The Web3 Crypto Wallet, BitKeep, announced that it would provide support for BRC-20 tokens issued on the Bitcoin network. With the implementation of this feature, users would be able to view, rank, and transfer both BRC-20 tokens and NFTs. However, this does not end here as developers have announced that BRC-20 in-wallet swaps are not too far off and will be introduced soon.
😎 Best wallet for your #BRC20 assets!
🛎️ Great news: BitKeep now supports #BTC #Taproot addresses! Easily manage your #Ordinals BRC20 Token/NFT assets in BitKeep wallet, and complete transactions with a simple click
💡 In future, we will also support the BRC20 #Swap function! pic.twitter.com/W48wsNH5kh— BitKeep Wallet (@BitKeepOS) June 21, 2023
BitKeep is not the only wallet provider that has started offering support for these tokens. Just last month, the OKX exchange also announced support for these tokens via its wallet applications. At the same time, several decentralized and centralized exchanges have also rolled out support for BRC-20 tokens.
BitKeep Continues to Put Weight on BRC-20
Trust Wallet currently does not offer support for BRC-20. Similarly, these tokens also cannot be stored on MetaMask. Despite increased adoption, the current market cap of BRC-20 tokens stands at the $154.5 million mark, which still signifies a decline of a whopping 85% from its all-time high in May amid the meme coin craze. Although investors were initially interested in minting BRC-20 NFTs, meme coins make up a considerable part of the tokens’ market cap.
As described by BitKeep, BRC-20 tokens can be classified as a new token standard that makes use of ordinals and inscriptions. The main purpose of doing so is to aid in the creation of new assets on Bitcoin. Ordinals enable the creation of NFTs whereas inscriptions are used to create digital assets on the Bitcoin chain. If used together, these form the BRC-20 token standard that enables users to create, mint, and transfer Bitcoin assets.
The Shortcomings of BRC-20
When compared to the ERC-20 token standard, it is a fact that BRC-20 tokens lack when it comes to performing complex functions, and are strictly limited to only three features. The protocol was developed by a Twitter user Domo back in March of this year. Since its inception, approximately 34,652 BRC-20 tokens have been deployed.
Despite the great favorable response received from users, Domo has stated that the token is completely worthless. Therefore, users must not waste any time, money, or effort minting the ‘fun’ experiment. However, there is still a possibility that the number of deployed tokens might still continue to shoot up.
