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— Mikael.btc | BRC-100 & RSM (@MikaelBTC) August 9, 2024
According to Mikael.btc, the new protocol will leverage technologies such as Inscriptions — used to add metadata to Bitcoin’s sats — and OP_RETURN — a script that allows data to be stored within transactions — to enhance Bitcoin’s functionality, enabling users to access decentralized finance.
“Every BRC-20 token will be mapped to a BRC-100 token with the same ticker and the same supply. 100% of the new BRC-100 token will be distributed to the holders of the original BRC-20 token, with the exactly same amount as the holdings on BRC-20.”
Mikael.btc
Following the fork, holders of BRC-20 tokens will automatically receive equivalent assets on the BRC-100 protocol, the developer added. However, those with BRC-20 tokens held on centralized exchanges will need to wait for the exchanges to distribute the new forked assets.
The push for defi on the Bitcoin network gained momentum recently after a research report from Pantera Capital, a crypto venture capital firm, projected that the Bitcoin-based defi ecosystem could attract hundreds of billions of dollars in liquidity through web3 protocols, implying that Bitcoin’s defi sector could achieve a market share comparable to that of Ethereum’s.
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