The market capitalization of BRC-20 Bitcoin tokens has exceeded $1 billion, with a 24-hour trading volume of $207.7 million. Some prominent tokens in this category include ORDI, NALS, VMPX, PEPE, and MEME. Their prices have fluctuated between +11% and -55% within the past day.
BRC-20 token standard: fungible tokens on the Bitcoin blockchain
BitKeep, a multichain wallet, explains that the BRC-20 token standard is a unique type of fungible token. It uses Ordinals and Inscriptions to manage token contracts, token minting, and token transfers, all stored on the Bitcoin base chain. Ordinals assign a distinct number to each satoshi (0.00000001 Bitcoin), enabling tracking and transfer, while Inscriptions add a layer of data to each satoshi, allowing the creation of distinctive digital assets on the Bitcoin blockchain.
Twitter user Domo developed the BRC-20 token standard on March 8. Over 14,000 BRC-20 tokens have been deployed on Bitcoin, compared to approximately 400 million tokens on Ethereum. Despite its growth, the creator of BRC-20 has emphasized that the standard is worthless and users should not invest in this “fun experiment.”
BitKeep to support Ordinals and BRC-20 protocols
On May 8, BitKeep announced plans to support the Ordinals and BRC-20 protocols on its mobile and plugin-extension platforms. The company will also add a Bitcoin NFT section to its marketplace, facilitating the display, minting, transfer, and trading of BTC NFTs based on the Ordinals protocol. BitKeep remains committed to monitoring new protocols like BRC-21, providing diverse support and services based on market trends and user needs.
While optimistic about the future of BRC-20 tokens, Trust Wallet does not currently support Bitcoin Ordinals. MetaMask, on the other hand, introduced a feature in February allowing users to store Ordinals. Cryptocurrency hardware wallet provider Ledger also supports the Ordinals protocol.
