2023-05-12
The value
of the BRC-20 token market, which is built on the Bitcoin
network using the Ordinals protocol, has surged to $900 M.
This increase in value is attributed to the popularity of meme tokens such as
Ordi, which has experienced a 50.92% increase in value in
the past 24 hours, trading at $25.06.
These meme
coins are used on the Ordinals protocol, which creates BRC-20
tokens, similar to the EBC-20 tokens on the Ethereum
blockchain. These tokens were developed by Casey Rodarmor in January and makes
it possible to check the information of Bitcoin coins denominated in Satoshi.
The Ordi
token is now available for trading on Gate.io, the first centralized exchange
to list the BRC-20 token for trading.
What is Ordinals Protocol on Bitcoin?
The
Ordinals protocol allows developers to define small files in satoshi units to
be developed into NFTs. Domo was launched as a standard token built on Ordinals
in March, allowing users to issue fungible tokens.
Since then,
more than 11,000 tokens have been
minted on the Blockchain on Ordinals. Trading has increased, with transactions
reported on the Bitcoin network reaching 534,000, according to The Block.
Source link: The block
Photo credit: Link
