In recent days, the appearance of PRC-20 has received the attention of many investors in the crypto market. So what is PRC-20? Let's find out with Coin68 through this article!
What is PRC-20? New Token standard appears on Polygon
What is PRC-20?
PRC-20 is a Token Standard inspired by Bitcoin's BRC-20 . This Token Standard uses an " inscription " mechanism quite similar to BRC-20 when using calldata data to create Token or Non-Fungible Token on each Block in the blockchain network.
A PRC-20 Token will look like this:
What is PRC-20?
With:
p: Token are being issued according to the PRC-20 Token standard
OP: the operation called in this transaction is Mint
tick: Token ticker is pols
amt: the number of Mint Token is 100,000,000
Who created PRC-20?
Currently, it is unclear who created this Token Standard . However, most of the information about PRC-20 on social network X originates from the Chinese cryptocurrency community.
PRC-20 market overview
It has only appeared for a few short days, but a series of PRC-20 types have been born such as POLS, MATS, POLY, HAVA,... Among them, POLS, the Token has a name imitating the upcoming Token of Polygon. To replace Matic, the PRC-20 Token is Mint by the most users with the number of users participating in Mint this Token up to 18,552. The total Gas Price that users have to spend to Mint POLS is up to more than 800 thousand Matic.
Up to now, there have not been any PRC-20 Token listed on exchanges.
How to Mint PRC-20
Step 1 : Visit here .
Step 2: Connect the wallet and switch to the Polygon network.
Step 3 : Choose a PRC-20 Token that allows Mint.
Step 4 : Select “ Mint Now ”.
Step 5 : Select “ Confirm ” to confirm the transaction.
How does the introduction of PRC-20 affect Polygon?
The birth of PRC-20 has created an unprecedented wave of fomo on Polygon , bringing the number of transactions on this blockchain to a new peak with more than 16.4 million transactions on November 16. As of today, this number has gradually cooled down and is at 3.7 million transactions.
Chart showing the number of transactions on Polygon from June 1, 2020 to November 19, 2023 - Source: Polygonscan (November 19, 2023)
The Medium Gas Price on Polygon once increased to 7,000 gwei on November 16, a figure dozens of times higher than the normal Gas Price (200-300 gwei). The Token swap fee on this blockchain network was therefore up to 5 USD at one point, before decreasing back to 0.5 USD.
summary
PRC-20 is a new Token that appeared recently, with a Mint mechanism that has some similarities with BRC-20. Through this article, you probably have some basic information about this Token Standard to make your own investment decisions.
Note: The information in the article should not be XEM investment advice. Coin68 is not responsible for any of your investment decisions.
