This is the trend of the moment. Through the Ordinals protocol, the Bitcoin (BTC) blockchain is invaded by new tokens, mainly memecoins. Recently, developers deployed the Uniswap smart contract on Bitcoin to facilitate trading.
Ordinals, BRC-20, Bitcoin (BTC)
If there is one undeniable thing, is that the universe of cryptocurrencies never ceases to surprise us. This week, following the trend of tokens on the Bitcoin (BTC) blockchain, developers decided to deploy the Uniswap smart contract on the network to capitalize on the development of this ecosystem.
Indeed, since the arrival of the Ordinals protocol, the tranquility of Bitcoin has been turned upside down. After having made the creation of non-fungible tokens (NFTs) possible, it has recently enabled the creation of a new standard: the BRC-20. This was followed by a new wave of tokens, mainly memecoins.
The craze did not take long to take and the BRC-20 token market even weighed nearly $2 billion in early May, before relapsing significantly. Today, more than 12,000 tokens evolve on the Bitcoin blockchain.
However, it was very difficult to obtain them. In effect, the majority of trade is OTC (Over The Counter) on specialized platforms or on social networks such as Discord. In other words, two people manage to exchange the token at the price they want.
👉 Find out more about the Ordinals protocol on Bitcoin
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Uniswap solves accessibility issues
Faced with this enthusiasm and the upside potential of BRC-20 tokens and decentralized finance (DeFi) on Bitcoin, developers have therefore taken the gamble of deploying a fork of Uniswap on Bitcoin. The idea is to facilitate exchanges for users.
baptized Trustless Market, the protocol recorded average daily volumes of $500,000. Moreover, it has attracted more than 2,000 users and now allows liquidity providers to earn a 2% commission on all trades made on the network.
So far, the ORDI token from the Ordinals marketplace are the most valued BRC-20s. The market capitalization is $400 million and there are 8,300 unique token holders. ORDI would be the first BRC-20 token deployed on Bitcoin.
For now, it’s a real bet as the BRC-20 token market is in its infancy. Is it a passing fashion whose flame is already out of breath, or are we at the beginning of a narrative that will animate the next bullrun? That’s an excellent question.
👉 Also in the news – Bitcoin: Crash of memecoins after a meteoric rise
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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