BRC-30 is an extended version of the BRC-20 proposal (a fungible token standard that was made primarily for the Bitcoin blockchain).
The era of Ordinals persists, and it moves swiftly, potentially eluding those who don’t pay close attention. As Bitcoin recuperates from its previous blow-off top, and individuals who purchased above the current price nurse their wounds, reluctant to become exit liquidity once again, both opportunistic actors and genuine industry contributors, including builders and exchanges, are seeking fresh narratives to inspire retail investors to attempt investing in the market again.
A new narrative began shaping up with “digital artefacts”, which were nonfungible tokens (NFTs) on Bitcoin. But since users pay for limited block space, it somewhat makes this idea significantly more valuable than past attempts at NFT.
The newly developed inscriptions market attracted lots of enthusiasts and increased excitement around the new idea and with that a spike in fees before minting plunged and reselling NFTs sitting in witness data could not get any market buyer.
So the crypto ‘gurus’ decided to change strategy, and there was the launch of the unregistered securities market with BRC-20 tokens, STAMPS, and ORC-20 tokens. This frenzy, while short-lived, annoyed many Bitcoin users as fees surged on-chain as degen traders aped in to mint the tokens on the Bitcoin blockchain, but after minting, there were many sellers and very few buyers coming late seeking to become exit liquidity.
That is where the BRC-30 tokens come in. These tokens are considered the majestic unicorns of the crypto world. The exchanges have adopted the BRC-20 tokens quite quickly. They already know that the implementations are flawed and that the on-chain markets would never manage any type of scale, so the BRC-20 tokens would eventually trade on centralized exchanges where the traders would opt to pay exchange fees instead of mining fees.
Many exchanges have added support for BRC-20 tokens that showed up a few months ago but are hesitant to support Liquid or Lightning, which have been active for years, and that shows where their priorities lie.
BRC-30 are like any other token on any blockchain with some users saying that altcoin chains have better products, with standardized executable contracts, as opposed to JSON files that are stuffed into the chain that cannot be readily processed without the ordinals protocol on top of it.Buy Crypto Now
Why Massive Interest In A New Token Standard?
BRC-20 tokens are just static files that represent tokens and are inscribed with a unique serial number attached to Satoshis; they do not do a lot except fetch a premium on secondary markets, which is the extent of the innovation, and ultimately, minters and traders would be bored by the monotony, since they keep minting more and heavily diluting the small market.
To offer BRC-20 tokens increased functionality, a staking parameter was put forward but it is yet to be formalized by the OKX crypto exchange.
They have then decided to introduce BRC-30 tokens to resolve the situation. BRC-30 is an extended version of the BRC-20 proposal (a fungible token standard that was made primarily for the Bitcoin blockchain). It integrates the BRC-20 design principles while introducing some functionalities used for staking operations such as minting, depositing, and withdrawing. Hence, BRC-30 is just additional parameters added to a JSON file.
The advent of BRC-30 brings forth an exciting opportunity for users to stake their BRC-20 tokens or bitcoin and receive BRC-30 tokens in exchange. BRC-30 tokens expand upon the functionalities of BRC-20 tokens by incorporating a staking protocol, enhancing the overall utility and value proposition of the tokens.