On October 22, 2023, the choice was made by Magic Eden, a multi-chain NFT market, to briefly prohibit the buying and selling of BRC-20 tokens to be able to assure the utmost diploma of security attainable for its shoppers.
This resolution will proceed to be applied even after an all-encompassing settlement in regards to the rules of BRC-20 tokens has been reached. There have been no interruptions to any of the opposite buying and selling actions that have been going down on platform throughout this time interval.
On June 27, 2023, Magic Eden had beforehand revealed a press release, asserting that it could assist BRC-20 tokens, and the information might be seen right here. This represented the corporate’s continuation of its exploration of the Bitcoin ecosystem. This replace was carried out with the aim of increasing its choices of Ordinals to embody the beforehand described class of tokens, that are developed on prime of the Bitcoin community.
Along with being an important transfer towards enabling the buying and selling of those tokens on the secondary market, the assist for BRC-20 tokens made it attainable for anyone to create their very personal tokens on the Bitcoin blockchain. This was a major improvement.
Commerce in BRC-20 was resumed on Magic Eden after a quick pause in buying and selling, and as a part of a promotion, the alternate lowered the charges for including new listings to BRC-20 to 0.1% for a interval of 1 month. This low cost was a part of an ongoing provide. A tweet that was despatched out on July 13, 2023 knowledgeable the overall viewers of this data, which indicated the reopening of the BRC-20 buying and selling market on Magic Eden.
This data additionally marked the start of regular buying and selling operations on Magic Eden. The discount in charges was accomplished with the aim of attracting new listings and perhaps creating higher exercise inside the BRC-20 token market that’s hosted on the platform.
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