Bitcoin's Latest Craze: Record Transactions and High Fees Driven by Memecoin Hype and BRC-20 Tokens

BRC-20s are fungible tokens deployed on the Bitcoin blockchain, enabled by new features introduced in Bitcoin's recent Taproot upgrade. While they have interesting potential, experts have issued strong warnings against financial speculation in the new token format. BRC-20s are not broadly compatible with smart contract or decentralized finance (DeFi) systems, and their structure may wind up being radically different from tokens on Ethereum. For now, BRC-20s can't serve as the backbone of decentralized autonomous organizations (DAOs) or other more complex systems that would give them utility and value.