Snapshot 102

BRC-20 transactions are surging, more wallets than ever are holding BTC, and MiCA passes its final hurdle.

May 19, 2023
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More wallets are holding BTC than ever, according to data from Glassnode. More than one million individual wallets are holding at least one bitcoin (BTC), a new milestone. It is a 20% increase from February of last year. 

Meanwhile, BRC-20 transaction fees plummet amid growing interest surrounding BRC-20 tokens. After the public’s interest surrounding BRC-20 brought Bitcoin’s network fees to its highest level since May 2021, the fees are now returning to normal levels.

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Market Spotlight

Note: Market prices captured in US$ at the time of reading. Explore more on Crypto‌.com/Price.


News Snaps

MiCA Passes Final Hurdle

This week, members of the European Union’s Economic Affairs Council (EcoFin) gave a unanimous approval for implementation of the Markets in Crypto Assets (MiCA) landmark crypto regulation framework, which is expected to be implemented this summer.

DOGE outpaces BTC

Daily Dogecoin transactions briefly outpaced that of Bitcoin and Litecoin, which can be partly attributed to the recent introduction of the DRC-20 token standard. DRC-20 launched on 9 May and follows a similar setup to the BRC-20 token standard.

Updates on Canton

A new blockchain called Canton Network is being developed by a group of participants in the finance and tech spaces, including Microsoft, Goldman Sachs, Cboe Global Markets, Deloitte, and BNP Paribas. The network will be used by financial institutions; testing begins in July.

Price Rise

The US consumer price index (CPI) rose 4.9% YoY in April, slightly below market expectations and at the lowest pace since April 2021.

Enhanced Crypto.com Pay Experience in the Crypto.com DeFi Wallet

After the integration of Crypto.com DeFi Wallet with Crypto.com Pay earlier this year, Crypto.com DeFi Wallet has introduced several enhancements this week, adding better support for more countries and tokens.

What’s Ahead

Crypto Conference Calendar

As Bitcoin 2023 comes to an end today, let us put two upcoming conferences on your radar: EthCC 6 and Permissionless 2023:

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Research & Insights

Monthly Feature Article | Bitcoin DeFi and Scaling Solutions

In our latest report in the Research & Insights series, we provide an overview and dive into Bitcoin’s expanding ecosystem. 

Key Takeaways:

  • A new class of Bitcoin-based protocols is bringing programmability and scalability to the network, with Lightning Network, Rootstock, Stacks, and Liquid Network leading the pack. 
  • The design of the Bitcoin network makes it excellent in terms of security and decentralization, while its weakness in scalability sets it behind other use cases like DeFi. 
  • Synthetic BTC, created by bridging BTC from the Bitcoin network to other blockchains, is the main method of bringing BTC to the DeFi space.
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Check out the full report on Bitcoin DeFi and Scaling Solutions, exclusive to our Private members. Learn how to become a private member here.


NFT Spotlight

As a tribute to — and showcase of his love for — a magical and inspiring place, illustrator and animator Enisaurus is dropping his latest NFT collection ‘Iceland: Fire & Ice’ this coming Monday, May 22. 

Exclusively for Crypto.com, the drop features nine animations capturing the essence of the country, from its unique Arctic landscapes and natural iconic places to its traditions and culture. Known for his colorful geometric compositions, Enisaurus has a soft spot for unconventional stories, and he infuses narrative elements into his illustrations.

This drop features 🪂 NFT airdrops. Early access for eligible users (holders of the previously released Enisaurus collections) starts 30 minutes before the scheduled drop time.

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Visit the land of fire and ice. Or journey with the one who captured the northern lights.


Product Picks

DeFi Wallet Integrates Crypto.com Pay in More Countries

The DeFi Wallet has added support for Crypto.com Pay in more countries as a payment method to purchase crypto within the DeFi Wallet app. Users in Asia, Latin America, and Europe can now use their credit or debit card to purchase BTC, ETC, CRO, and more, alongside existing payment methods. For more information, click here

Place Target Price Orders Using Your Credit Card

You can now place an order to buy or sell crypto at your preferred price using your credit cards! Automate orders without having to monitor the market, and gain greater control over each trade. Currently live for users in Australia, the feature will launch in other markets very soon! Visit the FAQ for more details. 

Crypto.com App New Token Listings

LMWR App Listing

LimeWire is a platform for content creators, artists, and brands to create membership-based communities for their most passionate fans. It uses blockchain and NFT technology to make each piece of exclusive content on the platform ownable and tradable, aiming to help content creators build a recurring revenue stream.


Crypto Level Up

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What Is the BRC-20 Token Standard?

Created in March 2023 by an anonymous on-chain analyst with the Twitter handle ‘@domodata’, BRC-20 is a token standard inspired by Ethereum’s ERC-20. 

More details on BRC-20 below:

BRC-20’s Benefits

1. Because BRC-20 tokens are minted on the Bitcoin network, they inherently have the blockchain’s high level of security.

2. BRC-20 tokens are natively compatible with the blockchain network. It’s easy for Bitcoin developers to start building and incorporating BRC-20 tokens.

3. BRC-20 tokens are fungible, allowing them to be easily traded across a number of platforms.

BRC-20’s Downsides

1. BRC-20 might be gaining traction, but its ecosystem is still relatively limited. This translates to fewer resources, developers, and tools to build and manage BRC-20 tokens.

2. Transaction fees on the Bitcoin network have increased as BRC-20 token activity has surged. 

Find Out More About the BRC-20 Token Standard.


#CryptoIRL

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They pair so well together. This double dose of goodness with the Samsung Galaxy Z Fold was captured by @JDM_cro, hanging out in a tree with the Crypto.com Ruby Steel and Royal Indigo Visa Cards. 

Hashtag #CryptoIRL with your Crypto.‌com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!


Decoder

Proof of Authority (PoA)

A variant of Proof of Stake (PoS), Proof of Authority (PoA) is a consensus mechanism that requires participants to stake their identity and reputation in order to earn the right to sign off on the hash and validate a new block. 

These are participants with a verified network identity who maintain high levels of integrity and have established commitment to the network. Because the validators have to be identified, trusted, and selected by the network, PoA systems typically have a relatively small number of validating nodes. 

As a result, PoA protocols often have faster block times and greater transaction throughput. However, utilizing such a small group of known validators opens up risk for corruption and manipulation.


This Week in Crypto History

Circle Announces the Launch of USDC

In mid-May 2018, Circle announced its plans to launch USD Coin (USDC), a stablecoin pegged to the US dollar. This came alongside news that the company raised US$110 million in an investment round led by Bitman. Circle said it would provide “detailed and operational transparency” for USDC and operate within existing money transmission laws.

Today, USDC is among the world’s top 10 cryptocurrencies by market capitalization. Furthermore, Circle has released monthly attestations for USDC since October 2018. Additionally, the company went on to launch Euro Coin (EUROC) in June 2022, a stablecoin pegged to the Euro. Its monthly attestations are available for public viewing, as well.


That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.

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