1/ Bitcoin's BRC-20 token standard is taking the crypto ecosystem by storm, especially with the rise of meme coins like Pepe and Meme. Over 8,500 tokens have been minted using the BRC-20 standard, with a majority being meme coins.
2/ The BRC-20 token standard allows programmers to create and send fungible tokens via the Ordinals protocol on the Bitcoin blockchain. Unlike Ethereum's ERC-20, BRC-20 tokens don't make use of smart contracts and require a Bitcoin wallet to mint and trade.
3/ Since its creation in March 2022, the market cap of BRC-20 tokens has exploded, currently sitting at $120 million, a 600% rise from last week. The number of BRC-20 transactions on the Bitcoin blockchain has also outperformed regular BTC transactions.
4/ However, the rise in BRC-20 transactions has led to a significant surge in transaction fees, generating an additional 286 BTC in fees for miners since late April. The meme coin frenzy has also led to a rise in Ethereum network gas fees and network congestion.
5/ As the popularity of meme coins grows, the rise of Bitcoin's BRC-20 token standard highlights the potential for innovation and experimentation in the crypto space. However, the meme coin frenzy also comes with implications for transaction fees and network congestion.
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