As a researcher with a background in blockchain technology, I find Binance’s integration of Bitcoin ARC-20 atomical assets into its native Web3 wallet an exciting development. This innovation makes it possible to create and transfer fungible tokens on the Bitcoin blockchain, expanding its functionalities beyond just being a store of value.
As a crypto analyst, I’d put it this way: Binance, the renowned cryptocurrency exchange, has implemented Bitcoin ARC-20 atomistic assets within its self-owned Web3 wallet, utilizing the Inscriptions Marketplace for seamless integration.
As a token standard analyst, I’d explain it this way: Starting from May 2, the Bitcoin blockchain supports the creation and transfer of interchangeable ARC-20 tokens. To mark this integration, Binance is providing a unique opportunity for zero trading fees on these tokens until June 2, 2024.
The Atomicals protocol, introduced in January, is modeled after Ethereum‘s ERC-20 template. This innovation enables the creation, transfer, and modification of non-interchangeable tokens (NFTs) directly on the Bitcoin network.
Developers of Atomicals noted that despite an Atomical being updated or changed hands up to 10,000 times, it generates only around 2.5 MB (250 bytes multiplied by 10,000) of data. They added that any client, wallet, marketplace, game, or service can swiftly authenticate an Atomical by adhering to the uncomplicated guidelines embedded in its history.
In the realm beyond NFTs, Bitcoin Atomicals have found application in various areas. These include web hosting, data storage, atomic swaps, real-world asset digitization, and the development of decentralized social media platforms, among others.
The move follows the adoption of ARC-20 assets by other exchanges.
In February, Bitget cryptocurrency exchange revealed that it now backs Bitcoin Atomics in its own self-contained digital wallet. On the other hand, OKX exchange features a specialized marketplace exclusively for Bitcoin Atomical assets.
Despite concerns over being surpassed technologically by smart contract blockchains like Ethereum (ETH) and Solana (SOL), Bitcoin is swiftly narrowing the technological divide through recent advancements such as Ordinals, Inscriptions, Runes, and Atomicals, all developed within the last year.
In the previous quarter, Orders Exchange successfully integrated the Bitcoin Runes protocol for generating interoperable tokens on their platform. Additionally, they built a connection, or “bridge,” with MicroVisionChain, empowering users to exchange BRC-20 tokens between the two networks.
Currently, SolvBTC – a yield-generating protocol operating on the omnichain network – has amassed a total value of $700 million from Bitcoin minted on Arbitrum, Merlin, and BNB Smart Chain. The mechanism is projected to deliver annual returns ranging between 5% and 10% for depositors’ Bitcoins.
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2024-05-02 22:29