BRC-20 Upgrade, Bringing Ethereum-like Features to Bitcoin

The BRC-20 token standard on Bitcoin has just launched its "BRC2.0" upgrade, integrating the functionality #EVM (Ethereum Virtual Machine) directly into its core indexing system. This move allows developers to deploy Ethereum-style smart contracts on Bitcoin without the need for bridges, oracles, or trusted third parties.

Adding programmability to Bitcoin

This upgrade was developed by Best In Slot in collaboration with creator #BRC20 , Domo, and Layer 1 Foundation. It transforms BRC-20 tokens into programmable tools that can interact with EVM-compatible chains. The primary goal is to expand the application of assets on Bitcoin beyond the realm of memecoins and speculative trading. Although BRC-20 has achieved a trading volume of over 3 billion USD without institutional support, the lack of decentralized applications (dApps) has limited its development.

Advantages over Runes and the future of DeFi

According to experts, this upgrade places BRC-20 in a superior position compared to Runes, another token standard on Bitcoin. Runes lack programmability, thus primarily limiting them to memecoins, while BRC2.0 can support a complete DeFi ecosystem. The combination of Bitcoin's security and EVM's programmability is expected to usher in a new era for DeFi on the Bitcoin network. #anhbacong