Sign Up on MEXC
Non-Fungible Token (NFT) marketplace, Magic Eden has temporarily suspended the trading of BRC-20 assets on its platform as announced on the official Magic Eden on Bitcoin X account.
Magic Eden Shielding Customers
According to the post detailing the suspension, Magic Eden said the BRC-20 trading will remain suspended until the full Ordinance Consensus is reached across all BRC-20 assets. While the inconvenience to traders is noted, Magic Eden said all other forms of trading remain live on its platform.
BRC-20 uses ordinal inscription and is an experimental token standard. It was launched by an anonymous developer Domo on March 09, 2023. As fungible tokens resident on the Bitcoin blockchain, they generally do not use smart contracts but rather utilize script file storage on BTC.
Since their emergence, BRC-20 has become a major rave in the digital collectible world. Their growing demand accounts for why Magic Eden had them listed in the first place.
This suspension follows a reducing influence of BRC-20. In the first few weeks, they made their emergence on Bitcoin, they significantly impacted the trading volume of the premier cryptocurrency, giving users an impression that a whole new asset class has come to stay.
The Ordinals Vision
The emergence of Bitcoin Ordinals helped showcase what new possibilities abound in the digital currency ecosystem. With the goal to make Bitcoin generally more usable beyond the regular payment it is confined to, the Ordinals helped connect BTC to new protocols across the board.
As reported by Coingape in August, plans to bridge the BRC-20 to the Terra Luna Classic (LUNC) protocol were unveiled, opening up another opportunity that is deemed to be mutually beneficial for both ecosystems.
In a bid to expand the overall BRC-20 Ordinals influence, Ordinals creator has launched RUNE, a Bitcoin UTXO protocol that is aimed at reducing the BRC-20 user experiences. Though BRC-20 is fading in terms of its adoption, many still maintain that it represents the foundation of future evolution for Bitcoin’s usability.
- Michael Saylor, Crypto Executives Meet to Push for Strategic Bitcoin Reserve Bill
- U.S. House Reattaches Anti-CBDC Bill to CLARITY Act Ahead of Senate Review
- Breaking: UK and US to Align Crypto Regulations Amid Trump’s Pro-Crypto Agenda
- Breaking: Binance Nears Deal With U.S. DOJ To Drop Compliance Monitor, BNB Reaches New ATH
- Pro-Crypto Stephen Miran Sworn in as Fed Governor Ahead of FOMC Meeting
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
- Solana Price Prediction: Analyst eyes $1,250 as Galaxy Digital and Forward Industries Intensify Accumulation
