24/7 Cryptocurrency News

Magic Eden Suspends BRC-20 Trading to Protect Users

Non-Fungible Trading (NFT) marketplace, Magic Eden has temporarily suspended the trading of BRC-20 assets to protect its customers
Published by
Magic Eden Suspends BRC-20 Trading to Protect Users

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.

Advertisement

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.

Advertisement

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.

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption

Ripple has announced a new partnership with Bahrain’s Fintech Bay (BFB). This initiative seeks to…

October 9, 2025
  • Altcoin News

XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz

In a major XRP news today, whales are betting against XRP ETF launch anticipation and…

October 9, 2025
  • 24/7 Cryptocurrency News

Just In: DeFi Dev Corp Launches Japan’s First Solana Treasury Company, SOL Price Reacts

DeFi Dev Corp has announced the creation of Japan’s first Solana Treasury firm in partnership…

October 9, 2025
  • 24/7 Cryptocurrency News

Pi Network Mainnet to Get Major Upgrade in Q4, Says Expert

Over the past month, the Pi Network testnet has been actively testing the Protocol v23…

October 9, 2025
  • 24/7 Cryptocurrency News

Bitwise Solana ETF to Launch This Week as It Amends Staking, Fees? Bloomberg Weighs In

Bitwise Solana ETF (BSOL) is likely gearing up for launch this week as the issuer…

October 9, 2025
  • 24/7 Cryptocurrency News

Canary Capital Trump Coin ETF Secures DTCC Listing as Expert Predicts Price Breakout

Canary Capital’s Trump Coin ETF has been listed on the Depository Trust & Clearing Corporation…

October 9, 2025