July 21, 2024
Bitcoin Revitalized by Memecoins and Protocols
Bitcoin News

Bitcoin Revitalized by Memecoins and Protocols

Bitcoin miners are experiencing record-high revenue, reaching all-time highs, primarily attributed to the increased on-chain fees. The market capitalization of BRC-20 tokens surpassed $4 billion shortly after their introduction in January, marking a significant recovery for the Bitcoin ecosystem.

Miners’ earnings from on-chain fees surged from 1.7% in August to 19.57% in November, while daily mining revenue from block rewards exceeded $40 million in the same month. Bitcoin itself has seen a remarkable 161% year-to-date gain.

The introduction of BRC-20 tokens in January, pioneered by Bitcoin developer Casey Rodarmor, has become a major technological advancement for the 15-year-old blockchain. The Ordinals (ORDI) token, the first meme coin created using the BRC-20 standard, now boasts a market cap of $1.34 billion.

The BRC-20 tokens leverage Bitcoin Ordinals, a numbering system that assigns a unique number to each satoshi, enabling tracking and transfer.

“Unlike Ordinals, which rely on third-party sorters to order asset transactions, the Atomicals protocol’s ARC-20 standard uses Bitcoin’s smallest unit, Satoshi, as the smallest unit for issuing assets. This allows Atomicals assets to trace a complete transfer history without relying on any third-party sorter.”

The emergence of other Bitcoin token standards, such as ARC-20 from Atomicals Protocol, adds further value to the Bitcoin ecosystem. Atomical Protocol includes ARC-20 tokens, nonfungible tokens, Bitcoin domains called “realms,” and on-chain data object storage known as “Collection Containers.”

Despite high gas fees, there is significant community demand for minting BRC-20 tokens. Notably, the Sats (SATS) meme coin was fully minted on Sept. 24, with over 21 million mints and 36,000 holders, despite gas fees totaling over $15 million.

Looking ahead, researchers predict that layer-two solutions like the Lightning Network will play a pivotal role in supporting the broader adoption of Bitcoin payments on a larger scale, despite existing challenges such as high gas fees.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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