Blockchain analytics firm Glassnode says that Bitcoin (BTC) adoption is exploding after the introduction of BRC-20 tokens, the leading cryptocurrency’s new experimental token standard.
Glassnode says that Bitcoin’s recent demand leap for blockspace has resulted in a revenue increase for miners despite BTC being down 3.68% in the last 24 hours, trading for $27,874 at time of writing.
“Bitcoin is experiencing extremely high demand for blockspace, driven by BRC-20 tokens, utilizing text-based inscriptions, and ordinals
This is a revenue boost for Miners, as the average fee paid per block has reached 2.905 BTC, near past bull peaks…
A few recent blocks have seen tremendous total fees paid of 5.87 BTC, approaching 94% of the 6.25 BTC block subsidy.
Our mempool is currently full, and purging transactions approaching the 50sat/vbtye fee rate band.”
Glassnode says BTC adoption is surging with the number of non-zero addresses, or wallets holding more than 0 BTC, reaching a new all-time high (ATH).
“Bitcoin adoption continues to soar as the number of Non-Zero Addresses reaches an ATH of ~46.1M.
When comparing for growth across Epochs, we note a decline in relative growth, but an increase in absolute growth as the number of Non-Zero Addresses continues to expand:
(red) Epoch 1: 1.3M % (+1M Addresses)
(green) Epoch 2: 784% (+8M Addresses)
(yellow) Epoch 3: 233% (+21M Addresses)
(blue) Epoch 4: 54% (+16M Addresses)”
BRC-20 is a new experimental token standard built for Bitcoin, created by the pseudonymous on-chain analyst Domo.
BRC-20s, which borrow ETH’s “ERC-20” designation, use ordinals, or inscriptions built into Satoshis, to deploy, mint and transfer tokens. While loosely modeled after the ERC-20, the BRC-20 is substantially distinct due to the different architecture of Bitcoin’s blockchain.
Explains Domo,
“This is just a fun experimental standard demonstrating that you can create off-chain balance states with inscriptions. It by no means should be considered THE standard for fungibility on Bitcoin with ordinals, as I believe there are almost certainly better design choices and optimization improvements to be made.
Consequently, this is an extremely dynamic experiment, and I strongly discourage any financial decisions to be made on the basis of its design. I do, however, encourage the Bitcoin community to tinker with standard designs and optimizations until a general consensus on best practices is met (or to decide that this is a bad idea altogether!).”
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