- In the latest report from Binance Research, it was stated that BRC-20 tokens marked the beginning of a new era for Bitcoin
- The report mentioned that Binance increased Bitcoin’s market dominance from 40.4% to 50.2%, allowing the network to capture more than half of the total crypto market value.
- A spokesperson for Binance Research said that the growing BRC-20 tokens are a significant story for Bitcoin in 2023, and they believe this topic will continue to be important in 2024.
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Binance Research revealed the importance of BRC-20 in the Bitcoin ecosystem in its latest report.
“BRC-20” Research from Binance Exchange
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Binance’s research unit drew attention to the growth of BRC-20 tokens in its latest report, asserting that despite skepticism from many about Bitcoin Ordinal’s place in the Bitcoin ecosystem, this situation is one of the most important stories of 2023.
According to Binance Research’s latest report, BRC-20 tokens marked the beginning of a new era for Bitcoin. The BRC-20 token standard, created in March 2023, became very popular last year with meme tokens like Pepe using this standard. According to Binance, Bitcoin Ordinals and BRC-20 tokens influenced the growth and dominance of Bitcoin in 2023.
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In the report, Binance mentioned that Bitcoin increased its market dominance from 40.4% to 50.2%, allowing the network to capture more than half of the total crypto market value. Researchers stated that the network’s activity, writings, and BRC-20 tokens were “clearly affected,” highlighting an increase in Bitcoin’s mempool transaction count.
A spokesperson for Binance Research said that the growing BRC-20 tokens are a significant story for Bitcoin in 2023, and they believe this topic will continue to be important in 2024: “The notable emphasis on the rapid growth and listing of top-ranking BRC-20 tokens on the largest exchanges in the industry helped push the market further.”
There are still non-believers in the Ordinals protocol
When asked about those who believe that the Bitcoin Ordinals protocol has no place in the Bitcoin ecosystem, the spokesperson stated that Bitcoin has a decentralized and permissionless structure. The community decides what the technology will be used for. “No single person or group has the authority to dictate how technology will be used.”
Additionally, the Binance Research spokesperson highlighted from an economic perspective that Ordinals and BRC-20 tokens led to higher transaction fees, affecting miners, which will be impacted by the Bitcoin halving in 2024.