The 21st of June, BitKeep, provider of self-custody wallets, advertisement its compatibility with BRC-20 tokens issued on the Bitcoin network (BTC). With this feature, users can view, sort, and transfer BRC-20 tokens and non-fungible tokens (NFTs). The developers also stated that in-wallet BRC-20 swaps will arrive “in the future”.
last month, andThe OKX cryptocurrency exchange too advertisement support for BRC-20 assets through the OKX Wallet app. Many centralized and decentralized exchanges have also implemented BRC-20 compatibility.
Best wallet for you #BRC20 assets!
️ Great news: BitKeep now supports #BTC #taproot addresses! Easily manage your #Ordinals BRC20 Token/NFT assets in BitKeep wallet, and complete transactions with a simple click
In the future, we will also support the BRC20 #Swap function! pic.twitter.com/W48wsNH5kh
— BitKeep Wallet (@BitKeepOS) June 21, 2023
The best wallet for your BRC20 assets!
️Great news: BitKeep now supports Taproot BTC addresses! Easily manage your #Ordinals BRC20 Token/NFT assets in the BitKeep wallet, and complete transactions with a simple click.
In the future, we will also support the BRC20 Swap feature!
Despite the adoption, however, the current market capitalization of BRC-20 tokens is $154.5 million.which It represents a nearly 85% decline from its all-time high in May during the peak of the memecoin craze. Although originally aided by investor interest in minting NFT BRC-20, the vast majority of the market capitalization of BRC-20 tokens currently consists of memecoins such as Wojak Coin, piza, and Pepe.
According to BitKeep, BRC-20 is a new token standard that uses Ordinals and Inscriptions to create new Bitcoin assets. Ordinals allow the creation of fungible tokens on top of Bitcoin. For their part, Registrations allow 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.
TO Unlike the ERC-20 token standard, BRC-20 tokens cannot perform complex functions and are limited to the three mentioned features. The protocol was created by Twitter user domodata on March 8, 2023. Since then, 34,652 types of BRC-20 tokens have been deployed. Compared, could there will be up to 400 million ERC-20 tokens on Ethereum. Domodata, the creator of BRC-20, has personally stated that the standard is “useless” and that users should not “waste money mass coining” this “fun experiment”.
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