The article from Cointelegraph discusses the recent support for BRC-20 tokens by various wallet providers, despite a significant market downturn. Over 34,000 types of BRC-20 tokens are currently in circulation. On June 21, BitKeep, a self-custody wallet provider, announced its support for BRC-20 tokens issued on the Bitcoin network. This feature allows users to view, rank, and transfer BRC-20 tokens and nonfungible tokens (NFTs). The company also plans to introduce in-wallet swaps for BRC-20 in the future.
Last month, cryptocurrency exchange OKX also announced its support for BRC-20 assets via the OKX Wallet app. Numerous centralized and decentralized exchanges have followed suit. However, Trust Wallet does not currently support BRC-20 tokens, and they cannot be stored on MetaMask.
Despite the growing adoption, the current market cap of BRC-20 tokens is $154.5 million, which is an 85% decline from its all-time high in May during the peak of the memecoin craze. The majority of the BRC-20 tokens’ market cap is made up of memecoins such as WZRD, PIZA, and PEPE.
BRC-20 is a new token standard that uses Ordinals and Inscriptions to create new assets on Bitcoin. Ordinals allow the creation of fungible tokens on top of Bitcoin, while Inscriptions enable users to create unique digital assets on the Bitcoin blockchain. Together, they form the BRC-20 token standard that allows users to deploy, mint, and transfer Bitcoin assets.
Unlike the ERC-20 token standard, BRC-20 tokens cannot perform complex functions and are limited to the three aforementioned features. The protocol was created by Twitter user Domo on March 8, 2023. Since then, 34,652 BRC-20 token types have been deployed. In comparison, there could be as many as 400 million ERC-20 tokens on Ethereum. Domo has personally stated that the BRC-20 standard is “worthless” and that users should “not waste money mass minting” this “fun experiment."
