the majority of these BRC-20 tokens being memecoins, such as PEPE and Memetic (MEME).<\/p>\n<p>BRC-20 is an experimental token standard on the Bitcoin (BTC) blockchain modeled on Ethereum\u2019s ERC-20. It allows programmers to create and send fungible tokens via the Ordinals protocol. <\/p>\n<p>Although modeled after ERC-20, the BRC-20 token standard fundamentally differs from its Ethereum-based counterpart. BRC-20 tokens don\u2019t make use of smart contracts. The token standard also requires a Bitcoin wallet to mint and trade these tokens.<\/p>\n<p>The BRC-20 token standard was created\u00a0early in March by an anonymous on-chain analyst called Domo. The objective was to make it possible for fungible tokens to be issued and transferred on the Bitcoin blockchain. The market cap of BRC-20 tokens has exploded over the past month and currently sits at $120 million, a 600% rise in the past week.<\/p>\n<figure><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/5705b55f-81ce-4c6c-9e1d-e9b854de2578.jpg\"\/><\/noscript><figcaption style=\"text-align: center;\">BRC-20 tokens marketcap. Source: Ordinals<\/figcaption><\/figure>\n<p>The BRC-20 token frenzy has also dwarfed the blockchain\u2019s original number of Bitcoin transactions. The number of BRC-20 transactions on the Bitcoin blockchain between April 29 and May 2 reached over 50%, outperforming regular BTC transactions. <\/p>\n<p><strong>Related: <\/strong><strong>Bitcoin metrics to the moon: ATH for hash rate, daily transactions and Ordinals<\/strong><\/p>\n<p>The BRC-20 token volume peaked on May 1 at 366,000 transactions, with the total number of transactions on the network being 2.36 million.<\/p>\n<figure><img decoding=\"async\" class=\"lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/80792075-7a1f-415e-88b1-eb9bbbc5ac1d.png\"\/><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/80792075-7a1f-415e-88b1-eb9bbbc5ac1d.png\"\/><\/noscript><figcaption style=\"text-align: center;\">BRC-20 tokens transaction\u00a0volume. Source: Dune<\/figcaption><\/figure>\n<p>Along with the rise in BRC-20 transactions, transaction fees have surged due to the new token activity. Since its inception in late April, the network has generated an additional 109.7 BTC in transaction fees for miners.<\/p>\n<figure><img decoding=\"async\" class=\"lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/b583ed4b-c822-4c05-b1ae-bc4e7f2a6be2.png\"\/><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/b583ed4b-c822-4c05-b1ae-bc4e7f2a6be2.png\"\/><\/noscript><figcaption style=\"text-align: center;\">BRC-20 tokens total fees. Source: Dune<\/figcaption><\/figure>\n<p>The memecoin frenzy has been a notable topic on the Ethereum\u00a0blockchain, but with the rise of the BRC-20 standard, a similar trend is also observed on the Bitcoin blockchain. The memecoin craze has also led to a significant rise in Ethereum network gas fees, contributing to network congestion.<\/p>\n<p><strong>Magazine: <\/strong><strong>Bitcoin in Senegal: Why is this African country using BTC?<\/strong><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-brc-20-token-standard-becomes-a-new-destination-for-meme-tokens\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s BRC-20 token standard has become the latest trend in the crypto ecosystem, especially after the Pepe (PEPE) memecoin rise in recent months. A total of 8,500 different tokens have been minted using the BRC-20 standard, with the majority of these BRC-20 tokens being memecoins, such as PEPE and Memetic (MEME). BRC-20 is an experimental [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin BRC-20 token standard becomes a new destination for meme tokens - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/bitcoin-brc-20-token-standard-becomes-a-new-destination-for-meme-tokens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin BRC-20 token standard becomes a new destination for meme tokens\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s BRC-20 token standard has become the latest trend in the crypto ecosystem, especially after the Pepe (PEPE) memecoin rise in recent months. A total of 8,500 different tokens have been minted using the BRC-20 standard, with the majority of these BRC-20 tokens being memecoins, such as PEPE and Memetic (MEME). 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