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Edited by Iravan774 at 22-12-2023 12:36 PM
The Arc20 protocol addresses the issue of representing arbitrary fungible token assets on the Bitcoin blockchain. The ARC20 fungible token standard ultimately introduced colored coins to Bitcoin, representing ownership units of deployed tokens using 1 satoshi. This means that the value of each token will never be less than 1 satoshi.
The project's Twitter account started operating at the end of May 2023 but was only discovered by the community in the last two days and token minting began. Due to the GPU mining process used for minting Arc20 protocol tokens, there is a certain technical threshold. Despite this, the community managed to mint the first ATOM token of the Arc20 protocol in just one day.
After the completion of ATOM minting, there was a surge in off-chain trading. Its price opened at $30 per token, briefly stayed at $50, and then surged to $100 before settling around $80. The attention and FOMO sentiment generated by Arc20 have rejuvenated the Ordinals ecosystem, which had been relatively quiet for some time. Users in social media and various communities have been discussing the Arc20 protocol. Whether it can sustain its operations or, like many protocols before it, experience a burst of popularity followed by silence, remains to be seen. |
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Post time 29-9-2023 14:14:52