OKX And Huobi Both Integrate Unisat For Easy Access To BRC-20 Trends

OKX And Huobi Both Integrate Unisat For Easy Access To BRC-20 Trends

Cryptocurrency exchange OKX has partnered with UniSat Wallet to create a cross-verification process for indexing BRC-20 transactions on the Bitcoin blockchain. As part of the partnership, UniSat is set to become OKX’s BRC-20 market data provider.

We are delighted to announce that @OKX and @unisat_wallet are collaborating to develop a cross-verification process for BRC-20 transaction indexing on the #Bitcoin blockchain.

This marks the initial stride towards decentralized indexing, enhancing the overall robustness and… pic.twitter.com/8luraZMuGl

— UniSat Wallet – Store, Inscribe and Search. (@unisat_wallet) May 12, 2023

Not only that, Huobi exchange also announced a partnership with Unisat to jointly promote the development of BRC-20 industry standards and intends to support the BRC-20 ecosystem in the future.

Cheers! A great step for brc-20! https://t.co/GMvsADt6ZH

— UniSat Wallet – Store, Inscribe and Search. (@unisat_wallet) May 12, 2023

Unisat, an open source Chrome wallet extension for Bitcoin Ordinals and BRC-20. In the last few weeks, BRC-20 and Ordinals have become a popular topic in recent weeks and are the reason behind the split in the Bitcoin community.

BRC-20 refers to an experimental token standard introduced in March 2023 by an anonymous cryptocurrency developer named “Domo”. Like the ERC-20 standards on Ethereum, the BRC-20 allows users to issue fungible tokens using Bitcoin’s Ordinals protocol.

Since the standard was implemented, demand for Bitcoin Ordinals has reached sky-high levels, causing congestion on the world’s largest blockchain and pushing its network fees to a 2-year high earlier this month. Additionally, on May 9, Binance said it will add support for Bitcoin Ordinal inscriptions on the non-fungible token market (NFT) by the end of May.

A large portion of the Bitcoin community welcomed the introduction of the BRC-20 standard, as many wanted to join Ethereum supporters in issuing NFTs on their favorite blockchain. On the other hand, some have loudly criticized the idea.

Bitcoin purists believe that the usual inscriptions enabled by the BRC-20 standard represent a departure from the original purpose of Bitcoin, which was primarily used as a medium of exchange and decentralized store of value. Furthermore, they argue that Ordinals added elements of centralization and jeopardized the idea of Bitcoin as a decentralized, value-neutral currency.

Due to their displeasure, some Bitcoin developers have proposed delisting the Ordinals and BRC-20 tokens, which are primarily responsible for the recent network congestion and mounting fees. Earlier this week, around 400,000 unconfirmed Bitcoin transactions in the mempool were waiting to be added to a block.