Magic Eden Suspends Support for Bitcoin BRC-twenty

To defend end users when waiting for BRC-twenty to attain consensus in all releases, the Magic Eden exchange will quit supporting this token common of the Bitcoin network.

According to the announcement on

We have temporarily suspended trading of BRC-twenty to far better defend end users until finally total consensus on all BRC-twenty

In the meantime, all other trades continue to be lively on Magic Eden!🫡

— Magic Eden on Bitcoin 🟧 (@MEonBTC) October 22, 2023

After starting to be explosive in early 2023, the BRC-twenty immediately fell by the wayside in the 2nd half of the yr. BRC-twenty transaction exercise has also dropped substantially, now representing significantly less than three% of the Bitcoin network.

Chart of BRC-twenty transaction quantity and charge volume. Source: @cryptokoryo on Dune Analytics

In July, the 1st up to date model of BRC-twenty, BRC-69, appeared, which aided optimize fees to significantly less than 90% and also set a record in the quantity of on-line transactions, reaching 18,000.

At the finish of September, the creator of Bitcoin Ordinal, Casey, was announced propose a new substitute for the BRC-twenty, referred to as Runes. According to Casey Rodarmor, the difficulty with BRC-twenty is that they block the Bitcoin network with UTXO (raw) information.

The founder believes that 99.9% of latest BRC-twenty tokens are scams and memecoins. With Runes, an alternate remedy primarily based on UTXO, you will meticulously deal with the transaction output method, as properly as optimize the volume of costs invested.

TLDR on Runes: A probable fungible token protocol for Bitcoin

Well

– Casey stays skeptical, stating that “99.9% of them are scams and memes,” but acknowledges that they never seem to be to be going away.
– Employs a UTXO-primarily based procedure, substantially less complicated than BRC-twenty.
– Use the letter ‘R’ in… https://t.co/zYP43f70gh

— Franken (@ItsFranken) September 25, 2023

Although quite a few options have been proposed to increase BRC-twenty, this kind of as Really terrific for Bitcoin, Counterparty, Omni Layer or Taproot, Each protocol nevertheless has its very own issues and has not however managed to attain a typical consensus.

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