The team associated with the OmniBOLT project announced work on integrating BRC-20 tokens into the Lightning Network (LN) “for faster and more efficient transactions.”
🔥 Big news! #OmniBOLT plans to support the circulation of #BRC20 tokens on the #LightningNetwork! ⚡️🔄
This will enable faster, more efficient transactions, and unleash new possibilities for BRC20 #tokens
🚀 Keep an eye out for updates! #Crypto #BRC20 #Layer2 #blockchain pic.twitter.com/KPlApA6CKO
— OmniBOLT (@omni_bolt) May 9, 2023
OmniBOLT is developed by Synonym Software. It was established by the issuer of the stablecoin Tether (USDT) – Tether Holdings Limited. The project is a running LN protocol on the Omni solution for bitcoin.
The excitement around BRC-20 tokens in recent weeks has led to an increase in their capitalization to $650 million and a jump in the average commissions in the network of the first cryptocurrency to the levels of July 2021 ($7).
Researcher Eric Wall explained the dynamics by the specifics of issuing BRC-20 tokens. He drew attention to the fact that in order to access the UniSat marketplace leading in the BRC20 segment, 20 “inscriptions” need to be released. According to Wall, these transactions are “polluting” the bitcoin blockchain, causing transaction fees to rise.
in order to buy 1 brc-20 with unisat wallet
you first need to make 20 mints (inscriptions)
these mints clog the chain, fill the charts with more ordinal % and make tx fees go up
alerting more people into the phenomenon, making them each mint 20 more brc-20s to buy 1 brc-20
— Eric Wall 🧙♂️ Taproot Wizard #2 (@ercwl) May 6, 2023
Twitter user Ignas calculated the value of these 20 transactions at ~$430.
“That’s the price you pay for being an early adopter,” he said.
4/7 So, it costs $430USD to make 20 mints on UniSat.
That’s the price you pay for being an early adopter.
And it’s indeed early: BRC-20s started as an experiment by @domodata in March. pic.twitter.com/Uk7nMLvpPs
— Ignas | DeFi Research (@DefiIgnas) May 8, 2023
According to him, users are still entering the game, as the prices of many coins are rising.
“It’s exciting to try and learn new things. HYIP has increased miner fees by increasing the security of bitcoin. However, there is no consensus in the community on this matter, concluded Ignas.
7/7 Overall, it’s exciting to try out & learn something new.
It also increases fees earned by Bitcoin miners, so it should make Bitcoin blockchain more secure.
However, the Bitcoin community remains divided on this issue.
— Ignas | DeFi Research (@DefiIgnas) May 8, 2023
Recall that the PEPE token grew tenfold in April, turning some coin holders into millionaires.
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