Data reveals a 10-fold increase in BRC-20 trading volumes since November 2023.
Trade volume for BRC-20 tokens has seen a significant increase, reaching over $500 million since November 2023, according to data from Kaiko. The trading volumes for tokens minted on the Bitcoin blockchain have grown tenfold since the end of 2023, thanks to the recent launch of spot and perpetual futures trading for ORDI, SATS, and RATS on Binance. The Paris-based analytics blockchain firm also revealed that Binance initially held a 63% market share in trade volume, but it has since dropped to around 50%. OKX, the first exchange to list ORDI, now holds a 35% market share. Introduced in March 2023, BRC-20 is a new token standard on the Bitcoin network that uses the Ordinals protocol. The increasing volumes of BRC-20 tokens have led to higher transaction costs on the Bitcoin network, sparking controversy. However, Bitcoin advocate Udi Wertheimer has encouraged his followers to explore Bitcoin Ordinals, which are equivalent to non-fungible tokens (NFTs) on the Bitcoin blockchain.
