Binance, the world’s largest exchange, has introduced an in-app Inscriptions Marketplace that supports Bitcoin BRC-20 tokens, including ORDI ($ORDI).
As per an announcement by the crypto exchange, the Binance Inscriptions Marketplace serves as a ‘one-stop solution’ integrated into the Binance Web3 Wallet. This feature empowers users to inscribe and trade various inscriptions, including BRC-20 tokens and Ethereum Virtual Machine (EVM) tokens.
Welcome to the #Binance Inscriptions Marketplace.
Your go-to place for all things BRC-20 and inscriptions, built into the #Binance Web3 Wallet.
Find out more 👇
— Binance (@binance) February 1, 2024
The BRC-20 is an experimental token standard designed for fungible tokens on the Bitcoin blockchain.
In contrast to Ethereum’s ERC-20 tokens, which leverage the blockchain’s smart contracts, BRC-20 tokens utilize Ordinals inscriptions. This protocol allows for the inscription of data on individual Satoshis (Sats), which are the smallest denominations of Bitcoin.
The introduction of BRC-20 tokens has facilitated the development of meme coins built on the Bitcoin blockchain. Tokens like $ORDI, $SATS, and $PIZA have contributed to the collective market capitalization of BRC-20 tokens surpassing $2.8 billion, according to data from CoinGecko.
Nigeria 🇳🇬 and Morocco 🇲🇦 Among Top 10 Globally in Meme Coins Adoption in 2023https://t.co/lD2T2rNNeP
— BitKE (@BitcoinKE) May 8, 2023
Ordinals and BRC-20 tokens have sparked controversy among the Bitcoin community. Bitcoin Core developer, Luke Dashjr, has contended that inscriptions are ‘exploiting a vulnerability’ in Bitcoin Core leading to an increase in blockchain spam and subsequently causing a surge in transaction fees.
Despite facing criticism, BRC-20 tokens are displaying resilience and continued adoption. Binance has joined wallets like Phantom in supporting this new token standard. Notably, ORDI, the most valuable BRC-20 token in terms of market capitalization, holds a position within the top 100 cryptocurrencies overall, according to data from CoinGecko.
The Inscriptions Marketplace is designed with accessibility and convenience in mind. It caters to all, from BRC-20 enthusiasts to those new to Web3, providing a secure and enjoyable experience. The introduction of the Inscriptions Marketplace is a welcome development for Binance Web3 Wallet, enhancing users’ journey through the decentralized web with its array of features.
– Binance
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