2024

Bitcoin

DeFi

Read

A blockchain developer is set to fork the BRC-20 token standard to introduce decentralized finance capabilities to the Bitcoin network.
A <a href="https://crypto.news/tag/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> developer under the alias Mikael.btc, best known as the creator of the BRC-100 token standard, wants to fork BRC-20 in an effort to roll out a new protocol designed to bring <a href="https://crypto.news/tag/decentralized-finance/" target="_blank" rel="noopener noreferrer nofollow">decentralized finance</a> to the Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) network.
In <a href="https://x.com/MikaelBTC/status/1821840044656881676" target="_blank" rel="noopener noreferrer nofollow">an Aug. 9 post</a> on X, the developer outlined plans for the fork, emphasizing that the upgrade would address key limitations of the BRC-20 standard, including its “lack of programmability,” scalability challenges, and the absence of defi infrastructure.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 BRC-20 Fork: BRC-100, Re-Activate BRC-20<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> needs DeFi infrastructures, <a href="https://twitter.com/hashtag/BRC100?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BRC100</a> and <a href="https://twitter.com/hashtag/RSM?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#RSM</a> are both born to solve this problem, with similar concepts but different technologies: <a href="https://twitter.com/hashtag/Inscriptions?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Inscriptions</a> and OP_RETURN. Now, BRC-20 community and BRC-100 community are going to fork… <a href="https://t.co/Qyi2F4wsqx" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Qyi2F4wsqx</a>— Mikael.btc | BRC-100 &amp; RSM (@MikaelBTC) <a href="https://twitter.com/MikaelBTC/status/1821840044656881676?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 9, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
According to Mikael.btc, the new protocol will leverage technologies such as Inscriptions — used to add metadata to Bitcoin’s sats — and OP_RETURN — a script that allows data to be stored within transactions — to enhance Bitcoin’s functionality, enabling users to access decentralized finance.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Every BRC-20 token will be mapped to a BRC-100 token with the same ticker and the same supply. 100% of the new BRC-100 token will be distributed to the holders of the original BRC-20 token, with the exactly same amount as the holdings on BRC-20.”
 Mikael.btc
</blockquote>
Following the fork, holders of BRC-20 tokens will automatically receive equivalent assets on the BRC-100 protocol, the developer added. However, those with BRC-20 tokens held on centralized exchanges will need to wait for the exchanges to distribute the new forked assets.
The push for defi on the Bitcoin network gained momentum recently after a research report from Pantera Capital, a crypto venture capital firm, <a href="https://crypto.news/defi-on-btc-blockchain-could-accumulate-225b-pantera-capital-says/" target="_blank" rel="noopener noreferrer nofollow">projected</a> that the Bitcoin-based defi ecosystem could attract hundreds of billions of dollars in liquidity through web3 protocols, implying that Bitcoin’s defi sector could achieve a market share comparable to that of Ethereum’s.
Read more: <a href="https://crypto.news/bitcoin-startup-bitlayer-raises-11m/" rel="noopener noreferrer nofollow"> Bitcoin layer-2 startup Bitlayer raises $11m </a>

Blockchain developer to fork BRC-20 to bring defi to Bitcoin

crypto.news

Other articles published on Aug 9, 2024

Pi Network Celebrates 13 Million KYC Verifications

Latest Meme ͏Co͏in To͏ ͏Buy Right Now, F͏ri͏d͏ay͏,͏ ͏Augu͏st͏ 09 – Base ͏Dawgz͏, M͏o͏g Coin, Maga, D͏og ͏(Runes)

Crypto Top 10 Challengers: PEPE and RBLK Set for Stardom but Bleak Outlook For MATIC

Unlucky $ETH Whale Loses $12.57M within 50 Days

QR Code Scam Targets Crypto Holders in Latest Wave of Cyberattacks

Bitcoin Reduces Energy Consumption by 24% Since July 2024

Join our free newsletter for daily crypto updates!