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The introduction of the BRC-20 token protocol places Bitcoin back in the spotlight. The world's first cryptocurrency still reigns king in terms of market capitalization. However, it's lacking in terms of functionality and performance. Thankfully a combination of recent upgrades has provided the network with additional functionality.
The introduction of the BRC-20 token standard has driven adoption for the network. Statistics have shown that there are already +$541M in BRC-20 tokens with more launching every day. Notably, the limited space of data permitted on each token and the newness of the standard has led to the majority of notable tokens being BRC-20 NFTs. In no particular order, here are the top 10 BRC-20 tokens you need to know.
The ordinal protocol is at the top of the list because it can be credited with driving BRC-20 adoption to new heights. Interestingly ORDI was the first BRC-20 token ever created. The system works by providing every satoshi, the smallest unit of a Bitcoin currently, with a unique hash. This strategy makes every satoshi recognizable. Users can then add small bits of code or text to the Sat making it an NFT.
The Ordinal Protocol is different from other options because it creates the NFT directly on the main net without the need to use layer-2 protocols like the Lightning network. This structure makes these NFTs more secure and valuable for Bitcoiners. The Ordinal Protocol is the driving force behind the sudden influx of Bitcoin NFTs.
Interstingly, the Ordi protocol is very different from other NFT systems because it isn't recognized by the core developers. The reason it isn't officially supported is that Bitcoin must retain its fungibility as a part of its primary purpose as an electronic peer-to-peer cash system. This unique structure makes Ordi both an advancement and a thought experiment within the market.
2. Wojak Coin
One of the most popular BRC-20 tokens now is the Wojak Meme coins. The Wojak meme has been a favorite of internet users for years. It features an MSPaint-drawn figure. The bald man has a look of concern on his face. It's often used to show reactions during times of intense market movements and other troubling issues. regardless of the calamity, Wojak remains strait faced which adds to the hilarity of the meme.
This meme token helps to bring more people into the crypto market via humor. Wojak has a growing community of collectors and traders. The project leverages Bitcoin's open transparency, coupled with community events, to help keep the momentum.
Piza is a BRC-20 token creator. This open-source decentralized platform was built to streamline the creation of BRC-20 tokens for the average user. As such, it features an easy-to-navigate interface requiring no previous experience. This strategy makes it possible for more people to leverage the BRC-20 token standard moving forwards.
The Piza token pays homage to the early days of Bitcoin and one of its most famous stories. Famously, an early Bitcoin collector traded 10,000 BTC for two large pepperoni pizzas from Papa John's. At the time the pizza spot didn't accept the crypto directly so he posted his request in the Bitcoin forum. In the post, he said that he would pay anyone 10,000 BTC to deliver the pizza to his house.
The story is re-lived every year as Bitcoin has gone from pennies to tens of thousands since that time. The Piza token nods to the old while ushering in a new age of Bitcoin usability via the BRC-20 tokens standard. Anyone can now create easy-to-use unique Bitcoin-based assets.
Pepe is another popular meme-inspired project that has traders excited. This token follows the impressive gains that the Pepe project brought. Pepe the Frog features a low-resolution image of a straight-faced frog. The Pepe meme helped to reignite interest in the meme coin movement recently.
Pepe, like its ERC-20 counterpart, has already seen a lot of gains due to the meme's popularity. Notably, the token saw a boost at launch when an anonymous whale made a massive purchase which drove demand higher. Pepe is another example of how popular meme coins are the first to migrate to the BRC-20 tokens standard.
The Wizard meme coin is another funny rendition that crypto enthusiasts will recognize. This one features a low-resolution wizard creating the “magic internet money” that Bitcoin has been famously described as in the past. The hand-drawn wizard pokes fun at those who won't take the time or effort to learn about blockchain technology and its benefits.
Sats is a unique project that enables users to create Bitcoin-based domain names. These names act as web domains such as .com on the centralized internet. The project streamlines adoption by enabling users to easily remember addresses and make payments.
Like premium domain investors in the past, the Sat domain is sure to be a popular option in the future. As such, domain collectors are already registering all the names they can in an attempt to re-sell to the market at a later date. Notably, the platform is flexible enough to allow you to update and change your sat name in the future if you desire.
HSAC is a BRC-20 token focused on the web3 social media experience. This attention economy token rewards users for conducting normal social media activities such as sharing or creating content. The HASC token helps to improve social engagement and interactions via an integrated rewards system.
The project provides a browser extension that has several helpful features for NFT collectors and traders. The extension also includes a wallet to help streamline activities. Users can leverage these tools to mint and monitor digital assets on the Bitcoin main net.
Trac is another BRC20 token creator. The project uses an easy-to-navigate interface to enable anyone to create Bitcoin NFTs and meme tokens. Users can view others' creations and trade NFTs securely using Trac.
The Domo BRC-20 token is a thought experiment according to developers. Domo, who is credited with the BRC-20 token standards creation, seeks to experiment further by integrating off-chain balance states with inscriptions.
For now, the project remains highly experimental and according to its creator, should not be considered a financial asset.
No meme sector would be complete without a couple of Punk tokens. Cypherpunk has been a major influence in the crypto market since its earliest days. The Cypherpunk meme coins launched on Ethereum hit staggering values. Now, BRC-20 token collectors can get Bitcoin versions of these tokens directly on their sats.
The BRC-20 Tokens standard changes the Game
Now that Bitcoin can host tokens and Dapps, it will be interesting to see how the market adjusts. Bitcoin has a large and loyal following that would like to see nothing more than the coin regain lost dominance in the market. When you combine this momentum with the endless possibilities and innovative minds on the project, it's easy to envision a future full of BRC-20 tokens.