Daily transactions on the bitcoin blockchain have reached an all-time high of 682,000 this month, largely due to the creation of BRC-20 tokens, the first class of crypto tokens to be built on the bitcoin blockchain. This new class of crypto has no specific use beyond speculation, but its nascent popularity points to interest in bitcoin not just as a store of value or payments method, but as the foundation for developing new coins and applications. Some investors and developers view bitcoin's blockchain as a safer long-term basis for creating tokens and applications in the wake of the crypto carnage that followed the collapse of high-profile firms like FTX and a general flight from riskier assets. However, the rapid creation of BRC-20 tokens has led to congestion on the bitcoin network, causing transaction fees to soar and the network to slow down.
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