Transactions of tokens on the Bitcoin network overtook the number of regular bitcoin transactions for two days running.
Bitcoin-based tokens is a largely novel phenomena. First came Ordinals, a project for issuing NFTs on Bitcoin. The principle behind that was then used to create a standard for tokens on Bitcoin called BRC-20. This standard was used to issue tokens like ordi, pepe and meme. Now these tokens are taking off and massively driving up activity on the network.a pseudonymous crypto trader and analyst known as crypto koryo on Twitter.
The BRC-20 standard lets anyone issue nonfungible and fungible tokens on Bitcoin by relying on bits of metadata added to individual satoshis, the smallest unit of bitcoin. BRC-20 tokens have taken up more block space on the Bitcoin network in recent days. Source: Dune / @cryptokoryo BRC-20 fees over time have gone parabolic since late April, peaking at nearly 27.73 bitcoins yesterday. In total, these tokens have resulted in more than 100 extra bitcoin in fees, some $2.8 million, going to miners, boosting their revenues.The Block previously reported that daily transactions on the Bitcoin blockchain reached aon April 29 when tracked using a seven-day moving average. The on-chain metric reached a record high of over 408,000 transactions at the time.
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