Bitcoin Request for Comment (BRC-20) tokens, which use Ordinals Protocol and are stored on the Bitcoin (BTC) blockchain, have seen incredible growth in interest, causing their total combined market cap to rise from $17.5 million to $137 million in less than a week. The exponential growth in market value of these tokens was sparked by their creator, pseudonymous on-chain analyst "Domo", who invented the structure for these tokens in early March for facilitating the issue and transfer of tokens. BRC-20 standard differs from the popular ERC-20 standard, used by Ethereum (ETH) for smart contracts, by lacking the ability to interact with smart contracts, while only storing a script file in the Bitcoin blockchain.

These BRC-20 tokens are mainly meme tokens, with the top three tokens consisting of ORDI, OG, and PEPE. Mark Jeffrey from Boolean Fund has also noted the launch of these tokens, stating that these tokens have eliminated the superfluous need for crypto exchanges, as Bitcoin itself has become the exchange. Bitcoin transactions are now used for creating, buying, and selling tokens with satoshis (or "sats"), a smaller denomination of Bitcoin.

Evidently, the launch of BRC-20 tokens has caught investors' attention, given their tremendous growth in the past week, and their potential to be a new form of token standard, separate from ERC-20, has drawn more attention. Bitcoin's blockchain is proving to be versatile, given its ability to play host to various applications and tokens, further solidifying its role as a platform for various asset classes.



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