MAJURO, Marshall Islands, May 8, 2023 /PRNewswire/ — Gate.io is excited to announce a groundbreaking milestone as it becomes the first BRC-20 trading platform and currency exchange to list five BRC-20 tokens: ORDI, VMPX, MEME, BANKBRC, and PEPEBRC. This innovative achievement represents a promising future for the Bitcoin ecosystem, with ORDI as the most notable token.
As the first BRC-20 token ever created, ORDI was initially designed as a meme to showcase the new standard’s potential. With a limited deployment of 1,000 tokens per mint and a total supply cap of 21 million tokens, ORDI’s creation has since inspired multiple startups to develop tools for users to mint BRC-20 tokens and store them in their wallets.
The BRC-20 standard, a recent innovation built on the Bitcoin blockchain, has attracted significant attention, boasting a $700 million market and thousands of tokens created to date. Gate.io’s announcement highlights the growing interest in expanding the Bitcoin blockchain’s potential uses and underscores the platform’s commitment to offering its users the most recent and diverse trading opportunities in the cryptocurrency market.
Originating from the Ordinals protocol, which popularized NFTs on Bitcoin, the BRC-20 standard enables the creation and transfer of fungible tokens. Although it lacks support for smart contracts like Ethereum‘s ERC-20, BRC-20 benefits from Bitcoin‘s highly secure and decentralized proof-of-work blockchain and its seamless integration into the Bitcoin ecosystem.
Gate.io’s introduction of BRC-20 support includes spot and contract market support for the Ordinals (ORDI) token, the largest BRC-20 token by market cap, currently valued at approximately $500 million. The other four tokens, VMPX, MEME, BANKBRC, and PEPEBRC, will be available for trading on May 9th. As the BRC-20 ecosystem evolves and explores the potential of fungible and non-fungible tokens on the Bitcoin blockchain, Gate.io leads the way in providing access to these cutting-edge tokens for its users – cementing it’s reputation as the go-to exchange for trading BRC-20 tokens.
Despite challenges such as a shortage of developers and limited support for complex functionality compared to Ethereum‘s ERC-20, the rapid popularity of the BRC-20 standard indicates a strong demand for unlocking new functionality on the Bitcoin blockchain. Gate.io’s support for BRC-20 trading, deposits, and withdrawals showcases the exchange’s dedication to remaining at the forefront of the rapidly changing cryptocurrency landscape.
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Disclaimer: This article represents only the authors’ views and does not constitute any investment suggestions.
SOURCE Gate.io
