New Token Standards Rise!

The activation of the Bitcoin network and the popularity of the BRC-20 standard brought many token standards to the industry.

The crypto industry manages to attract demand with the rushes that occur every period. The emergence of new trends over the years has brought bear and bull markets with it. NFT, metaverse, Web3 and artificial intelligence have been the trends that have marked the last period. In addition, memecoins have always managed to find a place in the crypto industry.

In the midst of all these cycles, a new trend emerged. Earlier in the year, NFTs began to be created on the Bitcoin network through Ordinals. This process contributed to the creation of new tokens and inscriptions on the Bitcoin network. While BRC-20 tokens created a bombshell effect, new token standards were also included in the market. Standards such as the SRC-20 and DRC-20 are currently attracting a lot of attention.

New Fury in Bitcoin: BRC-20 Standard

The turbulent global markets and the bear trend of the crypto market brought along a very difficult period for Bitcoin. However, this period began to reverse with the start of 2023. Bitcoin rose as high as $ 30 thousand in the face of global markets starting to relax and increasing demand.

One of the factors that contributed to Bitcoin’s rise and demand was Ordinals with BRC-20 tokens. The process that started with Ordinals led to an increase in Bitcoin network activity. The BRC-20 standard, which started later, lit the torch of the new trend. BRC-20 tokens, on the other hand, reached a market value of close to 1 billion dollars in a short time.

Increasing demand in the industry has caused the Bitcoin network to become clogged and mining revenues to rise. All of this led to Bitcoin entering a short-term uneasy atmosphere and later becoming the forerunner of a new frenzy. In particular, ORDI has brought popularity to BRC-20 tokens by being listed on almost many crypto exchanges. There are nearly 10 thousand BRC-20 tokens in the Bitcoin network.

Stamps Current: SRC-20 Standard

The process, which started with Bitcoin Ordinals and popularized BRC-20 tokens, also opened the doors of the SRC-20 standard. SRC-20, which emerged with the spread of ordinals in a wide perspective, aims to place data in the Bitcoin network with different methods. In other words, Bitcoin Stamps has reached approximately 20 thousand assets since its launch. Users flock to SRC-20 projects especially because of the FOMO created by the BRC-20.

The new trend, which offers the possibility of using SRC-20 with its very simple interface, offers the opportunity to introduce digital assets to the market, just like BRC-20 tokens. However, Bitsoin Stamps has not yet set a sufficient agenda. The prominent functions of Stamps include creating NFTs in a piecemeal fashion and more efficient use of these NFTs on the blockchain.

Looking at the tokenization side, SRC-20 projects are slowly starting to be mirrored in the crypto community. Many Twitter users have revealed the progress of SRC-20 tokens. It seems that the SRC-20 stream continues to grow through cryptocurrencies that are not yet known.

Floating Furya: ORC-20 Standard

ORC-20, which got its share of the frenzy created by BRC-20 and Bitcoin Ordinals, managed to attract the attention of many users in a short time. Although not yet fully popular, ORC-20s emerged to improve the functionality of BRC-20s.

ORC-20s running on the Bitcoin network appear as JSON files written on satoshis. This project plans to increase security and flexibility. Aiming at a few limitations in the BRC-20, the ORC-20 offers a broader perspective. However, ORC-20s have a structure based on the BRC-20 standard.

The ORC-20 standard points out many shortcomings of the BRC-20 and states that it aims to solve them. This new standard, created by OrcDAO, continues to attract attention, although it has not yet gained popularity. Especially the global sector has started to make moves not to stay out of this standard.

New Experiment: LTC-20 Standard

As the name suggests, the LTC-20 standard is built on the Litecoin Ordinals protocol. The new standard, created by the Litecoin community, is still in testing. LTC-20, a fork of BRC-20, offers deploy and mint functions.

Developed by the community and in the experimental phase, LTC-20 is being conducted to examine the interaction of the new trend with the Litecoin network. In his test document, he states that Litecoin should focus on its software and network optimizations.

LTC-20s in demo phase have reached almost their maximum supply according to the document.

Dogecoin Rising: DRC-20 Standard

The DRC-20 was created to address many of the BRC-20’s shortcomings and provide greater efficiency. Taking advantage of the BRC-20 stream, this new trend has contributed to Dogecoin getting more transactions. The intense interest of DRC-20 has managed to increase Dogecoin’s network activity to record levels. With more users turning to the DRC-20 side, Dogecoin block rewards have also increased.

DRC-20, which shows a different functionality and that memecoins are also in this trend, uses the minting method. Many crypto users referred to NFTs minted with DRC-20 as Doginals. However, the lack of tracking and data retrieval functionality also leads to insecurity in DRC-20 tokens.

One of the most important projects of the new trend was dogi. This project managed to reach a market value of approximately $7.5 million. Just like Bitcoin Ordinals, it attracts the attention of its users with a supply of 21 million. However, the DRC-20s have not yet received as much attention as the BRC-20s.

The emergence of all these standards and the popularity of a new trend reveal positive signals for Bitcoin. In this way, crypto users keep their excitement and enthusiasm alive. In particular, many users compare the new standards to the period when Bitcoin first came out. But all this does not offer clarity about reliability, as it has a structure that any user can create. For this reason, investors need to be cautious about the standards they are leaning towards.

Looking to the future, it seems that the flaming crypto trends have also benefited Bitcoin, with a few contributing to the bull season. The next bull’s footsteps may come via the new token standards.