The surge in BRC-20 tokens’ popularity occurred merely two months following the development of the Bitcoin token fungibility protocol. Just a couple of months back, the combined market capitalization of BRC20 tokens, stood at a humble $10 million. However, within the span of two months, the market valuation of BRC20 tokens has experienced an astonishing surge, skyrocketing by 4798% and reaching nearly $500 million.
Diverging from conventional fungible tokens, BRC-20 tokens utilize Ordinals and Inscriptions to handle token minting, and token transfers on the Bitcoin taproot network. Just like Ethereum, this extraordinary approach, brought by an anonymous developer, enables users to generate distinct digital assets on the Bitcoin blockchain, introducing an additional layer of data to every Satoshi.
Based on BRC-20 token tracker called brc-20.io, a BRC-20 token tracker, the initial BRC-20 token named $ORDI has attained a market capitalization of approximately $275 million. Similarly, other BRC-20 tokens such as PEPE, MEME, PIZA, and OXBT have also experienced similar trends, mirroring the meme coin frenzy as witnessed in the past with coins like Dogecoin, Shiba Inu, and Floki.
Although the creator of BRC-20 tokens openly expressed his belief that the standard is meritless, traders and investors are still gravitating towards this token standard, driven by its promising potential for innovation and growth. Early adopters have made hundreds of thousands if not millions by trading BRC-20 on popular marketplace Unisat.
The increasing popularity of BRC-20 tokens showcases a notable eagerness among developers and investors to embrace Bitcoin’s latest token standard. However, the process of minting and trading these tokens has proven to be challenging due to the lack of adequate resources, resembling the early days of ERC-20 tokens on the Ethereum network.
The rise of BRCBooster amid BRC-20 surge
BRCBooster, a prominent platform, aspires to become the catalyst for the growth of the BRC-20 ecosystem, catering directly to a potential multibillion-dollar industry. Despite being a relatively new platform, it has effectively captured user attention through its remarkably user-friendly interface.
Due to the inapplicability of smart contract theory on the Bitcoin network, the concept of decentralized exchanges powered by complex smart contracts becomes obsolete. However, BRCBooster has devised a solution that enables users to swap their BRC-20 tokens with Bitcoin in a manner similar to the process of swapping ERC-20 tokens on platforms like Uniswap or 1inch.
This unique selling proposition can serve as an attractive proposition for early-stage investors and venture capitalists. Once the DEX is launched, it is highly likely to attract a substantial trading volume for BRC-20 tokens due to the lack of decentralized exchanges on Bitcoin.
Conversely, the minting process for BRC-20 tokens can be somewhat challenging given the nature of this standard and the limited knowledge surrounding it. Recognizing this, the BRCBooster team has acknowledged the importance and included a BRC-20 token minting feature in their roadmap. This addition has the potential to attract numerous teams and projects seeking to deploy their ideas on the Bitcoin network.
Likewise, the possibility of BRC-20 token staking is hindered by the incompatibility of smart contracts on the Bitcoin network. Despite the incompatibility of smart contracts on the Bitcoin network, BRCBooster claims to have identified a potential solution for enabling BRC-20 token staking. This could offer significant benefits to upcoming projects utilizing the BRC-20 standard, as it presents a clever technique to not only expand the token holder base but also incentivize and reward loyal users.
As mentioned in the whitepaper, the IDO for BRCBooster is on the horizon, generating high anticipation within the energetic community for a fair allocation of $BRBT tokens. Following the IDO, $BRBT tokens will commence trading on the platform’s native DEX. As the BRC-20 ecosystem expands, it is yet to witness how BRCBooster will handle the increasing trading volume and serve the extensive BRC-20 community.
