Binance has announced the launch of an in-app Inscriptions Marketplace supporting Bitcoin BRC-20 tokens such as ORDI.
According to an announcement by the crypto exchange, the Binance Inscriptions Marketplace provides a “one-stop solution” within the Binance Web3 Wallet, enabling users to inscribe and trade inscriptions including BRC-20 tokens and Ethereum Virtual Machine tokens.
BRC-20 is an experimental token standard for fungible tokens on the Bitcoin blockchain. Unlike Ethereum’s ERC-20 tokens, which employ the blockchain’s smart contracts, BRC-20 tokens make use of Ordinals inscriptions—a protocol that enables the inscription of data on individual satoshis, the smallest denomination of Bitcoin.
The launch of BRC-20 tokens has enabled the creation of meme coins atop Bitcoin, with tokens such as ORDI, SATS, and PIZA propelling BRC-20 tokens to a total market cap of over $2.8 billion, per CoinGecko data.
Welcome to the #Binance Inscriptions Marketplace.
Your go-to place for all things BRC-20 and inscriptions, built into the #Binance Web3 Wallet.
Find out more 👇
— Binance (@binance) February 1, 2024
Ordinals and BRC-20 tokens have proved to be a contentious issue among the Bitcoin faithful, with Bitcoin Core developer Luke Dashjr arguing that inscriptions are “exploiting a vulnerability” in Bitcoin Core to spam the blockchain, causing transaction fees to surge.
Despite the criticisms, BRC-20s are showing no signs of going away, with Binance joining wallets such as Phantom in supporting the new token standard. And ORDI, the most valuable BRC-20 token by market cap, sits in the top 100 overall cryptocurrencies per data from CoinGecko.
Edited by Andrew Hayward
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Source: https://decrypt.co/215204/binance-launches-in-app-bitcoin-inscriptions-marketplace-brc-20-tokens
