BRC-20 Tokens: Spawning a Memecoin Pandemonium
We dive into the world of pepe, ordi and meme - what's the hype all about?
Russian DeFi
May 19, 2023
Dive into the chaos.🌪️
BRC20 memecoins are turning the crypto world upside down, making millionaires overnight & choking networks.
We take a look at the world of pepe, ordi and meme - what's the hype all about?
In this blog post, we will delve into 👇️
➜ What exactly are BR20 memecoins❓
➜ Marketcap 📊
➜ BRC-20 🆚 ERC-20
➜ Minting fees💳
➜ How to trade on BRC20
🧐 What exactly are BRC20 memecoins? 🌟
Memecoins are making people millionaires, and the potential for airdrops has many investors salivating. But BRC20 memecoins represent a paradigm shift in how we perceive & interact with cryptocurrencies.
But beware of the hype! DYOR
BRC20 memecoins are meme-inspired tokens that utilize the BRC-20 token standard, which was originally created for Bitcoin. This development has opened up a whole new world of possibilities for meme-based projects to thrive in the crypto space.
The popularity of these memecoins has skyrocketed, with the market cap nearing a staggering $1 billion at its peak. This surge highlights the immense interest and potential that memecoins hold in the ever-evolving crypto landscape.
🔀 BRC-20 vs. ERC-20: Understanding the Difference 🔄
1️⃣ BRC-20 is issued on the Bitcoin blockchain (secured by PoW) which has fewer features due to the lack of smart contract support on Bitcoin.
BRC-20 MarketCap = $600M
ERC-20 MarketCap = $112.6B
2️⃣ Another difference is that the majority of BRC-20 tokens are memecoins like ordi, pepe, & meme.
The idea is to create fungible tokens via the Ordinals protocol.
So far, over 14,079 BRC-20 tokens have been minted.
💸 Minting Fees: Challenges and Enthusiasm 💪
The success of BRC20 memecoins has not come without its challenges.
Minting fees for these tokens have reached record highs due to congestion on the Bitcoin network.
While this congestion presents obstacles, it also underscores the demand and enthusiasm surrounding memecoins. Investors need to be aware of these fees and factor them into their investment decisions.
📈 How to Trade on the BRC20 Network📚
If you want to trade on BRC-20, check out this guide.
How to fund wallet
1. Navigate to ordinalswallet.com & click on create wallet.
2. Set up the wallet.
3. Copy address and send BTC from CEX to the wallet.
Wallets
✨ How to Mint BRC20
1. Open the wallet & select the BRC-20 tab.
2. Scroll down to a green bar below the total supply.
3. Next is to click on Mint Now, set network fee, and then on Inscribe.
NB: For minted tokens, just click on Buy Now.
⏭️ Crypto Moves Fast: BRC21 Proposal Is Next
Remember, the crypto landscape is constantly evolving.
With it, the rise of more trends and possibilities.
Stay informed and keep an eye out for the outcome of the next phase: the BRC21 proposal.
📚 Explore Further: Recommended Resources
For those eager to learn more, check out other threads on BRC-20 tokens.
Threadors 👇️ 🧵