- Litecoin’s halving event will take place on August 10th, 2023.
- Rising on-chain volume is just one out of numerous positive shifts.
- LTC-20 is a game changer, says blockchain analytics firm Santiment.
Litecoin’s on-chain transaction volume gradually ascended earlier this month when the OG altcoin started capitalizing on increasing Bitcoin and Ethereum fees. Launched from a modified Bitcoin code, Litecoin (LTC) proved its longevity once again as the LTC-20 experimental standard gained traction among NFT fans and crypto enthusiasts looking to save on fees.
Indeed, the active wallets on the network resulted in a new all-time high for addresses on the network simultaneously. Crypto trader Ali reported that 832,000 wallet wallets were interacting as senders or receivers, but that’s only one positive shift since the empirical LTC-20 protocol kicked in.
Santiment Paints a Bright Picture for LTC
The BRC-20 protocol replica seems to find utility on the veteran altcoin’s network. Earlier this year, Ordinals NFT protocol on Bitcoin led to a rapid increase in network usage and an early 2023 Bitcoin bull run, which saw BTC break $30,000 for the first time since June 7th, 2022.
On top of that, the LTC-20 protocol significantly expands the utility of Litecoin’s blockchain. For one, the non-fungible tokens inscribed onto the smallest particles of LTC can be a means to immortalize digital relics. Secondly, LTC-20 brings the ability to create coins on the network.
According to recent research by blockchain analytics company Santiment, the high demand for LTC-20 will continue contributing to the blockchain’s activity burst. This will likely be even more visible once the historic Litecoin halving occurs at a block height of 2,140,000.
LTC halving means the mining rewards will be sliced from 12.5 LTC to 6.25 LTC. The halving procedure will take place on August 10th, 2023. Moreover, Santiment specialists predict Litecoin miners will rush to mint as much $LTC as possible to get the juicier rewards in the following months.
On The Flipside
- Many experienced crypto traders argue that LTC-20 and BRC-20 protocols dramatically increased the percentage of scam projects on the network.
Why This Matters
The rise of the LTC-20 protocol for Litecoin represents a new chapter in the ever-evolving cryptosphere.
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Sourced from dailycoin.com.
Written by on 2023-05-24 13:40:00.