Are you wondering about the latest developments in the world of memecoins? Well, look no further. The BRC-20 memecoin Sats is gaining traction as it is set to be listed on the well-known cryptocurrency exchanges, Gate and KuCoin. This move signifies the growing acceptance and popularity of memecoins in the crypto market.
The Inclusion of Sats on Gate and KuCoin
Recently, the crypto exchanges Gate and KuCoin have announced their plans to include Sats, a memecoin based on the BRC-20 token standard, in their trading platforms. Deposits for Sats were initiated on Gate at 4 a.m. EST, while KuCoin has also expressed its intention to allow deposits. Trading is estimated to commence on November 9 at 5 a.m. EST, provided that the token deposits meet the liquidity requirement. The trading pair SATS/USDT will also be made available on KuCoin.
Understanding Sats and Its Market Position
Sats, derived from the term ‘satoshis’ which is the smallest unit of Bitcoin, is a memecoin created on the Bitcoin network through the Ordinals protocol. It currently trades at $0.00000012 with a diluted market capitalization of $270 million. Unisat data reveals that Sats is held in approximately 39,000 user wallets on the Bitcoin network.
Exploring BRC-20 Tokens and the Ordinals Protocol
The BRC-20 token standard, akin to the ERC-20 token standard on the Ethereum blockchain, was introduced by developer Casey Rodarmor in early 2023. The Ordinals protocol, on which BRC-20 is based, allows developers to assign a unique identity or file to each satoshi within the Bitcoin network through a process called inscription. This has paved the way for the development of both fungible tokens, like BRC-20 tokens, and non-fungible tokens (NFTs).
Another pseudonymous developer, Domo, introduced an experimental token standard built upon the Ordinals protocol, called BRC-20. This has enabled users to issue fungible tokens like ordis and others by inscribing specific files to satoshis.
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