Bitcoin is the most secure decentralized blockchain. But BTC is not just a store of value. It can also be used for decentralized applications (dApps).
BRC20 is a new token standard that allows developers to create fungible tokens on the Bitcoin blockchain. According to Coingecko, the total market cap of BRC20 tokens is over $400 million.
It is similar to the ERC-20 token standard on the Ethereum blockchain with some key advantages. The tokens are more secure, more efficient, and more decentralized.
In fact, there are now many new tokens in existence. Let’s discuss the 9 top BRC20 tokens to watch in 2023.
What is a BRC20 Token?
BRC20 stands for Bitcoin Resource Coin 20. It is a new experimental token standard for the Bitcoin blockchain. All tokens are fungible, meaning that they are all identical and can be traded one for one. It was created in March 2023 by an anonymous developer named Domo.
The BRC20 allows developers to create smart contracts, decentralized applications, NFTs, and tokens on Bitcoin without modifying the core protocol.
The tokens are created using the Ordinals protocol. Ordinal is a system for assigning unique identifiers to each satoshi on the Bitcoin blockchain.
BRC20 tokens are still experimental, and some risks are associated with using them. For example, The tokens are not supported by all Bitcoin wallets. They are not as secure as Bitcoin itself, as the Bitcoin network’s hash power does not back them.
What are the Top BRC20 Tokens to Invest in 2023
Here is the list of the 9 best BRC20 tokens by popularity:
1. Ordinals (ORDI)
- Market Cap: $236 million
- Supported Exchanges: Gate.io, Bitget, BingX, Bitmart.
Ordinals is one of the first projects that utilize the BRC20 standard, built on the Ordinals protocol.
This protocol is a layer-2 solution that allows users to record information on the Bitcoin blockchain without being constrained by the block size. It uses a method called mint minting, which creates a new coin with a unique ID and stores information in its metadata.
The coin can then be sent and verified on the Bitcoin network as a regular transaction. The Ordinals token (ORDI) is the native currency of the Ordinals protocol, and it is required to pay for the mint minting fees and other services on the platform.
ORDI also gives holders the power to vote on proposals and upgrades for the protocol. It has a fixed supply of 21 million tokens, which is the same as the maximum supply of Bitcoin.
2. Pepe Coin (PEPE)
Pepe (PEPE) is a token based on a famous internet meme. It was inspired by Pepe the Frog. It is a fun and playful token that celebrates Bitcoin culture and community.
There are 420.69 trillion Pepe tokens in total. Half of them were burned at launch. A quarter of them were given to early adopters for free. The rest were kept for development and marketing.PEPE has grown very fast in price and trading volume. Early investors made a lot of money from it.
In its first month, Pepe gave them almost a 39,000% return. It is also one of the biggest BRC20 tokens, with a market value of over $445 million. Many people want to buy Pepe because they think it will be the next big meme coin after Dogecoin and Shiba Inu.
- Market Cap: $15 million
- Supported Exchanges: Gate.io, Bitget, BKEX, XT.com.
VPMX was launched on May 7 by XEN crypto founder Jack Levin. It offers no specific function or benefit but is mainly used for fun and gambling.
Some investors may think it can make their money, while others may like its funny and lighthearted character. But, it does not have any use case.
VMPX is a reasonably new meme token that has attracted the attention of crypto gamblers. It trades at $0.142 and has a market value of $15.4M as of May 18, 2023. The token has a fixed supply of 108,624,000, and all have been created already.
4. Meme (MEME)
- Market Cap: $5.7 million
- Supported Exchanges: BingX, Bitmart, Unisat Exchange, etc.
Meme (MEME) is another token that uses the BRC20 standard and is based on memes, such as the Pepe meme coin.
It allows users to have fun, be creative with their memes, and share them with others. Users can also trade and collect MEME tokens on different platforms like Uniset and CEXs.
It has a total supply of 99,999 tokens and a market cap of around $5.7 million. It claims to be the biggest BRC20 token by the number of holders.
- Market Cap: $5.9 million
- Supported Exchanges: Bitget, DigiFinex, etc.
Nals also wants to be a meme coin that can attract and entertain the crypto community. It has the same total supply as Bitcoin, which is 21 million tokens.
The token does not have a website, social media accounts, or discord server. However, you can find some info about this token on Coingecko or Coinmarketcap.
Nals is currently available on Bitget, a leading crypto exchange, which can be exchanged for USDT. It is one of the earliest and most popular BRC20 tokens, and it has experienced a huge surge in its price since its launch.
- Market Cap: $3.56 million
- Supported Platforms: Gate.io and ZT
Piza ($PIZA) is another top BRC20 token that operates on the Bitcoin blockchain. It was inspired by the historical event of the first Bitcoin purchase, when two pizzas were exchanged for 10,000 Bitcoins on May 22, 2010.
The tokens use ordinal inscriptions of JSON data to mint tokens and attach extra data to satoshis. Each Piza token has a distinct number and can serve as a collectable or digital artwork.
Piza tokens have a maximum supply of 21m and a market cap of about $3.56 million. Piza tokens are among the many BRC20 tokens created as an experimental way to make and transfer tokens on the Bitcoin network.
- Market Cap: $1.04 million
- Supported Platforms: XT.com
Drac is named after Dracula, the famous vampire, and the number 1260, which has a special meaning for vampires. It is one of the pioneers of the BRC20 standard, which has attracted much interest from BTC fans.
Drac has a fixed supply of 106,824,000 DRAC coins, which are all in circulation. The current price of Drac is $0.009753..
It uses a technique called Ordinal inscriptions to create and manage token contracts, as well as to send and receive tokens.
- Market Cap: $1.4M
- Supported Platforms: Gate.io and ZT
BANK BRC Token is another meme token based on the Bitcoin base chain that uses the Ordinals protocol to create and trade fungible assets.
It is one of the many BRC20 tokens that emerged after the Bitcoin Taproot upgrade, which enabled users to add data to satoshis, the smallest unit of Bitcoin.
BANK Token has a market cap of around $682 million and a circulating supply of 100 million tokens. It can be bought and sold on Gate.io, a digital asset exchange.
9. Noot ($NOOT)
- Market Capitalization: $715k
- Supported Platforms: XT.com
Noot ($NOOT) BRC-20 Token is a digital currency inspired by penguins, the adorable and chilly animals that inhabit the poles.
It wants to mix memes’ fun and humorous side with blockchain technology’s severe and innovative side.
Some of the features of Noot are:
- It has a total supply of 1 billion tokens, which are shared fairly among the community.
- It has a 0% tax policy: no charges or cuts when you buy or sell Noot.
- It is a community-driven project, which means that the value and use of Noot depend on the adoption and involvement of the users.
- It is a meme coin based on internet culture and humour and aims to entertain and amuse its users.
Comparison between BRC20 Tokens and Other Blockchain Tokens
- BRC20 tokens use ordinal inscriptions and JSON data to make tokens on Bitcoin. In contrast, other blockchain tokens use smart contracts or native protocols to make tokens on their blockchains.
- BRC20 tokens are more decentralized (due to the Bitcoin blockchain) than tokens. They rely on the security and decentralization of their networks.
- BRC20 tokens are relatively new and experimental and do not have any use cases. They are only known as meme coins. While other tokens have been around for longer and have more established use cases and communities.
- The tokens are also fungible, meaning that each token of the same type has the same value and can be exchanged with others.
What to look out for on BRC20 Tokens
Some of the factors to consider when purchasing BRC20 tokens are:
- The trustworthiness and reliability of the token creator: Since BRC20 tokens are experimental and unregulated, there is a possibility of scams or fraud. You should do your due diligence and verify the origin and purpose of the token before buying it.
- Compatibility of the token wallets: They use a different technology than standard Bitcoin transactions. You need a special wallet that can decode and parse the JSON data on the satoshis. Not all Bitcoin wallets support BRC20 tokens, so you should check if your wallet is compatible or find a suitable one.
- The liquidity and volatility of the token market: The tokens are relatively new and niche. They may have a limited amount of trading volume or liquidity on exchanges. This means you may face challenges in buying or selling them at your preferred price or time. Also, BRC20 tokens may be subject to high price fluctuations due to speculation or hype.
What are the possible use cases of BRC20 Tokens?
Some potential use cases of BRC20 tokens are:
- They can be used as meme coins or social tokens for tipping, rewarding, or sharing opinions. For example, PEPE and MEME are popular BRC20 tokens based on internet memes.
- The tokens can be used in making utility tokens that can be used for accessing services or platforms that are built on Bitcoin.
- Governance tokens for voting and proposals on network updates.
- In the future, they can be used for lending and borrowing on the Bitcoin network.
BRC20 tokens let you create and use NFTs and tokens on the Bitcoin chain. They use the Ordinals, which store information with JSON data. The tokens have benefits like high security, low transaction fees, and easy interoperability.
Based on our research, some of the best BRC20 projects are PEPE, ORDI, and VMPX. This network standard is a promising development for the Bitcoin ecosystem, as they offer new possibilities for tokenization, DeFi, NFTs, and more.
Please note that BRC20 tokens are still experimental and involve risks like volatility, hacking, regulatory uncertainty, and technical issues. You should do your research and consult a professional before investing.
Top BRC20 Tokens – FAQs
How are BRC20 Tokens Created?
BRC20 tokens are fungible tokens. They use ordinal inscriptions and JSON data to run on the Bitcoin blockchain. Ordinal inscriptions add extra information to satoshis by numbering them. JSON data specifies the features of the token, such as its name, symbol, supply, and distribution.
To make a BRC20 token, you need a special wallet to write JSON data on satoshis. You also need to set up the token deployment function, the quantity minting function, and the token transfer function.
Can I buy BRC20 Tokens on Ordinals Exchange?
Yes, you can buy BRC20 tokens on Ordinals Exchange. It offers various BRC20 coins, such as ORDI, PEPE, MEME, WZRD, OSHI, and others.
It also supports curated NFT collections on the BTC network. You can also buy and sell Ordinals and NFTs made by attaching JSON data to satoshis.