Blockchain Developer to Fork BRC-20 to Bring Defi to Bitcoin
A blockchain developer is set to fork the BRC-20 token standard to introduce decentralized finance capabilities to the Bitcoin network.
A blockchain developer under the alias Mikael.btc, best known as the creator of the BRC-100 token standard, wants to fork BRC-20 in an effort to roll out a new protocol designed to bring decentralized finance to the Bitcoin (BTC) network.
In an Aug. 9 post on X, the developer outlined plans for the fork, emphasizing that the upgrade would address key limitations of the BRC-20 standard, including its “lack of programmability,” scalability challenges, and the absence of defi infrastructure.
BRC-20 Fork: BRC-100, Re-Activate BRC-20#Bitcoin needs DeFi infrastructures, #BRC100 and #RSM are both born to solve this problem, with similar concepts but different technologies: #Inscriptions and OP_RETURN.Now, BRC-20 community and BRC-100 community are going to fork… pic.twitter.com/Qyi2F4wsqx
— Mikael.btc | BRC-100 & RSM (@MikaelBTC) August 9, 2024
According to Mikael.btc, the new protocol will leverage technologies such as Inscriptions — used to add metadata to Bitcoin’s sats — and OP_RETURN — a script that allows data to be stored within transactions — to enhance Bitcoin’s functionality, enabling users to access decentralized finance.
“Every BRC-20 token will be mapped to a BRC-100 token with the same ticker and the same supply. 100% of the new BRC-100 token will be distributed to the holders of the original BRC-20 token, with the exactly same amount as the holdings on BRC-20.”
Mikael.btc
Following the fork, holders of BRC-20 tokens will automatically receive equivalent assets on the BRC-100 protocol, the developer added. However, those with BRC-20 tokens held on centralized exchanges will need to wait for the exchanges to distribute the new forked assets.
The push for defi on the Bitcoin network gained momentum recently after a research report from Pantera Capital, a crypto venture capital firm, projected that the Bitcoin-based defi ecosystem could attract hundreds of billions of dollars in liquidity through web3 protocols, implying that Bitcoin’s defi sector could achieve a market share comparable to that of Ethereum’s.
#Bitcoin needs DeFi infrastructures, #BRC100 and #RSM are both born to solve this problem, with similar concepts but different technologies: #Inscriptions and OP_RETURN.
Now, BRC-20 community and BRC-100 community are going to fork BRC-20 to BRC-100. The fork will happen on the first anniversary of BRC-100: Sep. 2 2024. The fork will solve the current limitations of BRC-20: lack of programmability, Non-Turing-Complete, lack of scalability, and lack of DeFi. The fork will re-activate BRC-20.
After the fork, users will receive a fork of their #BRC20 assets in the #BRC100 protocol, and the forked assets can participate in all DeFi applications of the BRC-100 ecosystem. 1. If your BRC-20 assets are on the Bitcoin blockchain, you do not need to do anything, and will receive the forked BRC-20 assets after the fork block height automatically. 2. If your BRC-20 assets are in CEXs, you should wait for the CEXs to distribute the forked BRC-20 assets to you. 3. Every BRC-20 token will be mapped to a BRC-100 token with the same ticker and the same supply. 100% of the new BRC-100 token will be distributed to the holders of the original BRC-20 token, with the exactly same amount as the holdings on BRC-20. 4. Check your pre-forked BRC-20 assets on the "BRC-20 Pre-Fork" page of #inBRC @in_BRC : https://inbrc.org/prefork 5. Join the #100ORDI Community: https://t.me/Community_100ORDI…
BRC-100 Ecosystem BRC-100 is a Programmable #Ordinals Protocol, introduces #DeFi for #Bitcoin by #Inscriptions. Thanks to all the #BRC100 developers, #BRC100 ecosystem is getting stronger and stronger.
You can experience the dApps on #Bitcoin Layer 1 based on BRC-100. 1. #inBRC @in_BRC (Launched) - The BRC-100 and #RSM Marketplace & Indexer Mainnet: https://inbrc.org Testnet: https://testnet.inbrc.org
2. #100Swap @100Swap_io (Launched) - The first automated market maker (AMM) decentralized exchange on Bitcoin Layer 1, based on BRC-102 protocol and #RSM. Mainnet: https://100swap.io Testnet: https://testnet.100swap.io
According to PANews, BRC-100 founder Mikael announced on X that BRC-20 will undergo a fork. All pre-fork assets can now be checked on the official BRC-100 index at https://inbrc.org/prefork. Users will be able to access all BRC-20 assets within the BRC-100 protocol. Forked assets such as ORDI, SATS, RATS, and PIZZA can be utilized through BRC-100's decentralized exchange (DEX), stablecoins, lending, and other DeFi applications, ushering in a secure and decentralized Bitcoin DeFi era.
The BRC-100 fork aims to address the current limitations of BRC-20, which include a lack of programmability, non-Turing completeness, scalability issues, and a lack of DeFi capabilities. The official fork is scheduled for September 2, with the goal of reactivating BRC-20 and accelerating the development of the Bitcoin ecosystem.