{"id":66983,"date":"2023-12-15T12:35:16","date_gmt":"2023-12-15T16:35:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66983"},"modified":"2023-12-15T12:35:20","modified_gmt":"2023-12-15T16:35:20","slug":"memecoins-new-protocols-reinvigorated-bitcoin-ecosystem","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/memecoins-new-protocols-reinvigorated-bitcoin-ecosystem\/","title":{"rendered":"Memecoins, New Protocols Reinvigorated Bitcoin Ecosystem"},"content":{"rendered":"\n

Following their inception in January, BRC-20 tokens<\/a> surpassed $4 billion in market capitalization, signifying a dramatic recovery within the Bitcoin ecosystem.<\/p>\n\n\n\n

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Memecoins, New Protocols Reinvigorated Bitcoin Ecosystem<\/figcaption><\/figure>\n\n\n\n

A research report dated December 15 from online cryptocurrency exchange Bitget states that the revenue from Bitcoin miners through on-chain fees has experienced a substantial increase from 1.7% in August to 19.57% by November. <\/p>\n\n\n\n

November saw a significant increase in daily mining revenue from block rewards, surpassing $40 million. Year-to-date, the namesake digital asset<\/a> has gained 161%.<\/p>\n\n\n\n

Since their inception in January by Bitcoin developer Casey Rodarmor, BRC-20 tokens have become one of the most significant technological developments in a blockchain that is 15 years old. <\/p>\n\n\n\n

Bitcoin Ordinals\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> is a numbering system that enables monitoring and transfer by assigning a unique number to each Satoshi, or 1\/100 millionth of a Bitcoin. On the Bitcoin blockchain, users can mint unique digital assets in conjunction with the inscription process, which adds a layer of data to each Satoshi.<\/p>\n\n\n\n

With a current market capitalization of $1.34 billion, the Ordinals (ORDI) token was the first memecoin developed using the BRC-20 standard but is unrelated to the Ordinals protocol. <\/p>\n\n\n\n

In the interim, scholars have additionally observed the addition of value to the Bitcoin ecosystem through the emergence of additional Bitcoin token standards, including ARC-20 from Atomicals Protocol:<\/p>\n\n\n\n

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\u201cUnlike Ordinals, which rely on third-party sorters to order asset transactions, the Atomicals protocol\u2019s ARC-20 standard uses Bitcoin\u2019s smallest unit, Satoshi, as the smallest unit for issuing assets. This allows Atomicals assets to trace a complete transfer history without relying on any third-party sorter.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Currently, Atomical Protocol comprises ARC-20 tokens, which are nonfungible tokens<\/a>, realms, which are Bitcoin domain names, and Collection Containers, which are on-chain data object storage entities.<\/p>\n\n\n\n

“The Atomics Protocol has witnessed the minting of 366,879 items, with a cumulative value of 55.8 BTC ($2.4 million). Researchers wrote, “The total number of mints on this protocol represents 2.69% of the total on Ordinals.”<\/p>\n\n\n\n

Notwithstanding the excessive gas charges, a robust community demand persists for the production of BRC-20 tokens. Researchers observed that the Sats (SATS) memecoin reached its maximum supply of 21,107,258 mints and 36,061 holders on September 24. <\/p>\n\n\n\n

This is even though gas fees for SATS exceeded $15 million. In their 2024 predictions, researchers concluded, “[Layer-two solutions such as] the Lightning Network will serve as the largest technical foundation supporting the widespread adoption of Bitcoin payments.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Following their inception in January, BRC-20 tokens surpassed $4 billion in market capitalization, signifying a dramatic recovery within the Bitcoin ecosystem. A research report dated December 15 from online cryptocurrency exchange Bitget states that the revenue from Bitcoin miners through on-chain fees has experienced a substantial increase from 1.7% in August to 19.57% by November. […]<\/p>\n","protected":false},"author":12,"featured_media":66988,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[5561,13712,650],"class_list":["post-66983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-btc-2","tag-bitcoin-ordinals","tag-memecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-49.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66983"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/66988"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}