Wallet providers introduce BRC-20 token support despite market drawdown

Currently, there are over 34,000 different types of BRC-20 tokens in circulation. On June 21, BitKeep, a self-custody wallet provider, announced its support for BRC-20 tokens issued on the Bitcoin network. This feature allows users to view, rank, and transfer BRC-20 tokens and NFTs. The developers also mentioned that in-wallet swaps for BRC-20 tokens are planned for the future.

OKX, a cryptocurrency exchange, also recently announced its support for BRC-20 assets through the OKX Wallet app. Many centralized and decentralized exchanges have followed suit by adding support for BRC-20 tokens.

However, Trust Wallet and MetaMask currently do not support BRC-20 tokens, despite their growing adoption. The current market capitalization of BRC-20 tokens is $154.5 million, which is a significant decrease of nearly 85% from its all-time high in May during the meme-coin frenzy. While the initial interest in minting BRC-20 NFTs helped boost their market cap, the majority of the market cap now comprises meme-coins like WZRD, PIZA, and PEPE.

According to BitKeep, BRC-20 is a new token standard that utilizes Ordinals and Inscriptions to create assets on the Bitcoin blockchain. Ordinals enable the creation of fungible tokens, while Inscriptions allow the creation of unique digital assets. Together, they form the BRC-20 token standard, which enables users to deploy, mint, and transfer Bitcoin assets.

Unlike the ERC-20 token standard, BRC-20 tokens have limitations and can only perform basic functions. The protocol was created by a Twitter user named Domo on March 8, 2023. Since then, 34,652 different types of BRC-20 tokens have been deployed. In comparison, there could be up to 400 million ERC-20 tokens on the Ethereum network. Domo has expressed its opinion that the BRC-20 standard is “worthless” and advises against spending money on mass minting this “fun experiment.”

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