$ORDI & Others BRC-20 Tokens Approaching a Market Cap of $1B USD
Hello, … NGL … I had an intro and everything since this was the first post but forget about it. Let’s get straight into it.
What are BRC-20 tokens?
Well, instead of whipping out a subpar paraphrased version. Here’s a one-liner that sums it up.
“The BRC-20 token standard is an experimental fungible token standard for Bitcoin created by Twitter user, @domodata on March 8th, 2023.”
Is it essentially Bitcoin’s version of ERC-20? Kind of, and I think that’s why everyone on Twitter is labeling these Memecoins but on BTC. And, it’s no coincidence the astronomical rise in trading volume over the past few days. Below is a great thread by @DefiiIgnas detailing some key insights into BRC-20 and Memecoin trading.
One of the key insights from the thread was the high cost of being an early adopter of the ordinal. First, you’ll need 20 inscriptions (mints) in order to be able to buy 1 BRC-20 with your unisat wallet. The cost to make these 20 inscriptions (mints)? $430 USD.
Here’s a chart comparing transactions on BTC vs. ETH the past several months. The rise in ordinals (of late) and BRC-20 tokens are the largest contributors to the increase in trading activity over the past month.
BTW, if you can’t see ETH, it’s because its transaction count pales in comparison to that of BTC. But, really, if you can’t see it, click on the image to go straight to domo’s dashboard.
So we apin’ in today?
Honestly, I don’t know. ‘Being early’ is great and all, but $430 for something this speculative is potentially very, very foolish, and very on brand, if Memecoins are your thing.
$ORDI, or Ordinals was the key driver and accounted for a majority of the trading volume. To track BRC-20 tokens, use brc-20.io. Here’s $ORDI’s performance over the past several days.
On top of its performance, the token has recently been listed on Gate.io and Crypto.com.
Here’s Gate.io’s listing announcement.
Note that lesser tokens have been listed on these sites and this should all be taken with a grain of salt.
Apart from what the market says and where $ORDI’s been listed, I look to this: domo’s GitBook on BRC-20s.
Sure, a market cap approaching $1 billion USD is definitely ‘worthless’ (lol). But, on a serious note, intent is important to understand. Domo’s intent, it seems, is to start the process. “Let’s start by making a BTC version of ERC-20 and go from there.”
Because of this, in the short term, maybe $ORDI and others may make us bullish for now, but I doubt this will be the case in the long run. Personally, I won’t be buying any BRC-20s, but I’m definitely keeping my eyes and ears open to catch what’s to come in the world of Ordinals.
Side note · What about the code?
Here’s what it looks like BTW. From the creator himself.
Clean af, no?
