While the Bitcoin network is poised to see significant growth in its Layer-2 (L2) ecosystem, “finding an optimal mechanism to maintain finality” on the network remains an inherent limitation that prevents this from happening, Mithil Thakore, the co-founder and CEO of Velar, has said. Thakore also identified the yet-to-be-optimized “bridging of native Layer-1 (L1) assets […]
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How To Mint BRC-20 Tokens On The Bitcoin Network
BRC-20 tokens open doors for developers to build their own decentralized applications (dApps) with unique economies on the Bitcoin network. This fosters community engagement through internal currencies, and attracting investment through innovative token sale structures.
BRC-20 tokens are fungible tokens built on the Bitcoin network using the Ordinals protocol. It also utilizes inscriptions containing JSON (JavaScript Object Notation) data to facilitate the deployment of token contracts, minting tokens, and transferring tokens. Presently, the BRC-20 token standard offers the ability to create a BRC-20 token using the deploy function, mint a specified quantity of BRC-20 tokens using the mint function, and transfer a designated amount of BRC-20 tokens through the transfer function.
BRC-20 and ERC-20 share some similar characteristics and functional concepts, but they are not identical due to their different underlying blockchains and implementation details. One of the differences is that BRC-20 tokens operate on the Bitcoin blockchain, while ERC-20 tokens reside on the Ethereum blockchain. This leads to differences in technical implementations and transaction fees.
Related Reading: How To Buy And Trade BRC-20 Tokens On The Bitcoin Network
Similar to ERC-20 tokens, BRC-20 tokens are fungible, meaning they can be exchanged on a one-to-one basis with equal value. They can be created, transferred, and traded on the Bitcoin network using decentralized marketplaces like Magic Eden with compatible wallets and decentralized exchanges that support the BRC-20 standard.
BRC-20 tokens breathe vitality into the Bitcoin network, acting as programmable extensions that expand the scope beyond basic transfers. They empower the Bitcoin network by enabling the development of DApps, fostering communities, and facilitating ownership of real-world assets. This dynamic frontier presents exciting opportunities for engagement, incentives, and innovation.
However, it is essential to navigate the technical intricacies and embrace the evolving infrastructure. BRC-20 tokens, still a work in progress, possess tremendous potential to reshape the future of Bitcoin, unveiling a multitude of tokenized possibilities along the way.
Now, let’s dive into the exciting world of building your own BRC-20 tokens! As we discussed, platforms like Magic Eden offer a gateway to creating and trading these digital assets.
Creating BRC-20 Tokens On The Bitcoin Network
Creating BRC-20 tokens involves defining the token’s parameters, such as its name, symbol, and total supply, as well as any additional functionality you want to incorporate, such as token burning or minting restrictions. Once the smart contract is written, it needs to be compiled into bytecode and deployed onto the Bitcoin blockchain using the platform’s provided tools. This deployment process usually involves paying gas fees to execute the necessary transactions. Platforms like Magic Eden enable users to create their own BRC-20 Tokens.
First, visit the Magic Eden homepage, and click on “Connect Wallet” at the top right corner, as shown in the image below:
For the best wallets to use for BRC-20 tokens on the Bitcoin network, check here.
To initiate the creation of your BRC-20 token, it is essential to deploy it first. Adhere to the following instructions to proceed:
Next, click on the “Inscribe” button. (The Inscribe button pops up after you click on the “Mint” icon situated towards the top left of the screen).
Next, Click on the “BRC-20 ” tab at the top of the screen.
Then, follow these instructions:
Ticker: Select a four-letter phrase to serve as the unique identifier for your token. For instance, widely recognized BRC-20 tokens have utilized tickers like ORDI or OXBT. Establish the maximum quantity of tokens that will be available for minting. Specify the highest number of tokens that can be minted in a single transaction. Select the desired parameters and click on “Next”.
Choose the desired Bitcoin Network Fee from the options available, such as Low, Medium, or High. After making your selection, proceed by clicking the “Inscribe” button. (Ensure that the chosen ticker is not already deployed to avoid transaction failure. Magic Eden will automatically check this unless instructed otherwise).
Now, wait for the transaction to be confirmed by the Bitcoin network. Confirmation times may vary.After the confirmation, check your wallet. Upon successful confirmation, you will receive a “Deploy” inscription, signifying that you can proceed to mint your tokens. The provided example illustrates a “Deploy” inscription within the Xverse wallet.
Minting Your BRC-20 Token
Having successfully deployed your BRC20 token, follow these instructions to mint it. Navigate back to the ‘Inscribe Ordinals’ modal located on the Magic Eden homepage. Within the modal, click on the “BRC-20 Mint” tab to proceed.
Enter the four-letter phrase that you deployed earlier, indicate the desired quantity of tokens you intend to mint, and specify the number of mint inscriptions you wish to generate.
Note: The maximum number you can mint per transaction has to be the same with the value set in the “Limit per mint” during the deploy process. Now, click on the “Next” button and select the network fee. After selecting the desired fee rate, click the “Inscribe” button. In the following example, 63 BRC-20 tokens are being minted in three batches of 21 each.
A set of mint transaction links will be provided. Please note that confirming the mint transactions once again may take some time.
After confirmation, you will receive the mint inscriptions in your connected wallet.
Congratulations, you have successfully created your first BRC-20 Token!
Conclusion
BRC-20 tokens offer fungible tokenization capabilities within the Bitcoin network, enabling a range of applications and use cases. As the blockchain industry progresses, both NFTs and BRC-20 tokens assume crucial roles in shaping the trajectory of digital ownership and decentralized finance (DeFi).
BRC-20 tokens introduce fungible tokenization capabilities within the Bitcoin network, providing the ability to create and exchange interchangeable tokens. This opens up a wide array of possibilities for various applications and use cases within the blockchain industry. As the blockchain ecosystem continues to advance, both NFTs and BRC-20 tokens play pivotal roles in shaping the direction of digital ownership and decentralized finance, driving innovation, and paving the way for a more inclusive and decentralized financial landscape.
How To Buy And Trade BRC-20 Tokens On The Bitcoin Network
What are BRC-20 Tokens?
BRC-20 tokens are a novel standard on the Bitcoin blockchain, BRC-20 tokens were inspired by Ethereum’s ERC-20. Like Ethereum’s ERC-20 strands for Ethereum Request for Comment, BRC-20 also strands for Bitcoin Request for Comment.
BRC-20 tokens allow the creation, minting, trading, and transfer of fungible tokens or assets on the Bitcoin blockchain through the Ordinals protocol. The Bitcoin Ordinals protocol is a numbering system that allows users to attach extra data to satoshis, the smallest unit of Bitcoin.
The process of attaching extra data to satoshis is called inscription, BRC-20 tokens do not need smart contracts to execute transactions as ERC-20 tokens do, their transactions are done through JSON inscriptions on satoshis through Bitcoin Ordinals.
Differences And Comparison Between BRC-20 And ERC-20
Ethereum’s ERC-20 might have inspired the creation of BRC-20 on the Bitcoin blockchain, but make no mistake, they are not the same, and we are going to explore that in this section of this article.
Operation: One of the key differences between BRC-20 and ERC-20 is that BRC-20 tokens find their home within the Bitcoin blockchain while ERC-20 operates on the Ethereum blockchain.
Implementation: BRC-20 and ERC-20 are both implemented differently; however, BRC-20 is experimental, meaning it has not undergone the BIP process. It only implements changes in the Bitcoin protocol, while ERC-20 has undergone the EIP process, which was approved by the Ethereum community before implementation after being scrutinized.
Security: They are both secure as they are both secure by the top two blockchains in the crypto space, but BRC-20 is secured by the Bitcoin blockchain and ERC-20 is secured by the Ethereum blockchain.
High Gas Fee Or Transaction Fees: They both have high gas fees if you are trading on decentralized exchanges (DEXs).
Wallets: Their wallets are different, you can store your BRC-20 token on wallets that support the Bitcoin Taproot upgrade like Unisat, Xverse, CoinW, and Alex. While ERC-20 tokens are stored on Ethereum-supported wallets like Metamask, Exodus, Trust wallet, Atomic, MyEtherWallet, and all EVM compactable wallets
Smart Contract functionality: BRC-20 tokens do not rely on smart contracts to execute transactions, but ERC-20 tokens do.
Token Value Drive: BRC-20 tokens are token values driven by inscriptions, and ERC-20 token values are driven by utilities and speculations.
Fungibility: BRC-20 tokens are semi-fungible because they are only interchanged in set increments. For example, BRC-20 tokens are being sold in sets, so you can’t buy 1003 xBRC-20 tokens (x being the token) if the only people sell decide to sell in sets of 250, 500, 750, and 1000 depending on how many tokens they want to sell. Meanwhile, ERC-20 tokens are fully fungible because they can be exchanged in any quantity.
Functions: The BRC-20 token standard is majorly to create meme tokens currently, while the ERC-20 token standard is used for a good number of fungible tokens on Ethereum, including stablecoins, governance tokens, wrapped tokens, and utility tokens.
Pros of the BRC-20 Token Standard
The fact that BRC-20 tokens are built on the most secure blockchain in the crypto space Bitcoin, should help you understand these tokens are going benefit from the security that the Bitcoin Blockchain provides.
The interoperability with the Bitcoin network is one of the major advantages of the BRC-20 tokens, as they enjoy and leverage the widespread acceptance of Bitcoin as the most successful crypto, which has contributed to the BRC-20 token’s overall success. Also, this compatibility with Bitcoin gives the BRC-20 standard access to utilize the existing infrastructure the Bitcoin network already has, including its wallets and exchanges.
BRC-20 standard is still in its early stages, so there is huge potential for growth in the future, and as more people keep adopting and investing in BRC-20 tokens
Cons of the BRC-20 Token Standard
In the same way, as the BRC-20 token standard enjoys the benefits of the Bitcoin network, they are still going to be affected in the areas where Bitcoin lags behind. This is because Bitcoin is not as scalable as some other blockchains like Ethereum. As BRC-20 tokens keep gaining popularity and awareness there are concerns about congestion, which could lead to potential higher gas or transaction fee issues.
Another consideration is that BRC-20 tokens run on ordinals protocol, a protocol that is still in its early phases of development, which means there is a possibility of it being vulnerable or having glitches as the technology evolves.
The Bitcoin Request for Comment (BRC-20) token standard is still in its early stage of development, so it is safe to say it is still semi-fungible compared to the ERC-20 token standard. It has some limitations, like it being sold and bought in sets, you are limited to what is available in the DEX marketplace, and you can’t buy any amount you want, whether in large or small quantities.
BRC-20 Tokens DEX Exchanges
This article is going to cover how to trade Bitcoin Request for Comment (BRC-20) tokens on UniSat, the most used decentralized exchange (DEX) to trade BRC-20 tokens. You can also check out other DEX like Xverse and Alex.
How To Install And Set up UniSat Wallet
To trade on a decentralized exchange (DEX) you need a wallet, go to your Chrome browser and search for the UniSat Wallet extension as shown below, click on “Add to Chrome” to download and add the UniSat Wallet extension to your Chrome browser.
Click the “Create new wallet” button to create your UniSat Wallet.
Create your password, use a password you can remember, as you would need your password to make transfers and click on the “Continue” button. The Secret Recover Phrase page will pop up. Write down your secret phrase and keep it in a safe place because anyone who has access to your secret phrase has access to your wallet. Then click on “Continue”.
Expect you are a crypto genius I would advise you to leave the Step 2 page the way it is, just click on “Continue”. The“Compatibility Tips” will pop up check the boxes and click on “Ok”
You have now successfully created your UniSat wallet, where you can receive, send, and buy crypto.
When you click on “Receive” you will be given a QR code that you can scan on your phone and also an option to copy your wallet address manually.
When you click on “Send”, you will see where to fill in the Recipient address you want to send your Bitcoin to, and underneath it is where you will input the amount of Bitcoin you want to send. You can choose the transfer speed you want, but note that the faster the transfer, the higher your gas fee or transaction fee.
I would not recommend that you use the “Buy” feature as it is too expensive, and it is better to buy your Bitcoin on a centralized exchange and send it to your UniSat wallet.
How To Buy, Sell, and Trade on UniSat
To buy, sell, and trade BRC-20 tokens you need Bitcoin in your wallet for gas fees and Bitcoin to buy the BRC-20 token. So go to any centralized exchange of your choice like Binance, OKX, or ByBit to buy your Bitcoin, copy your UniSat wallet, paste it into the recipient address on the centralized exchange, and send the Bitcoin.
Now that your wallet has been funded it is time to trade, go to the UniSat website, and click on “Connect”.
Click on “UniSat Wallet”, and connect your UniSat Wallet.
Once your UniSat Wallet is connected, Click on “brc-20”, as shown below, to see the full list of BRC-20 tokens you can trade on UniSat.
Click on any of the BRC-20 tokens you which to buy, for example, I clicked on the “meme” token below. There are buttons on the top right of the screenshot circled in red “View” and “Trade”.
If you click on View, it will take you to OKLINK where you can see the meme BRC-20 inscription with all its details, Total Supply, Limit per mint, Holders, Minted tokens, and Price.
When you click on Trade, it will take you to the UniSat Marketplace, where you will see all the listed meme token inscriptions you can buy.
Click on any of the sellers that have the exact number of meme inscriptions you want to buy or any of the sellers that come close to how many meme inscriptions you want to buy. After selecting a seller, the buy page below with the “Buy Now” button will pop up.
Click on “Buy Now” and the confirmation page to confirm your order will pop up, click on “Confirm” and you have bought the BRC-20 token.
After buying your BRC-20 and you want to sell, go to the marketplace, click on “my brc-20”, click on the inscription you want to sell, and then click on the list.
Click on the plus button, input the exact number you like to sell, and click on “Next”.
Click “Next again”.
“Sign and pay”, and “Done”, your inscriptions will be listed. When your order gets picked up, your inscription will be sold, and the money will be transferred to your wallet.
Use CoinW To Track The Price Of Your BRC-20 Tokens
CoinW is a centralized crypto exchange where you can track your BRC-20 and use the charts to make well-informed decisions on the token you want to buy.
To search for BRC-20 tokens, click on “Market”, click on “Hot”, and then click on “BRC-20”, as shown below.
For example, I clicked on ORDI, as you can see in the chart below.
Here is another example with RATS, another BRC-20 token on the list.
Conclusion
In conclusion, BRC-20 tokens provide a novel avenue for tokenization within the Bitcoin blockchain, expanding its utility beyond traditional cryptocurrency transactions. They offer a seamless integration of additional data onto satoshis, enabling a broader range of use cases and applications.
With BRC-20 tokens, the Bitcoin ecosystem gains enhanced functionality and opens up possibilities for innovative decentralized finance (DeFi) solutions. By leveraging the Ordinals protocol, BRC-20 tokens contribute to the growing diversity and maturity of the blockchain industry as a whole.
Bit.Store Leads with a First: BRC20 Token Integration for Crypto Card Recharges
PRESS RELEASE. Lithuania, 10th Jan 2024: In a groundbreaking move, Bit.Store has become the first crypto card service to integrate BRC20 tokens (Bitcoin Originals) for card recharges. This pioneering step demonstrates Bit.Store’s commitment to innovation in the cryptocurrency space, offering users unique ways to manage their digital finances with ORDI, SATS, and RATS.
Bit.Store’s integration of BRC20 tokens marks a significant milestone, setting a precedent in the crypto card industry. By supporting Bitcoin Originals, Bit.Store is not just expanding payment possibilities but also leading the way in utilizing these unique tokens.
Bit.Store integration of ORDI, SATS, and RATS for Versatile Crypto Card Use
User-Centric, Future-Ready Solutions: The introduction of ORDI, SATS, and RATS as recharge options on Bit.Store’s virtual and physical cards allows users to convert their Bitcoin Originals into fiat for everyday use. This capability enhances the flexibility and accessibility of Bit.Store’s services, catering to an evolving market.
Phased Token Introduction: The rollout of these tokens will be gradual, with ORDI leading the charge, followed by SATS and RATS. This structured approach ensures seamless integration and user adaptability.
Expanding Horizons in Crypto Payments: The addition of BRC20 tokens to Bit.Store’s offerings underlines the company’s vision of a diverse and practical crypto ecosystem. By making Bitcoin Originals spendable in real-life situations, Bit.Store reinforces its role as a frontrunner in crypto payment solutions.
Bit.Store invites web3ers to be part of this historic development in crypto payments. Recharge your Bit.Store cards with BRC20 tokens and experience the forefront of digital currency integration. Visit www.bitstore.com for more information.
About Bit.Store
Bit.Store is your gateway to seamless cryptocurrency integration in the real world. Committed to safeguarding privacy and ensuring user-friendly accessibility, our virtual and physical cards allow for crypto conversions, enabling secure and simple spending across online and offline in-store platforms. Bit.Store redefines the ease of crypto asset management — store, spend, and earn with confidence and simplicity.
Website | Twitter | Telegram | Discord | Bit.Store Card
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.
ZKSpace Officially Upgrades to ZKBase, Launches ZKSwap for BRC20, and Implements 1:1 Exchange between ZKS and ZKB
PRESS RELEASE. To empower the BTC and ETH ecosystems, the ZKSpace team has rebranded and upgraded to ZKBase. As an infrastructure protocol based on ZK (Zero Knowledge) proof technology, ZKBase is dedicated to providing scalability solutions for mainstream blockchains such as Ethereum and Bitcoin, and building decentralized cross-chain and Layer2 ecosystems. Our new official website, zkbase.org, is now live.
We are about to launch ZKSwap(Bitcoin), catering to BRC20 and other Bitcoin ecosystem token trading. This marks the first step in our exploration of BTC Layer2 solutions. ZKS tokens will be exchanged for ZKB tokens at a 1:1 ratio. ZKB will also be upgraded to serve as the governance token of the ZKBase protocol. We will provide ERC20-BRC20 cross-chain solutions, allowing ZKB holders to enjoy the benefits of both Ethereum and Bitcoin ecosystems. While maintaining existing benefits, 100% of the transaction fees generated by ZKSwap(Bitcoin) will continue to be used for the repurchase and burn of ZKB tokens, empowering ZKB holders.
On December 30th, we will conduct the final ZKS token burn and simultaneously issue ZKB tokens with a total supply of 600 million. Starting from January 2nd, 8:00 AM UTC, users can exchange any amount of ZKS tokens for ZKB tokens through a smart contract. More detailed instructions will be announced in subsequent updates.
Furthermore, we will continue to explore the programmability of the Bitcoin network and ZK cross-chain bridge, enabling secure and convenient cross-chain transactions of BRC20 and other Bitcoin network assets on other public chains. The ZKBase team will actively develop and apply a complete Layer2 ecosystem on the Bitcoin network, creating more use cases for user assets and providing greater composability.
ZKBase Team
https://twitter.com/ZKSpaceOfficial/status/1740678651903971508
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.
ORDI’s Record Rally — Leading the Charge in Bitcoin’s BRC20 Token Boom
On Dec. 26, 2023, the Bitcoin-based BRC20 token, ORDI, soared to a record .34 per coin before declining over 14% from its peak. BRC20s have emerged as significant players in the crypto asset arena, with several tokens mirroring ORDI’s trajectory.
Bitcoin’s BRC20 Token ORDI Peaks and Dips as a New Era of Crypto Assets Is on the Rise
The introduction of BRC20 tokens, an innovative token standard on the Bitcoin blockchain, marked 2023 as a year of substantial growth in value for these assets. BRC20s leverage the Ordinals protocol to facilitate the creation and exchange of fungible tokens, akin to Ethereum’s ERC20, yet functioning under the unique conditions of Bitcoin’s Proof-of-Work (PoW) secured architecture.
BRC20 tokens harness the Ordinals protocol, embedding data into individual satoshis, Bitcoin’s smallest denomination. This encoding turns each satoshi into a distinct, fungible token within the Bitcoin network. ORDI, a leading BRC20 token, achieved an unprecedented high on Tuesday.
Hitting .34 at its peak, ORDI currently trades between and per coin post-decline from its all-time high, valuing the market at approximately .46 billion. Despite a more than 14% drop in a day, ORDI has seen an explosive 2,333% increase since its .86 value four months prior. ORDI’s ascent is paralleled by other BRC20 tokens experiencing similar surges.
DSPW, another BRC20 token, has a circulating supply of 1,200,000,000 tokens, each trading at .66, resulting in a market cap of .99 billion. The SATS token boasts a circulation of 2,100,000,000,000,000, with each unit priced at .0008168, culminating in a .71 billion valuation. Meanwhile, a DOGE-themed BRC20 token trades at .001664 per coin with 1,000,000,000,000 in existence, leading to a .66 billion market cap.
Tracking data for Ordinals-based BRC20s presents challenges due to the nascent nature of the ecosystem, leading to inconsistencies. Nonetheless, the framework has seen marked improvements, with real-time BRC20 data now featured on major coin aggregation sites and a growing number of grassroots explorers and market aggregators.
Despite ongoing debates about BRC20 tokens and Ordinals inscriptions consuming block space, the surging interest in these novel digital collectibles and tokens underscores the robust demand within Bitcoin’s distributed ledger system.
What do you think about ORDI’s significant rise on Tuesday and the rest of the BRC20 leaders at the end of the year? Share your thoughts and opinions about this subject in the comments section below.
Phantom Expands Web3 Wallet to Embrace Bitcoin, Ordinals, and BRC20 Tokens Amid Soaring Demand
Phantom, the Web3 cryptocurrency wallet initially developed for Solana, has expanded to include Ethereum and Polygon, and is now introducing support for Bitcoin, Ordinal inscriptions, and BRC20 tokens. Users of Phantom have the ability to integrate their existing bitcoin wallets, allowing them to manage their Bitcoin-centric digital collectibles and fungible tokens through the Web3 platform’s interface.
From Solana to Bitcoin: Phantom Wallet’s Latest Expansion Embraces Inscriptions and BRC20s
In 2023, Ordinals and BRC20 tokens, developed atop Bitcoin, have gained considerable traction, leading numerous companies to adopt the supporting infrastructure. As of December 21, 2023, the Bitcoin blockchain boasts over 50 million inscriptions.
On Wednesday, Phantom, the Web3 wallet that secured 9 million in Series B funding from key investors last year, announced its foray into the Bitcoin realm. Phantom acknowledges Bitcoin’s foundational role, stating that without it, there would be no Solana, Ethereum, or Web3.
“Introducing Bitcoin on Phantom,” the company said in a post shared on X. “You can now buy, sell, trade, transfer, and HODL Bitcoin, Ordinals, and BRC20 tokens with your favorite multi-chain wallet.”
Phantom’s integration of Ordinals and BRC20s coincides with a surge in demand for Bitcoin digital collectibles and fungible tokens. Recent data from cryptoslam.io reveals that Bitcoin-based NFT sales have exceeded 0 million in the past week.
Phantom’s Bitcoin feature is currently in beta and available on an opt-in basis. Users can also link with the NFT marketplaces Magic Eden and Unisat, and Phantom indicates that additional “trusted” applications will be introduced shortly.
What do you think about Phantom supporting Bitcoin, Ordinals, and BRC20 tokens? Share your thoughts and opinions about this subject in the comments section below.
This BRC-20 Token Just Breached $1 Billion Market Cap With 180% Rally Today – Details
The BRC-20 token ORDI, which is based on Bitcoin, surged by 181% today amid a wider cryptocurrency upswing and a recent rise in activity surrounding the Ordinals protocol.
According to the most recent data, the token’s trade volume has increased by more than 900% during the last 30 days.
The ORDI coin has experienced a downward trend since its entry onto the market. It began trading at around in June of this year and gradually dropped back to slightly less than by mid-September.
Strong Performance: The BRC-20 Token ORDI
The token’s decline marked the bottom and the beginning of the subsequent bull market, which drove the price up to its all-time high of on November 5.
The previous few days have seen a phenomenal increase in the price of ORDI, and since Bitcoin has recently performed well and crossed ,000, ORDI is also rising quickly.
The ORDI token, which is based on Bitcoin Ordinals, has achieved triple-digit monthly and weekly percentage growth, making it the first BRC-20 token to surpass a billion market valuation.
Tokens based on Bitcoin are comparatively new in the digital currency space. These tokens leverage the Bitcoin network to produce a variety of digital assets, in contrast to Bitcoin, which is mostly used as electronic money. This change broadens the use of blockchain applications beyond the initial intent of Bitcoin.
Casey Rodarmor introduced the initial version of Bitcoin Ordinals in January. The protocol made it possible to add content to the blockchain of Bitcoin.
An important factor in the development of the two different types of tokens—fungible and non-fungible—was the introduction of the Ordinals mechanism.
In particular, this creative process has played a significant role in the development of BRC-20 tokens, which are a class of fungible token with characteristics similar to those of Ethereum’s ERC-20 standard.
Like BRC-20s, fungible tokens are interchangeable and frequently linked to simpler use cases, such as enabling different decentralized applications and transaction processing.
BRC-20 Coin ORDI And Bitcoin’s Resurgence
Trading in Ordinals decreased significantly in October after reaching a peak in the preceding month, but it increased again once Binance declared it will list ORDI.
The Ordinals Inscription Service, which Binance Pool introduced in August, makes it simpler for users to engrave extra data on the Bitcoin blockchain.
Meanwhile, in the event that investors perceive the saturation and sell in order to book profits, the price of ORDI is expected to find some support at .
Since the meme coin is now tracking the price movement of Bitcoin, eventually the rise in BTC will halt, which would prompt additional selling by investors seeking to validate their gains.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
BRC20 Token ORDI Hits $1B Market Cap Amid Crypto Surge, Soaring 676% in a Month
In the recent surge in the cryptocurrency market, the BRC20 token ORDI has experienced substantial growth. This week, it reached a new milestone with its market capitalization surpassing the billion threshold. The token’s value has soared by 676% in the past month and by 189% in just the last week alone.
ORDI Token’s Meteoric Rise
During this period of widespread gains in the crypto sector, ORDI, a BRC20 token and the first of its kind built on the Bitcoin network, has achieved a market valuation of billion. As of the latest update, ORDI’s trading price stands at to per unit, marking a significant 189% increase in value against the U.S. dollar. The coin’s trading range for the day has fluctuated between .94 and , bringing its current market value to .22 billion.
With a current market valuation of .22 billion, ORDI now ranks 57th among the more than 10,000 cryptocurrencies in existence. In addition to its 676% rise over the past month, ORDI has skyrocketed by 1,851% from its all-time low of .86 per coin, recorded on September 11, 2023. Over the last 24 hours, ORDI has surged by 45% in value against the dollar, with a global trading volume reaching 5 million.
On December 5, 2023, ORDI stands out with the tenth-highest trading volume in the cryptocurrency market. The token has also been active in derivatives markets, especially in the last 24 hours. This surge in the BRC20 token’s price has resulted in a notable .70 million in short positions being liquidated. Notably, the Turkish lira has played a significant role in the trading volumes of ORDI, followed by tether (USDT). Other leading trading pairs with ORDI include BTC, TUSD, FDUSD, and USD.
What do you think about ORDI’s market performance this month? Let us know what you think in the comments section below.
ZKSpace Unveils Major Development: Expansion into BRC20 and Initial Plan for 2.0 Tokenomics Trilogy
PRESS RELEASE. ZKSpace has recently announced two significant developments: its expansion into the BRC20 ecosystem and the unveiling of its Tokenomics 2.0 Trilogy.
Expansion into the BRC20 Ecosystem:
- Background: Following the BTC network’s Taproot upgrade, the BRC20 ecosystem has gained traction in the cryptocurrency domain. ZKSpace is now pivoting towards this ecosystem to meet growing user demand and diversify its product offerings.
- Strategic Focus: The move aims to align with user preferences, leverage the ZKSpace team’s expertise in Zero-Knowledge Proof, and enhance the value of ZKS token holders.
- Initiatives: ZKSpace plans to introduce a suite of products and services tailored to the BRC20 ecosystem, including a BRC20 Exchange, BRC20 Info, and a BTC Layer2 wallet.
- Roadmap: Key milestones include the introduction of ZKSwap (zkSync version), cross-chain functionality with BZKSwap, and the launch of a comprehensive BTC ZKVM solution for a decentralized BTC Layer2 DEX.
Tokenomics 2.0 Trilogy:
- Token Supply Adjustment: ZKSpace has decided to burn 40% of the total ZKS token supply, reducing the uncirculated supply from 440 million to 40 million tokens. This move aims to create a deflationary effect on the non-circulated portion of the tokens by over 90%. The token burn is commenced for completion by December 31, 2023.
- New Use Cases: In 2024, ZKS tokens will be upgraded to dual-chain Layer2 governance tokens, operable on both ETH and BTC networks. This includes the migration of a portion of ZKS tokens to the BTC network, with profits dedicated to accelerating the token’s deflationary plan.
- Future Developments: This token burn is the first phase of the innovative Tokenomics 2.0 model trilogy. ZKSpace is also planning a series of products for the BTC ecosystem and a significant brand evolution.
Conclusion:
These developments by ZKSpace mark a strategic shift towards embracing the BRC20 ecosystem and innovating its tokenomics. The company is set to enhance its product offerings and user experience, while also adding value to its ZKS token holders. Stay tuned for more updates as ZKSpace continues to evolve and expand its presence in the cryptocurrency market.
For more information, visit ZKSpace’s official channels.
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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.