- The Bitcoin ecosystem has witnessed a remarkable revival, surpassing a market value of over $4 billion shortly after the invention of BRC-20 tokens in January.
- BRC-20 tokens, invented by Bitcoin developer Casey Rodarmor in January, gained popularity as one of the most significant technological advancements on a 15-year blockchain.
- Bitcoin Ordinals, a numbering system assigning a unique number to each satoshi, which is one hundred millionth of a Bitcoin, enabling tracking and transfer.
The Bitcoin ecosystem is coming back to life with the creation of BRC-20 memecoins and new protocols: The demand for minting is steadily increasing!
Revitalization with Innovations in the Bitcoin Ecosystem
The Bitcoin ecosystem has experienced a remarkable revival, surpassing a market value of over $4 billion shortly after the invention of BRC-20 tokens in January. According to a research report dated December 15th, as seen by COINOTAG, the gains made by Bitcoin miners from on-chain fees increased from 1.7% in August to 19.57% in November.
Meanwhile, daily mining revenue from block rewards surpassed $40 million in November. The digital asset named after the BRC-20 tokens, Bitcoin, has gained 161% in value since the beginning of the year. BRC-20 tokens, invented by Bitcoin developer Casey Rodarmor in January, gained popularity as one of the most significant technological advancements on a 15-year blockchain.
Bitcoin Ordinals, a numbering system assigning a unique number to each satoshi, which is one hundred millionth of a Bitcoin, enabling tracking and transfer. When combined with a write transaction that adds a data layer to each satoshi, users can create unique digital assets on the Bitcoin blockchain.
The market value of Ordinals (ORDI), the first memecoin created via the BRC-20 standard, is currently $1.34 billion. Meanwhile, attention has been drawn to the emergence of other Bitcoin token standards, such as Atomicals Protocol’s ARC-20:
“Unlike Ordinals, which relies on third-party listers to regulate asset operations, the Atomicals protocol’s ARC-20 standard utilizes the smallest unit of Bitcoin, the satoshi, to issue assets. This allows Atomicals assets to track a complete transfer history without relying on any third-party listers.”
Despite transaction fees, demand remains high!
Currently, the Atomical Protocol includes ARC-20 tokens, non-fungible tokens, Bitcoin domain names known as “realms,” and on-chain data objects known as “Collection Containers.” Researchers stated, “By this date, a total of 366,879 mints costing 55.8 BTC in total have been made on the Atomicals Protocol. The total mint count in this protocol constitutes 2.69% of the total mints in Ordinals.”
Despite high transaction fees, there is a strong community demand for minting BRC-20 tokens. Researchers mentioned that using the example of the SATS memecoin, SATS was fully minted on September 24th, with 21,107,258 mints and 36,061 owners in an environment where gas fees exceeded $15 million. Researchers forecasted, “Second-layer solutions like the Lightning Network will be the biggest technical foundation supporting the broader adoption of Bitcoin payments” for 2024 predictions.
