Exercise on the Litecoin blockchain has surged to an all-time excessive after the veteran community launched the LTC-20 token customary.
The community processed 585,000 transactions in 24 hours, rocketing 500% in a single week and beating its earlier report of 225,000 from January 2018, in line with BitInfoCharts. The surge in exercise coincided with new highs within the variety of energetic LTC addresses and newly created LTC addresses on the identical day.
Every day social media engagements with Litecoin are additionally up 220% at 35M, in line with LunarCrush.
Fungible Tokens
The LTC-20 token customary was impressed by the current explosive success of Bitcoin’s BRC-20 token customary, with BRC-20 tokens now representing a $663M market cap two months after launching. Bitcoin’s on-chain transactions soared to a report excessive of 682,000 on Could 1.
DeFi veterans could also be questioning what the present hype surrounding fungible tokens on Proof of Work chains is all about. The ERC-20 token customary on Ethereum is almost eight years outdated and was answerable for popularizing fungible tokens and paving the best way for the ICO and DeFi booms that underpinned earlier crypto bull cycles.
Litecoin was forked from Bitcoin in 2011, then comprising the second Proof of Work cryptocurrency deployed. For a few years, the community discovered worth as a testing floor for upgrades slated for deployment on Bitcoin.
Regardless of the community receding in utilization throughout current years, Litecoin is the 14th largest crypto asset with a $645M market capitalization, in line with CoinGecko.
LTC-20 Commonplace
The LTC-20 Gitbook describes the usual as a “enjoyable experiment” in creating “nugatory” fungible tokens utilizing ordinal idea.
Ordinals are NFT-like property that leverage Bitcoin’s Segwit and Taproot upgrades to inscribe knowledge, together with textual content, photos, and video in on-chain knowledge. The BTC-20 and LTC-20 token requirements leverage ordinals to create fungible property.
Customers can create, mint, and switch LTC-20 tokens. In accordance with Colin Wu, 850 LTC-20 tokens have been created, however most usually are not but mintable.
“[LTC-20] not at all must be thought of THE customary for fungibility on Litecoin with ordinals,” its customary’s writer wrote. “[I] encourage the Litecoin group to tinker with customary designs and optimizations till a basic consensus on greatest practices is met (or to determine that it is a unhealthy thought altogether!)”
