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BitKeep, a leading provider of self-custody wallet services, has announced a significant update on June 21, enhancing its support for BRC-20 tokens. This latest development empowers users to effortlessly manage their BRC-20 tokens and nonfungible tokens (NFTs), providing them with seamless monitoring, ranking, and transfer capabilities. Furthermore, BitKeep's technical team has hinted at an upcoming feature that will enable in-wallet swaps for BRC-20 tokens.
This strategic move follows in the footsteps of OKX, a renowned cryptocurrency exchange, which expanded its wallet services to include BRC-20 assets just last month. These initiatives reflect the growing acceptance of BRC-20 tokens across both centralized and decentralized trading platforms.
However, while the acceptance of BRC-20 tokens is expanding, it is not yet universal. Prominent players like Trust Wallet and MetaMask have yet to adopt BRC-20 tokens and currently do not support their storage.
In terms of market performance, BRC-20 tokens currently hold a market cap of $154.5 million, experiencing an 85% decrease from their all-time high in May during the memecoin frenzy. Notably, a significant portion of the market cap is attributed to memecoins, despite initial investor interest in minting BRC-20 NFTs.
BitKeep defines BRC-20 tokens as a novel type of digital asset built on the Bitcoin (BTC) platform, leveraging Ordinals and Inscriptions. These tokens operate under the BRC-20 standard, which facilitates the creation, minting, and transfer of assets on the Bitcoin blockchain.
However, BRC-20 tokens are less versatile compared to their ERC-20 counterparts. They are limited to the core functions specified by their creator, Domo, a Twitter user who introduced the BRC-20 standard on March 8, 2023. Currently, the BRC-20 ecosystem consists of 34,652 token types, a modest number in comparison to the estimated 400 million ERC-20 tokens on the Ethereum network. Domo has described the BRC-20 standard as a "fun experiment" and cautioned users against frivolous minting, deeming it "worthless."
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