The BRC-20 tokens are becoming a new force in the Bitcoin ecosystem as their outstanding growth has been demonstrated in recent times. Today, we will learn about the top BRC-20 tokens that have strong potential through this article by Coincu.
What are BRC-20 tokens?
The BRC-20 token, an innovative and experimental fungible token, has emerged as a trendsetter in the cryptocurrency ecosystem, notably gaining traction after the price surge of memecoin Pepe (PEPE). Developed on the Bitcoin blockchain, the BRC-20 standard utilizes Ordinals and Inscriptions, employing a JSON file as a contract token to facilitate token creation and transfers. Introduced on March 8, 2023, by Twitter user @domodata, the BRC-20 standard showcases the continuous evolution of token standards within the cryptocurrency space.
Ordinals, the underlying protocol, is instrumental in the creation of Bitcoin Ordinals, ensuring the safety and security of NFTs within the Bitcoin network. Inscriptions, akin to NFTs on the Bitcoin network, involve engraving content onto sats, resulting in unique and secure digital assets. The BRC-20 standard, in contrast to tokens on EVM blockchains, is designed for simplicity. Each token on the Bitcoin network, due to smart contract capacity considerations, incurs significant fees, making the BRC-20 a script file with rules governing token transfers between wallets.
Why are BRC-20 tokens popular?
Compatibility with the Bitcoin Network
One of the key strengths of BRC-20 tokens lies in their seamless integration with
the Bitcoin blockchain. Leveraging Bitcoin ordinals, BRC-20 tokens can effortlessly integrate with the network’s existing infrastructure, including wallets and exchanges that support Bitcoin. This compatibility accelerates adoption within the community, tapping into the widespread usage of the Bitcoin network.
Ease of Use
The BRC-20 token distinguishes itself with a user-friendly and simplified mechanism. Users can easily mint and transfer tokens without necessitating extensive technical expertise. This user-centric design promotes accessibility, making BRC-20 tokens more inclusive for a broader audience.
Security
Building on the robustness of the Bitcoin blockchain, known for its industry-leading security, BRC-20 tokens benefit from a decentralized nature, algorithmic technology, and
Proof of Work (POW) mechanism. This amalgamation reinforces the overall security of the system, instilling confidence among users and stakeholders.
Growth Potential
The adoption of the BRC-20 standard by various projects signals substantial growth potential. As more projects embrace BRC-20 tokens, new use cases and innovations are anticipated. The expansive and diverse user base of the Bitcoin network further catalyzes this growth, attracting developers, investors, and users alike. The collaborative ecosystem is poised to drive the expansion and evolution of BRC-20 in the foreseeable future, making it a compelling element in the dynamic landscape of blockchain technology.
Limitation of BRC-20 tokens
While
the BRC-20 token represents a notable stride in the evolution of Bitcoin, it is essential to acknowledge that it is not the first attempt to develop fungible tokens on the Bitcoin network. In 2012, the Colored Coins protocol pursued a similar objective but faced challenges leading to its failure. The issues stemmed from high transaction fees on the Bitcoin network and programming limitations inherent in Bitcoin.
The BRC-20 token tokens, in their current form, encounter comparable difficulties. Functioning as a data form stored on the Bitcoin network, once minted, users can only transfer this token between different wallets. In contrast to the ERC-20 standard, the BRC-20 exhibits limitations, notably lacking smart contract interoperability and offering limited utility. The hurdles faced by BRC-20 echo the historical struggles of its predecessor, Colored Coins. Both grapple with the intricacies of transaction fees on the Bitcoin network and the inherent constraints within Bitcoin’s programming architecture.
Top BRC-20 tokens with growth potential
ORDI
Overview
The first token deployed on the BRC-20 ecosystem is ORDI with a capped issuance of 1,000 tokens and a total supply of 21,000,000 tokens. This milestone follows its recent listing on Binance on November 7, 2023, marking a pivotal moment in the token’s evolution. Domo, a trailblazer in the BRC-20 token standard, initiated the ORDI token as a pilot project in March 2023. The launch of ORDI marked a significant turning point as the first BRC-20 token within the cryptocurrency realm.
Built upon the foundation of Bitcoin Ordinals,
ORDI quickly gained traction, leading developers to deploy crucial support tools like the Ordinals Wallet and Unisat Wallet for the BRC-20 standard. This catalyzed the introduction of a series of other BRC-20 tokens, including MOON and TRAC, all experiencing rapid increases in their market prices.
Token metrics
- Token name: ORDI
- Ticker: ORDI
- Blockchain: Bitcoin
- Token standard: BRC-20
- Contract: b61b0172d95e266c18aea0c624db987e971a5d6d4ebc2aaed85da4642d635735i0
- Total supply: 21,000,000 ORDI
- Circulating supply: 21,000,000 ORDI
Features
Trading and Investment
As with any cryptocurrency, ORDI offers traders and investors a platform to engage in transactions on various cryptocurrency exchanges. Its recent listing on Binance has further enhanced its tradability, marking a significant step in the token’s journey within the crypto market. ORDI ranks first among the top BRC-20 tokens with notable profitability performance.
Payment Transactions and Money Transfers
ORDI transcends its role as a mere tradable asset. Users can leverage the token for payment transactions and swift money transfers between parties. This functionality positions ORDI as not just an investment vehicle but also a practical means for facilitating transactions within the broader financial landscape.
NFTs and Proprietary Properties
The association of ORDI with Bitcoin Ordinals hints at the token’s potential involvement in the NFT space and the representation of digital assets of a proprietary nature. With its roots in the innovative BRC-20 ecosystem, ORDI could emerge as a gateway for the creation, exchange, and ownership of non-fungible tokens (NFTs) and other unique digital properties.
The intersection of ORDI with NFTs offers an exciting prospect for users looking to engage with digital art, collectibles, and unique assets on blockchain platforms. Its ties to Bitcoin Ordinals suggest a commitment to pioneering developments within the cryptocurrency space.
MultiBit
Overview
Multibit (MUBI) has introduced the first dual-sided bridge designed to facilitate effortless conversion between BRC-20 and ERC-20 tokens. This innovative platform aims to promote unlimited liquidity, thereby enhancing interoperability across the blockchain network. This is one of the top BRC-20 tokens, but it has a smart contract on the Ethereum blockchain.
Multibit’s mission revolves around bolstering the liquidity, safety, and convenience of both BRC and ERC tokens. The introduction of the dual-sided bridge addresses a key challenge faced by the cryptocurrency community—seamlessly converting tokens between different standards. This development is poised to streamline transactions and foster a more interconnected blockchain environment. The project reached a significant milestone on November 14 with its listing on CoinMarketCap.
Token metrics
- Token name: Multibit
- Symbol: MUBI
- Standard: ERC-20
- Contract: 0x38e382f74dfb84608f3c1f10187f6bef5951de93
- Blockchain: Ethereum
- Total supply: 732,283,940 MUBI
- Maximum supply: 732,283,940 MUBI
Features
Security: A Top Development Priority
Security stands at the forefront of Multibit’s development priorities, reflecting a commitment to protecting users’ accounts and funds. The project employs a range of mechanisms to ensure a secure environment, including regularly merging funds from distributed addresses into the Multisig cold wallet. This approach facilitates independent and secure data transfer, mitigating the risk of third-party intervention. The cryptocurrency withdrawal approval process is also meticulously crafted with a high sense of responsibility from the development team, further emphasizing Multibit’s dedication to user security.
User Experience: Putting Investors First
Multibit is built on the foundational principle of creating solutions that investors truly want. This commitment to user satisfaction is exemplified through the Multibit Bridge—a feature designed for smooth, quick, and reliable token conversion across the blockchain network. Looking ahead, Multibit has ambitious plans to develop drops, farms, and swaps to support BRC-20 cross-chain migration, aiming to create compelling user experiences that cater to the evolving needs of the cryptocurrency community.
Scalability: Breaking Barriers in Token Interactions
Multibit addresses the challenge of fragmentation in interactions between BRC-20 tokens and the Ethereum ecosystem, unlocking substantial scalability for the project. By minimizing fragmentation, Multibit ensures faster and more convenient token conversion. This scalability not only improves the efficiency of transactions but also positions Multibit as a platform capable of handling increased demand while maintaining a seamless user experience.
VMPX
Overview
Jack Levin, the visionary founder of XEN Crypto, introduced VMPX, a BRC-20 token designed to revolutionize cross-blockchain liquidity. Launched on May 7th, VMPX is rooted in “first principles,” boasting a unique approach to token creation and distribution. Unlike many tokens in the market, VMPX was not pre-mined, and no special allocation was earmarked for the founder. Central to VMPX’s identity is its compliance with the BRC-20 standard, signifying its integration with the Bitcoin blockchain. VMPX is also one of the top BRC-20 tokens with high usefulness.
One of VMPX’s distinctive features is its role as a bridge liquidity token, facilitating seamless connections between the Bitcoin and Ethereum/X1 blockchains. On the Bitcoin side, VMPX operates as a BRC-20 token, while on the Ethereum side, it takes the form of an ERC-20 token. Both iterations share a total supply of 108,624,000 tokens, ensuring consistency across the platforms. The token economy of VMPX is built on principles of fairness and equality. Unlike traditional models with predetermined total supplies and special allocations for founders, VMPX ensures that its distribution is unbiased and accessible to all participants.
Token metrics
- Token name: VMPX
- Symbol: VMPX
- Standard: BRC-20
- Contract: beafe671f13b86300454d787d31e2918442d396225098a9c12ae4bf4d077196fi0
- Blockchain: Bitcoin
- Total supply: 108,624,000 VMPX
- Maximum supply: 108,624,000 VMPX
Features
Staking in the Bridge Liquidity Pool
VMPX token holders are in for a transformative experience as they gain the opportunity to earn yield through staking in the bridge liquidity pool. This innovative feature allows users to seamlessly provide liquidity between the Bitcoin and Ethereum/X1 blockchains. This is one of the special features that helps VMPX be one of the top BRC-20 tokens.
1:1 Token Exchange Advantage for VMPX Holders
VMPX token holders enjoy a unique advantage, with the flexibility to exchange their tokens at a 1:1 ratio. Whether holding a BRC-20 or ERC-20 token, users can effortlessly convert from one type to the other and vice versa. This flexibility not only enhances user convenience but also solidifies VMPX’s commitment to creating a versatile and user-friendly token ecosystem.
A Bridge Liquidity Token
At its core, the VMPX token is designed with the ultimate objective of facilitating frictionless swaps between BRC-20 and ERC-20 tokens over the Bitcoin-Ethereum bridge. This seamless interoperability opens up new possibilities for users, breaking down barriers between the Bitcoin, Ethereum, and X1 blockchain ecosystems.
Adding another layer to its functionality, VMPX token holders can utilize smart contracts to convert their tokens into XN native coins on the X1 blockchain. This forward-thinking feature enhances the token’s utility, providing users with a gateway to the diverse offerings within the X1 blockchain.
BisoSwap
Overview
BisoSwap has emerged as the pioneer swap protocol designed to address the liquidity challenges within the BRC-20 ecosystem, leveraging the cutting-edge Ordinal protocol. BISO, the exchange’s native token, is also one of the top BRC-20 tokens. The primary focus of BisoSwap is to alleviate the persistent liquidity issues associated with BRC-20 tokens. By augmenting
the liquidity pool for LP (Liquidity Provider) transactions and facilitating real-time trading, BisoSwap aims to revolutionize the BRC token trading landscape.
The platform is driven by a commitment to simplifying the user experience, empowering individuals to effortlessly engage in buying, selling, and contributing to liquidity pools. One of the notable features of BisoSwap is its ambitious endeavor to introduce the LP model to the BTC network for the first time. This innovative approach opens the door to a more diversified utilization of BTC assets. BisoSwap’s introduction of the LP model to the BTC network is poised to streamline and enhance the accessibility of BTC-based assets, marking a significant stride in the evolution of cryptocurrency trading.
Token metrics
- Token name: BisoSwap
- Symbol: BISO
- Standard: BRC-20
- Contract: 9c10df68525b43f36d683baadbd18328a09754423a7da13597e79a59dd976430i0
- Blockchain: Bitcoin
- Total supply: 210,000,000 BISO
- Maximum supply: 210,000,000 BISO
Features
Automated Market Maker (AMM) Model
BisoSwap leverages an Automated Market Maker model, transcending traditional trading mechanisms by simplifying processes and diminishing reliance on conventional order books. This innovative approach streamlines the trading experience, making it more efficient and accessible.
Liquidity Provision and Incentives
In a bid to ensure a seamless trading environment, BisoSwap empowers users to contribute to the platform’s liquidity pool, enabling smooth and efficient transactions. As an added incentive, users engaging in liquidity provision are rewarded, fostering an ecosystem where participants are actively involved in maintaining liquidity.
User-Friendly Interface
BisoSwap prioritizes the user experience with a thoughtfully designed, user-friendly interface. With a clean and intuitive layout, users can effortlessly connect their wallets and navigate the platform seamlessly. This commitment to a user-centric design enhances accessibility and usability for both novice and experienced traders.
Support for Multiple BRC-20 Tokens
Diversity lies at the core of BisoSwap’s design philosophy. The platform is engineered to support a wide array of BRC-20 tokens, offering users a plethora of trading options. This inclusivity ensures that the platform remains dynamic and adaptable to the evolving landscape of digital assets.
Robust Security Measures
Security is paramount in the realm of decentralized finance, and BisoSwap takes this commitment seriously. Implementing a multi-layered security infrastructure, the platform guards against hacking attempts and mitigates the risk of asset loss. By prioritizing the safeguarding of user assets, BisoSwap provides a secure environment for users to engage in cryptocurrency transactions with confidence.
Trac
Overview
Trac aims to enhance security, incentivize network participation, and facilitate governance within the Ordinals ecosystem, covering protocols like BRC20 and the sats domain name. TRAC is a prominent name in the top BRC-20 tokens. Its primary objective is to establish a robust decentralized tracking network. This innovative system not only ensures the secure tracking of Ordinals-related protocols but also opens avenues for community involvement. Participants in the Trac network will enjoy incentives for contributing to the security and maintenance of the tracking system.
Trac extends its governance capabilities beyond protocol updates. The decentralized system provides a platform for community members to engage in broader governance discussions. This inclusive governance model is set to play a pivotal role in shaping the future direction of Ordinals, ensuring that decisions align with the collective vision and interests of the community.
Token metrics
- Token name: Trac
- Symbol: TRAC
- Standard: BRC-20
- Contract: b006d8e232bdd01e656c40bdbec83bb38413a8af3a58570551940d8f23d4b85ai0
- Blockchain: Bitcoin
- Total supply: 21,000,000 TRAC
- Maximum supply: 21,000,000 TRAC
Features
Decentralized API for Developers
Trac introduces a decentralized API, offering developers unprecedented flexibility to innovate within the Ordinals space. The API has undergone meticulous indexing, covering a vast array of data. Developers can leverage Trac’s public endpoints for diverse projects. Post-final release, developers can even opt to self-host Trac, enjoying the freedom to tailor their tracking experience – all at no cost.
Composable Nature
Trac embodies a composable nature, inviting creative minds to shape the Ordinals space with new ideas. By amalgamating data from Trac’s decentralized network, users gain a distinct advantage over traditional, centralized, and resource-intensive API services. This flexibility fosters a dynamic ecosystem where innovation knows no bounds.
Community-Driven Governance
At the heart of Trac lies a commitment to community-driven governance. Continually delivering fresh and valuable protocols and features, Trac empowers the community to influence its trajectory. With the imminent public release of the Trac governance protocol, community members will wield the power to vote on new features. This democratic process will be facilitated through the BRC-20 TRAC token, ensuring that the community actively shapes the evolution of Trac.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
