Binance Integrates Bitcoin ARC-20 Atomic Assets into Web3 Wallet, Widens Application Spectrum
Summary:
Binance has incorporated Bitcoin ARC-20 atomic assets into its Web3 wallet via the Inscriptions Marketplace. The May 2 update also added support for BEVM, a decentralized Ethereum Virtual Machine-compatible Bitcoin layer-two. Outside NFTs, Bitcoin Atomicals can be used in a number of areas, including web hosting, file storage, atomic swaps, tokenization of real-world assets and decentralized social media. Other exchanges have also adopted ARC-20 assets, including Bitget and OKX. Bitcoin is narrowing the technological divide with smart contract blockchains via developments such as Ordinals, Inscriptions, Runes, and Atomicals.
Binance, a leading cryptocurrency exchange, has successfully incorporated Bitcoin ARC-20 atomic assets into its inherent Web3 wallet via its Inscriptions Marketplace. Binance officials announced on May 2 that ARC-20 is a pivotal token standard enabling the formulation of exchangeable tokens which can be stored and transferred over the Bitcoin blockchain. The integration is being celebrated with an offer of zero-fee trading on ARC-20 tokens valid until June 2, 2024.
January saw the introduction of the Atomicals protocol, designed similarly to Ethereum's ERC-20 standard. Atomicals facilitates the creation, transfer, and updating of nonfungible tokens (NFTs) on the Bitcoin blockchain. Atomicals developers clarified that even with a single Atomical undergoing 10,000 transactions or updates, it amounts to only around 2.5 MB of data. This means any client, wallet, game, marketplace, or service can swiftly authenticate an Atomical by processing its history according to simple rules.
Bitcoin Atomicals currently serves various functions, excluding NFTs, such as web hosting, file storage, atomic swaps, tokenization of real-world assets, decentralized social media, and numerous other applications. The May 2 update to Binance Wallet also lends support to BEVM, a decentralized Ethereum Virtual Machine-compatible Bitcoin layer-two based on Taproot that employs BTC as gas fees for executing smart contracts.
This initiative mirrors the recent inclusivity of ARC-20 assets by competing exchanges. In February, Bitget, another cryptocurrency exchange, extended support to Bitcoin Atomicals via its inherent self-custody wallet. Furthermore, OKX, another crypto exchange has devoted an entire marketplace to Bitcoin Atomical assets.
With the emergence of smart contract blockchains like Ethereum (ETH) and Solana (SOL), concerns grew around Bitcoin's possible obsolescence due to technology. Yet, Bitcoin is swiftly bridging the technological gulf with the integration of breakthroughs such as Ordinals, Inscriptions, Runes, and Atomicals all in the previous year.
In the past quarter, Orders Exchange successfully integrated with the Bitcoin Runes protocol enabling issuance of fungible tokens on the indigenous network. This process also facilitated the construction of a Bitcoin asset bridge with MicroVisionChain, enabling BRC-20 token swaps. Meanwhile, the yield-producing protocol, SolvBTC, has acquired a total locked value (TVL) of $700 million from its yield-yielding Bitcoin minted on Arbitrum, Merlin, and BNB Smart Chain. The protocol estimates an annual return of 5%–10% on BTC deposits made by users. Related news surfaced recently as Kraken exchange launched a self-custody cryptocurrency wallet following other centralized exchanges.
Published At
5/2/2024 10:18:00 PM
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