Litecoin Capitalizes on Bitcoin Fees with Record Transactions

• Litecoin hits record 576,000 transactions amid growing BTC fees.
• A rapidly growing number of addresses indicates increased interest.
• The LTC-20 experimental standard brings NFTs to the LTC network.

The OG altcoin Litecoin (LTC) is back in the limelight as crypto traders flock to alternative cryptocurrencies in the wake of Bitcoin’s fee hike. On top of that, the second largest digital asset, Ethereum (ETH), hit record gas fees, significantly calming the trading activity on the largest PoS (Proof-of-Stake) network.

Furthermore, the Litecoin community recently proposed the LTC-20 protocol by emulating the BRC-20. This has created 850 LRC-20 tokens, which are not minted yet. The freshly introduced experimental standard might also give more utility to one of the oldest blockchains. Ultimately, this would enable the Litecoin network to store NFTs similarly to Bitcoin Ordinals but with significantly lower gas fees.

What to Expect from the LTC-20 Protocol

The Litecoin Ordinals protocol standard takes inspiration from Bitcoin’s BRC-20, which set off a trend earlier this year. The unprecedented NFT inscriptions onto Bitcoin became an alternative way for NFT enthusiasts to mint non-fungible tokens. 

Now, “the extremely dynamic experiment,” as described by the proposal’s author, is coming up in full swing, as the inaugural NFT collection Litecoin Punks will test out the fungibility of the OG blockchain. 

The game-changing developments have put Litecoin back on the pedestal on Twitter, as LTC is one of the most talked about cryptos today. With over 21 million social engagements, LTC, originally modified from Bitcoin’s codebase, just broke another record.

On the Flipside

• The technical and social advancements are yet to reflect Litecoin’s market value.
• At press time, #15 ranked LTC trades at $79.77 with a 10.2% weekly downturn.

Why You Should Care

Litecoin is one of the earliest cryptocurrencies, dating back to 2011.

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• Source: https://dailycoin.com/litecoin-capitalizes-on-bitcoin-fees-with-record-transactions/