The cumulative count of inscriptions minted on Bitcoin has reached nearly 38 million, generating over 2,400 BTC in transaction fees. According to data sourced from NFTScan, the network boasts more than 672,000 wallets holding inscription assets. Over the past week, BRC-20 SATS, a memecoin created through the Ordinals protocol on Bitcoin, has dominated the NFT/Inscriptions transaction volume, contributing over $32 million. This surge places it ahead of popular projects like CryptoPunks and Bored Ape Yacht Club [BAYC].
SATS, named after ‘satoshis,’ the smallest unit of Bitcoin, currently trades at $0.00000012 with a diluted market capitalization of $270 million. Unisat data reveals that SATS is held in 39,000 user wallets on the Bitcoin network.
The Ordinals protocol, introduced by developer Casey Rodarmor in early 2023, allows developers to assign a unique identity or file to every satoshi within the Bitcoin network, a process known as inscription. This groundbreaking mechanism has paved the way for the creation of fungible tokens, such as BRC-20 tokens, and non-fungible tokens [NFTs], that often showcase digital art.
BRC-20 tokens, designated for meme coins, have become a predominant category of tokens under the Ordinals protocol. While the term draws a parallel to the ERC-20 token standard on the Ethereum blockchain, their underlying mechanisms differ significantly.
In March, a pseudonymous developer named Domo introduced an experimental token standard called BRC-20, built upon the Ordinals protocol. This innovation allows users to issue fungible tokens like ‘order’ by inscribing specific files to satoshis.
Bitcoin-Linked Token Scores Listing In Gate And KuCoin
That said, major crypto exchanges Gate and KuCoin are gearing up to list SATS, the meme coin based on the Ordinals BRC-20 token standard. While Gate has already opened deposits for SATS, KuCoin is set to enable deposits, with trading expected to commence on November 9, provided token deposits meet liquidity requirements. KuCoin will offer the SATS/USDT trading pair.
Interestingly, these announcements follow closely on the heels of Binance’s recent declaration that it would list Ordi, another popular BRC-20 meme coin, for trading. The increasing recognition and adoption of these meme coins highlight the evolving landscape of tokenization within the Bitcoin network.