Gas fees on the Polygon network reached as high as $0.10 during a mad rush to mint an Ordinals-inspired token called POLS. Gas fees on Ethereum layer-2 Polygon (MATIC) surged more than 1,000% to reach a peak of $0.10 as users inundated the network with the minting of Ordinals-inspired tokens dubbed POLS. In a Nov.…
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Bitcoin Ordinals appear to be alive and kicking with nearly 85% of network activity dominated by inscriptions and BRC-20 minting on Aug. 21. Ordinal inscriptions have continued to dominate activity on the Bitcoin network over the past week despite the cryptocurrency’s recent price decline and suggestions that the hype around Bitcoin NFTs have “died.” On…
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While non-fungible tokens (NFTs) are generally believed to represent the link between an owner and an asset, without platforms acting as “digital notaries” there can be no effective way of stopping scammers from minting and selling plagiarized works, Shaban Shaame, the co-founder of Wakweli protocol has argued. Tokenizing Real-World Assets According to Shaame, the ease…
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There are currently more than 34,000 types of BRC-20 tokens in circulation. On June 21, self-custody wallet provider BitKeep announced support for BRC-20 tokens issued on the Bitcoin network. With the feature, users can view, rank and transfer BRC-20 tokens and nonfungible tokens (NFTs). Developers also stated BRC-20 in-wallet swaps are coming “in [the] future.” …
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Bitcoin transactions and fees are at high levels, and 400,000 of them are still unconfirmed on the blockchain. Increased fees and a backlog of transactions are besieging the Bitcoin (BTC) network, and it’s due to a popular new “token” standard, according to a CryptoQuant analyst. Axel Adler Jr, an analyst with the crypto data firm,…
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The Bitcoin network is in flux amid a surge in the popularity of BRC-20 tokens, a new Bitcoin blockchain-based fungible token standard inspired by the Ethereum blockchain’s ecosystem of ERC-20 tokens. The BRC-20 standard, which was developed and deployed by a pseudonymous Twitter user by the name of Domo only just over one month ago,…
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Binance has announced its intention of implementing Lightning Network, a layer 2 Bitcoin scaling protocol, on its platform after experiencing an episode of congestion regarding withdrawals on the Bitcoin network. The exchange had to pause bitcoin withdrawals twice due to a large backlog of operations stuck as a consequence of high transaction fees.
Binance…
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The mean fee to conduct a transaction on the Bitcoin network just shot to its highest level in nearly two years, as per data presented by crypto on-chain analytics firm Glassnode. On Friday, the average transaction fee clocked in at 0.00032814 BTC, up more than ten-fold from a dip to 0.00003161 on the 23rd of…
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The BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens and transfer tokens. A new daily all-time high has been recorded for the number of Ordinals inscribed on the Bitcoin (BTC) network due to a recently launched “token standard” for the blockchain. Bitcoin Ordinals reached 58,179 inscriptions on April 2, smashing the…
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Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’
Bitcoin Ordinals inventor Casey Rodarmor says a fungible token protocol like Runes wouldn’t leave as much “junk” on the Bitcoin network as that of BRC-20 tokens. The inventor of Bitcoin Ordinals is proposing a new Bitcoin-based fungible token protocol as a potential alternative to the BRC-20 token standard. The BRC-20 standard was launched in March…
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