Commerce quantity for BRC-20 tokens elevated $10-15 million to greater than $500 million since November 2023, as per knowledge from Kaiko.
Tokens minted on the Bitcoin blockchain are gaining momentum as their buying and selling volumes elevated by ten instances for the reason that finish of 2023, in line with Kaiko knowledge.
In a report on Jan. 15, the Paris-based analytics blockchain agency revealed that buying and selling volumes for BRC-20 tokens skyrocketed from $10 million in November 2023 to greater than $500 million in January, attributing the rise to Binance, which just lately launched spot and perpetual futures buying and selling for ORDI, SATS, and RATS.
Binance, initially dominating the commerce quantity market share at 63% as buying and selling volumes surged to $2 billion following the itemizing of SATS and RATS, has since skilled a decline and at present has round 50% of the market share, knowledge exhibits. Crypto alternate OKX, which was the primary to listing one other BRC-20 token known as ORDI, is at present the second-largest spot marketplace for BRC-20 tokens, boasting a market share of 35%.
Launched in March 2023, BRC-20 stands as a brand new token customary on the Bitcoin community, which makes use of the Ordinals protocol, facilitating the inscription of knowledge on satoshis, the smallest unit of BTC.
As Kaiko notes, the rising volumes of BRC-20 tokens have pushed demand for block area on the Bitcoin community, leading to elevated transaction prices and sparking controversy. In early December 2023, Bitcoin Core developer Luke Dashjr said that knowledge inscription is exploiting a vulnerability to spam the Bitcoin blockchain, urging blockchain builders to repair the “vulnerability.”
Nonetheless, some aren’t towards BRC-20. Certainly one of Bitcoin’s vocal advocates, Udi Wertheimer, encouraged his 183,400 followers on X to experiment with Bitcoin Ordinals, the equal of non-fungible tokens (NFTs) on the Bitcoin blockchain.