Magic Eden Halts BRC-20 Trading Temporarily Amid Ordinals Expansion
Jessie A Ellis Oct 22, 2023 09:48
Magic Eden temporarily suspended BRC-20 trading on October 22, 2023, to ensure user protection until certain BRC-20 regulations were agreed upon. Earlier in June, the platform had extended support for BRC-20 tokens, diving deeper into the Bitcoin ecosystem. Following the halt, trading resumed on July 13, 2023, with a promotional reduction in listing fees to 0.1% for new BRC-20 tokens for a month.
On October 22, 2023, the decision was made by Magic Eden, a multi-chain NFT marketplace, to temporarily prohibit the trading of BRC-20 tokens in order to guarantee the maximum degree of safety possible for its consumers.
This decision will continue to be implemented even after an all-encompassing agreement about the regulations of BRC-20 tokens has been reached. There were no interruptions to any of the other trading activities that were taking place on platform during this time period.
On June 27, 2023, Magic Eden had previously published a statement, announcing that it would support BRC-20 tokens, and the news can be seen here. This represented the company's continuation of its exploration of the Bitcoin ecosystem. This update was carried out with the purpose of expanding its offerings of Ordinals to encompass the previously described category of tokens, which are developed on top of the Bitcoin network.
In addition to being an essential move toward enabling the trading of these tokens on the secondary market, the support for BRC-20 tokens made it possible for anybody to create their very own tokens on the Bitcoin blockchain. This was a significant development.
Trade in BRC-20 was resumed on Magic Eden after a brief pause in trading, and as part of a promotion, the exchange reduced the fees for adding new listings to BRC-20 to 0.1% for a period of one month. This discount was part of an ongoing offer. A tweet that was sent out on July 13, 2023 informed the general audience of this information, which indicated the reopening of the BRC-20 trading market on Magic Eden.
This information also marked the beginning of normal trading operations on Magic Eden. The reduction in fees was done with the purpose of attracting new listings and maybe creating greater activity within the BRC-20 token market that is hosted on the platform.
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