The trading volume for BRC-20 tokens has surged, rising from $10-15 million to over $500 million since November 2023, according to data from Kaiko.

The data indicates a substantial increase in trading activity for tokens minted on the Bitcoin blockchain, with their volumes experiencing a tenfold growth since the close of 2023.

BRC-20 Token Trading Volume Surge

According to a report on January 15 by the Paris-based blockchain analytics firm, trading volumes for BRC-20 tokens have surged, with Binance playing a significant role in the increase.

Binance recently introduced spot and perpetual futures trading for ORDI, SATS, and RATS tokens. Initially holding a 63% market share, Binance’s dominance declined to around 50% as trading volumes reached $2 billion following the listing of SATS and RATS.

OKX, the first exchange to list the BRC-20 token ORDI, has become the second-largest spot market for BRC-20 tokens, holding a 35% share.

The increased trading volumes of BRC-20 tokens have led to a surge in demand for block space on the Bitcoin network, resulting in higher transaction costs and sparking controversy.

In early December 2023, Bitcoin Core developer Luke Dashjr raised concerns that data inscription exploits a vulnerability, potentially leading to spam on the Bitcoin blockchain. Dashjr urged blockchain developers to address this perceived vulnerability.

BRC-20 Tokens Usher in New Era for Bitcoin

In its latest report, Binance Research has declared that BRC-20 tokens have ushered in a “new era” for Bitcoin. Binance suggests that Ordinals inscriptions and BRC-20 tokens significantly influenced Bitcoin’s growth and market dominance in 2023.

The report highlights that Bitcoin increased its market dominance from 40.4% to 50.2%, surpassing half of