Bitcoin Cash Prepares for CashTokens Upgrade to Enable Smart Contracts and DApps

As the BRC-20 token craze takes off on the Bitcoin blockchain, Bitcoin Cash is gearing up for its own upgrade, CashTokens, which will enable developers to issue tokens on its network.

Bitcoin Cash Prepares for CashTokens Upgrade to Enable Smart Contracts and DApps

The CashTokens upgrade will empower developers to issue tokens on the Bitcoin Cash (BCH) network, along with introducing improvements in security and privacy. The upgrade is set to be activated around the evening of May 15, 2023, Vietnam time.

With CashTokens, Bitcoin Cash is poised to evolve into a full-fledged ecosystem, allowing DeFi projects to be built on its network.

The concept for this upgrade follows the explosive growth of BRC-20 tokens on Bitcoin. Bitcoin Cash, a hard fork of Bitcoin, originally did not support smart contracts. However, as market demand for DeFi applications surged, it led to the creation of Bitcoin Ordinals and later BRC-20 tokens.

According to data from OrdSpace, over 18,000 tokens have emerged on the Bitcoin network, with a current market cap of $600 million. This figure represents a significant decline from its peak of $1.5 billion recorded last week.

Source: OrdSpace

Following CashTokens, BCH will continue to introduce additional enhancements, such as enabling smaller transactions to speed up processing times and integrating smart contract functionality to support features like recurring payments and derivative trading.

The price of BCH has increased approximately 5% over the past 24 hours, currently trading around $119.

15m Chart of BCH/USDT on Binance as of 02:30 PM, May 15, 2023