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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.