Digital Asset Exchange Binance Launches Inscription Marketplace
Binance has recently introduced its inscription marketplace, providing users with the opportunity to trade and inscribe BRC-20 tokens and related assets.
In an announcement on Feb 1, Binance highlighted that the marketplace aims to be a comprehensive solution for inscription-based tokens, emphasizing accessibility and security as key features.
How Does the Binance Inscriptions Marketplace Work?
The platform will be hosted on the Binance Web3 wallet, facilitating the inscription and trading of BRC-20 tokens directly within the Binance App. It caters to both BRC-20 enthusiasts and those new to Web3, ensuring a secure and enjoyable experience for users.
The Inscription Marketplace offers three main benefits: seamless transfers, faster transactions, and a wide range of options, positioning Binance to compete effectively with its rivals.
According to the release, the marketplace can inscribe and trade 60,000 of the most popular BRC-20 tokens, providing single-click transfers and faster transaction processing times through its accelerator.
BRC-20: A Game-Changer for the Bitcoin Network
Rival crypto exchange OKX has also embraced inscription token standards, enabling users to transfer, trade, and view related assets. The OKX Marketplace aims to become the industry’s largest inscriptions marketplace, featuring zero-fee trading across an expanding roster of token standards.
Supporters highlight the benefits of inscriptions and BRC-20 tokens on the blockchain, citing increased efficiency, while some critics, known as “Maxis,” remain in opposition.
A recent report by Binance’s research arm explores the positive impact of inscriptions on the network in 2023, indicating signs of growth.
#Binance Research is pleased to release our comprehensive industry year-in-review report. We uncover the top crypto industry dynamics of 2023 and discuss key trends as we head further into 2024.
Ordinals, inscriptions, and BRC-20 standard tokens played a pivotal role in the resurgence of networks, creating a new era for Bitcoin in 2023, as stated by analysts.
The result was evident in the price uptick spurred by a transaction surge during the recovery phase from the last bear market. Bitcoin’s market dominance increased to 50.2% from 40.4%, and its price grew by 156% across the year, with institutional inflows also contributing to the price action.
The launch of Bitcoin Ordinals in February 2023 led to the community minting new tokens, boosting transaction volume to new highs not recorded in months. The rollout of millions of inscriptions last year resulted in network congestion, clogging the mempool and driving up transaction fees, leading to more community debates.
However, miners in dire financial positions during the bear market used Ordinals as a lifeline to rise above waters in preparation for the next halving.
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