Amid the continuous popularity of BRC-20, how does Bitget quickly lay out rotational sectors?

2023-11-17 16:45

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BRC-20 tokens and the Bitcoin ecosystem are constantly improving and developing. With further improvements to the infrastructure, we believe there is enormous potential for its growth.

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Original author: Martin Talk

Since the birth of Bitcoin in 2009, it has changed our perception of digital currency and led the concept of decentralized digital currency. Subsequently, Ethereum innovated on the basis of Bitcoin, creating a new platform and successfully developing decentralized applications and smart contracts on its blockchain. This breakthrough innovation of Ethereum led to the introduction of ERC-20 tokens in 2015, which enabled the Ethereum blockchain to support thousands of other cryptocurrencies in addition to ETH.

Entering 2023, Bitcoin introduced the Ordinals protocol, making it possible to attach additional data to each satoshi on the Bitcoin blockchain. This marks a significant leap for Bitcoin in terms of innovation and diversification of the ecosystem, introducing both fungible and non-fungible tokens to the Bitcoin blockchain.

What is BRC-20 token?

The BRC-20 token standard was created in March 2023, using the Ordinal protocol to "imprint" tokens on the Bitcoin blockchain, allowing anyone to mint and transfer these tokens. This novel approach injects new vitality into the long-dormant Bitcoin blockchain. The popularity of BRC-20 tokens has quickly risen, driving a significant increase in transaction volume and fees on the Bitcoin blockchain. Within just one month of its release, tokens such as Ordinals (ORDI), Pepe (PEPE), and MEME (MEME) began to emerge.

Forward-looking vision, Bitget quickly lays out BRC20 ecosystem

Facing the emerging gameplay of the Bitcoin ecosystem, Bitget is one of the earliest platforms in the CEX to explore this field. Perhaps it is due to their support for the Bitcoin ecosystem or their high sensitivity to market hotspots. As early as April of this year, Bitget began to layout the BRC-20 track and successively launched several early popular BRC20 ecological projects such as PEPE, ORDI, and BIP1.

Since entering November, with the recovery of the cryptocurrency market, Bitcoin ecological tokens have collectively strengthened. Taking BRC20 tokens as an example, the average increase in November exceeded 300%. Among them, RATS, PEPE, and ORDI performed the best, with increases of 774%, 486%, and 447% respectively throughout November. Bitget, which launched multiple BRC-20 tokens in April, also helped its users firmly catch this wave.

The Future Outlook of BRC-20 Tokens

Currently, due to some key limitations such as incompatibility with EVM (Ethereum Virtual Machine), the development of BRC-20 tokens is restricted or difficult to rise rapidly like Ethereum ecosystem tokens. However, it is worth noting that BRC-20 tokens and the Bitcoin ecosystem are still constantly improving and developing. With further improvement of infrastructure, its development potential is enormous.

Overall, although the future of BRC-20 tokens is uncertain, their impact in the cryptocurrency field cannot be ignored. Investors should fully understand and evaluate the potential risks and rewards when considering entering this field, in order to make wise investment decisions.