What Happened on May. 4th | BRC-20 and ORC-20
The BRC-20 token standard, modeled on Ethereum's ERC-20, has become the latest trend in the crypto ecosystem. A total of 10,000 different tokens have been minted using the BRC-20 standard, with the majority being memecoins. The market cap of BRC-20 tokens has exploded over the past month, currently sitting at $120 million, a 600% rise in the past week.
Learn More: What is BRC-20
Unlike ERC-20, BRC-20 tokens don't use smart contracts and require a Bitcoin wallet to mint and trade. Created in March by an anonymous on-chain analyst called Domo, the BRC-20 token standard aimed to enable fungible tokens to be issued and transferred on the Bitcoin blockchain. The popularity of BRC-20 tokens has led to a surge in transactions, with BRC-20 transactions on the Bitcoin blockchain between April 29 and May 2 reaching over 50%, outperforming regular BTC transactions.
On May 3rd, OrcDO announced an Enhanced Version of BRC-20, called ORC-20 which is an open standard for ordinals tokens on the Bitcoin network claimed to enhance the features of BRC-20. It is aimed to be backward compatible with BRC-20, to improve adaptability, scalability, and security, and to eliminate the possibility of double spending.
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