Digital asset exchange, Binance has launched its inscription marketplace that will allow users to trade and inscribe BRC-20 tokens and other related assets.
According to a Feb 1 announcement, Binance noted that the marketplace will be a one-stop solution for inscription-based tokens with key features around accessibility and security.
Welcome to the #Binance Inscriptions Marketplace.
Your go-to place for all things BRC-20 and inscriptions, built into the #Binance Web3 Wallet.
Find out more
— Binance (@binance) February 1, 2024
How Does the Binance Inscriptions Marketplace Work?
The platform will be hosted on the Binance Web3 wallet and will see the inscription and trading of BRC-20 tokens within the Binance App.
“It caters to all, from BRC-20 enthusiasts to those new to Web3, providing a secure and enjoyable experience. The introduction of the Inscription Marketplace is a welcome development for Binance Web3 wallet, enhancing users’ journey through the decentralized web with its array of features.”
The new feature boasts three main benefits: seamless transfers, faster transactions, and endless options as the exchange seeks to rival its competitors.
Per the release, it can inscribe and trade 60,000 of the most popular BRC-20 tokens alongside single-click transfers and faster transaction processing times with its accelerator.
BRC-20 a Game-Changer for the Bitcoin Network
This week, rival crypto exchange OKX announced the integration of inscription token standards, allowing users to transfer, trade, and view related assets.
“With these enhancements, OKX Marketplace will be the industry’s largest inscriptions marketplace featuring zero-fee trading across an expanding roster of token standards. OKX wallet inscription tools currently support inscription mining on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon BNB Chain, Avalanche-C, etc.”
The rise of inscriptions and BRC-20 tokens have sparked several debates on their utility on the blockchain, with support citing an increase in knee fees while some Maxis remain in opposition.
A recent report by Binance’s research arm shows the benefits of inscriptions to the network in 2023 with more signs of growth.
#Binance Research is delighted to announce the release of 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.
Check it out https://t.co/okLKsocwjx
— Binance Research (@BinanceResearch) January 15, 2024
While, Ordinals, inscriptions, and BRC-20 standard tokens played a key role in the resurgence of the networks, the three-tiered system created a new era for Bitcoin in 2023, the analysts stated.
The result could be seen in the price uptick spurred by a transaction surge amid a recovery phase from the last bear market.
Bitcoin market dominance pumped to 50.2% from 40.4% while its price grew by 156% across the year although institutional inflows also contributed to the price action.
The launch of Bitcoin Ordinals in February 2023 saw the community minting new tokens boosting the transaction volume to new highs not recorded in months.
Last year, the rollout of millions of Inscriptions led to a case of network congestion, clogging the mempool and driving up transaction fees leading to more community debates.
However, miners who were 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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