The bitcoin ecosystem has witnessed a spectacular recovery, as the market capitalization of BRC-20 tokens surpassed $4 billion shortly after its invention in January.
According to a December 15 research report from cryptocurrency exchange Bitget seen by Cointelegraph, bitcoin (btc) miners' earnings from on-chain fees increased from 1.7% in August to 19.57% in November. Meanwhile, daily mining revenue from block rewards exceeded $40 million in November. The digital asset of the same name has gained 161% so far this year.
Invented by bitcoin developer Casey Rodarmor in January, BRC-20 tokens have gained popularity as one of the biggest technological advancements in a 15-year-old blockchain. bitcoin Ordinals is a numbering system that assigns a unique number to each satoshi, or 1/100 millionth of a bitcoin, allowing for tracking and transfer. Combined with the enrollment process, which adds a layer of data to each Satoshi, users can mint unique digital assets on the bitcoin blockchain.
The Ordinals token (ORDI), the first memecoin created using the BRC-20 standard but not related to the Ordinals protocol itself, currently has a market capitalization of $1.34 billion. Meanwhile, researchers have also noted the emergence of other bitcoin token standards, such as Atomicals Protocol's ARC-20, to add value to the bitcoin ecosystem:
“Unlike Ordinals, which rely on third-party classifiers to sort asset transactions, the Atomicals protocol's ARC-20 standard uses bitcoin's smallest unit, Satoshi, as the smallest unit for issuing assets. “This allows Atomicals assets to track a complete transfer history without relying on any third-party classifiers.”
Currently, the Atomic Protocol includes ARC-20 tokens, non-fungible tokens, bitcoin domain names known as “realms,” and on-chain data object storage known as “Collection Containers.” “As of this date, there have been a total of 366,879 mints in the Atomicals Protocol, with a cumulative cost of 55.8 btc ($2.4 million). The total number of mints in this protocol represents 2.69 % of total mints in Ordinales,” the researchers wrote.
Despite high gas fees, there is strong community demand to mint BRC-20 tokens. Using the example of the Sats (SATS) memecoin, researchers noted that SATS was fully minted on September 24, with 21,107,258 mints and 36,061 holders, despite gas fees costing more than $15 million. Dollars. “(Layer two solutions, such as) the Lightning Network will serve as the largest technical foundation supporting the adoption of bitcoin payments on a larger scale,” the researchers concluded in their predictions for 2024.
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