Crypto exchanges Gate and KuCoin are planning to list Sats — a memecoin based on the Ordinals BRC-20 token standard — on their platforms soon.
Gate opened deposits for Sats at 4 a.m. EST earlier today. Meanwhile, KuCoin said will enable deposits, with trading estimated to start at 5 a.m. EST on Nov. 9, provided the token deposits meet the liquidity requirement, per its announcement. The trading pair SATS/USDT will be available on KuCoin, the exchange added.
Sats is a memecoin created on Bitcoin through the Ordinals protocol, named after ‘satoshis,’ the smallest unit of Bitcoin. The token is currently trading at $0.00000012 with a diluted market capitalization of $270 million. Unisat data indicates that Sats is held in 39,000 user wallets on the Bitcoin network.
These planned listings of Sats come just a day after Binance announced it would list Ordi, another popular BRC-20 memecoin for trading.
Memecoins constitute the majority of tokens created using the Ordinals protocol, and are designated as BRC-20 tokens. This term is named in analogy to the ERC-20 token standard on the Ethereum blockchain, although their mechanisms differ.
What are BRC-20 tokens and the Ordinals on Bitcoin?
Introduced by developer Casey Rodarmor in early 2023, the Ordinals protocol allows developers to assign a distinct identity or file onto every satoshi within the Bitcoin network, a process called inscription. This mechanism set the stage for the development of both fungible (interchangeable) tokens, like BRC-20 tokens, and non-fungible tokens (NFTs), which frequently showcase digital art.
While the Ordinals core team devised a method for generating NFTs on Bitcoin, another pseudonymous developer named Domo introduced an experimental token standard built upon the Ordinals protocol called BRC-20 in March. This enabled users to issue fungible tokens like ordi and others with the help of incsribing specific files to satoshis.
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