Binance, the leading cryptocurrency exchange, has launched the Binance Inscriptions Marketplace within the Binance Web3 Wallet, providing users with a comprehensive platform for inscribing and trading BRC-20 tokens and Ethereum Virtual Machine tokens, as per the exchange’s official announcement.
The BRC-20 token standard, an experimental standard for fungible tokens on the Bitcoin blockchain, diverges from Ethereum’s ERC-20 tokens by utilizing Ordinals inscriptions. This unique protocol enables the inscription of data on individual satoshis, the smallest unit of Bitcoin.
The introduction of BRC-20 tokens has facilitated the creation of meme coins on the Bitcoin network, including tokens like ORDI, SATS, and PIZA, collectively contributing to a total market cap exceeding $2.8 billion, according to CoinGecko data.
However, the adoption of Ordinals and BRC-20 tokens has sparked debates within the Bitcoin community. Some, like Bitcoin Core developer Luke Dashjr, argue that inscriptions exploit vulnerabilities in Bitcoin Core, leading to blockchain spam and increased transaction fees.
Despite criticisms, the popularity of BRC-20 tokens persists, with Binance joining other wallets, such as Phantom, in supporting this emerging token standard. Notably, the most valuable BRC-20 token by market cap, ORDI, has secured a position in the top 100 cryptocurrencies overall, based on CoinGecko data.
