Key Points:
- According to Dune statistics, BRC-20 transaction costs fell to 88% on May 11 from a high of 255 BTC on May 8.
- These costs have now been reduced for three days in a row.
- Nevertheless, the transaction costs on May 11 accounted for just roughly 15% of total Bitcoin transaction fees on that day.
After the recent frenzy, the BRC-20 craze seems to be cooling down.
Dune data shows that on May 11, BRC-20-related transaction (minting, transfer and deployment) fees dropped to 30 BTC, a drop of 88% from the peak value on May 8.
Such fees have now fallen for three consecutive days. In addition, the transaction fees on May 11 only accounted for about 15% of all transaction fees for Bitcoin on that day.
Memecoins, which have seen a surge in popularity over the past few years, are starting to take over the Bitcoin network. Meme coins like PEPE and WOJAK have clogged the Ethereum network, and new BRC-20 tokens are now affecting the Bitcoin network.
These new meme coins are being minted using the standard. Daily minting fees on BRC-20 hit a record high of 255 BTC on May 8, according to data from Dune.
The entire market value of the tokens topped $1 billion on May 9.
The BRC-20 token standard is a new kind of fungible token that uses Ordinals and Inscriptions to construct and manage token contracts, token minting, and token transfers on the Bitcoin base chain.
Ordinals is a numbering system that allocates a unique number to each satoshi, 0.00000001 BTC, making it possible to monitor and transfer it. Meanwhile, the “inscription” process adds a layer of data to each satoshi, enabling users to build one-of-a-kind digital assets on the Bitcoin network.
Domo, a Twitter user, created the BRC-20 token standard on March 8. Presently, around 14,300 BRC-20 tokens are in use on Bitcoin, with an estimated 400 million tokens in use on Ethereum.
The Bitcoin network has seen its greatest degree of congestion in years as a consequence of an increase in activity linked to Ordianals and BRC-20s, resulting in a backlog of transactions owing to the limited block space available. According to Mempool data, there are presently over 287,000 unconfirmed transactions, and memory use has reached its limit.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
News
BRC-20 Transaction Fees Decline From May 8
Key Points:
- According to Dune statistics, BRC-20 transaction costs fell to 88% on May 11 from a high of 255 BTC on May 8.
- These costs have now been reduced for three days in a row.
- Nevertheless, the transaction costs on May 11 accounted for just roughly 15% of total Bitcoin transaction fees on that day.
After the recent frenzy, the BRC-20 craze seems to be cooling down.
Dune data shows that on May 11, BRC-20-related transaction (minting, transfer and deployment) fees dropped to 30 BTC, a drop of 88% from the peak value on May 8.
Such fees have now fallen for three consecutive days. In addition, the transaction fees on May 11 only accounted for about 15% of all transaction fees for Bitcoin on that day.
Memecoins, which have seen a surge in popularity over the past few years, are starting to take over the Bitcoin network. Meme coins like PEPE and WOJAK have clogged the Ethereum network, and new BRC-20 tokens are now affecting the Bitcoin network.
These new meme coins are being minted using the standard. Daily minting fees on BRC-20 hit a record high of 255 BTC on May 8, according to data from Dune.
The entire market value of the tokens topped $1 billion on May 9.
The BRC-20 token standard is a new kind of fungible token that uses Ordinals and Inscriptions to construct and manage token contracts, token minting, and token transfers on the Bitcoin base chain.
Ordinals is a numbering system that allocates a unique number to each satoshi, 0.00000001 BTC, making it possible to monitor and transfer it. Meanwhile, the “inscription” process adds a layer of data to each satoshi, enabling users to build one-of-a-kind digital assets on the Bitcoin network.
Domo, a Twitter user, created the BRC-20 token standard on March 8. Presently, around 14,300 BRC-20 tokens are in use on Bitcoin, with an estimated 400 million tokens in use on Ethereum.
The Bitcoin network has seen its greatest degree of congestion in years as a consequence of an increase in activity linked to Ordianals and BRC-20s, resulting in a backlog of transactions owing to the limited block space available. According to Mempool data, there are presently over 287,000 unconfirmed transactions, and memory use has reached its limit.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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