Litecoin community proposes experimental standard less than 100 days away from halving, what to expect
- Litecoin community members are testing LTC-20, a new experimental standard for fungibility.
- The standard is a fork from the BRC-20, a token standard that Ordinals and Inscriptions are based on.
- Litecoin is going through notable developments on its blockchain, less than 100 days ahead of its third halving.
Litecoin community members are testing a new experimental standard on the blockchain, LTC-20. The community has launched a test token, after a fork from the BRC-20 standard that gained popularity with Ordinals launch on the BTC blockchain.
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Litecoin community tests LTC-20 standard
Colin Wu, a Chinese journalist reported that members of the Litecoin community have proposed a new experimental standard, LTC-20. The community is emulating BRC-20, the token standard for Ordinals and inscriptions on the Bitcoin blockchain.
Members of the Litecoin community proposed the LTC-20 experimental standard by emulating the BRC-20 standard, and have conducted a test project "lite" on LTC ordinals. There are currently 8,046 BRC-20 Tokens issued on BTC Ordinals, with a market value of $133 million, and a…
— Wu Blockchain (@WuBlockchain) May 2, 2023
A “lite” version of Ordinals could run on the LTC-20 standard on the Litecoin blockchain. The test project is called LTC Ordinals, and the community has launched a test token as well. Since BRC-20 tokens issued on BTC Ordinals have a daily transaction volume above $900,000, the experimental token for LTC Ordinals could turn into more than a test in the future, with its utility.
The LTC-20 standard has a supply of 84 million and the Litecoin Punks project informed crypto Twitter community that the first LTC-20 are nearly 20% minted, 4,000 inscriptions have occurred for punk holders.
What does the new standard mean for LTC holders
Litecoin blockchain has witnessed several notable developments on its network since the beginning of 2023. With the third halving drawing close, less than 100 days away, the update fuels a bullish thesis for the asset.
The halving is typically a bullish event since it reduces block rewards and historically boosts the price of LTC, similar to Bitcoin halving events and the subsequent price rally noted in the cryptocurrency.
Akash Girimath, a crypto analyst and trader believes LTC has the potential to climb to its $95 bullish target with the halving less than 91 days away. Girimath shared a Litecoin price chart where LTC has climbed above the zone between $87 and $88 and the next key resistance is the 50% Fibonacci level at $93.72.
$LTC pic.twitter.com/6a1FDJKoHe
— Akash (@Mangyek0) May 2, 2023
The expert is bullish on a Litecoin price rally in the days leading up to the third LTC halving.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
