As readers know, brc-20’s were created as an experiment by Domodata. Brc-20s are a token standard that uses Ordinal theory to mint tokens directly on Bitcoin. In the space of a few short weeks, users have already created 4600+ different tokens on the chain.
Of the 4600 tokens, $ORDI was the first and has just achieved a market cap of $21M. Currently, brc-20s are, at best, meme coins. But the success and activity in this niche market corner have been exciting. In six weeks, brc-20’s have gone from a vague idea requiring hacky solutions and high-trust OTC trading to a market with 4600 tokens complete with a new dex, supported wallets, and a growing community of traders. However, the dex did experience an exploit, but it’s relaunching soon.
As I mentioned, these tokens are, at best, meme coins; the vast majority are vaporware that will probably never have any serious volume. As far as I know, no one uses these tokens for governance, or any broader utility. However, meme coins are an essential pillar in this market – and having them launch on Bitcoin is an exciting development. Bitcoin could benefit from the increased transactional fees of brc-20 trades and inscriptions occurring on it.
It is far too early to say anything definitive about the brc-20 market. $ORDI seems to lead it, but that can change quickly. It is also yet to be seen if this market will stick around and if developers can build all the tools to make it workable. But this is a space people should be watching.
Fair warning, though, as this market is so new, it carries a significant risk – be cautious, be wary. But this is an exciting market to watch.
