Magic Eden Halts BRC20 Trading in a Move to Safeguard User Interests

Crypto News- Magic Eden, a prominent Non-Fungible Token (NFT) marketplace, has recently made an official announcement regarding the temporary suspension of BRC-20 asset trading on its platform. This decision was taken to ensure the safety and interests of Magic Eden users.

Magic Eden Halts BRC20 Trading in a Move to Safeguard User Interests

The suspension is tied to the requirement for achieving a full Ordinance Consensus across all BRC-20 assets before trading can resume. Despite the inconvenience this might cause for traders, Magic Eden emphasizes that all other trading activities on its platform remain unaffected.

BRC-20 is an experimental token standard that utilizes ordinal inscription. It was introduced by an anonymous developer named Domo on March 9, 2023. These tokens are based on the Bitcoin blockchain and typically operate without smart contracts, relying on script file storage within BTC.

BRC-20 assets garnered significant attention in the digital collectibles realm since their introduction, which is why Magic Eden initially listed them.

However, this suspension coincides with a decline in the influence of BRC-20 assets. In their early weeks on the Bitcoin blockchain, they had a substantial impact on the trading volume of the leading cryptocurrency, creating the impression that a new asset class had emerged.

The emergence of Bitcoin Ordinals showcased the potential for innovation within the digital currency ecosystem. These Ordinals aimed to expand the use of Bitcoin beyond conventional payments by allowing BTC to interface with new protocols in the crypto space.

In August, plans were unveiled to integrate BRC-20 assets with the Terra Luna Classic (LUNC) protocol, presenting a promising opportunity for both ecosystems.