Wednesday, May 29, 2024

Bitcoin Ordinals Daily Inscriptions Rise Due to “BRC-20 Tokens”

585
SHARES
3.2k
VIEWS


A new daily high (ATH) for the number of Ordinals registered on the Bitcoin (BTC) network has been recorded due to the recently launched “token standard” for the blockchain.

Bitcoin Ordinals reached 58,179 prints on April 2, smashing the previous all-time high (ATH) of 31,692 on March 9 by 83.5% according to data from Dune Analytics.

The surge is believed to have been driven by the recent creation of a “Bitcoin Request for Comment” (BRC-20) on the Ordinals protocol by a pseudonymously named on-chain analyst. house In early March.

5ec0c239 94ab 41b0 8d89 11d948d17b1e
The daily number of ordinal inscriptions is shown in green. Source: Dune Analytics

While ordinal elements are non-fungible token (NFT) such as “digital artifacts” that carry data in the form of text, JPEG images, PDFs, and video and audio formats on the Bitcoin network, the BRC-20 token standard uses ordinal patterns to publish token contracts and mint tokens. and conversion tokens – similar to the ERC-20 Ethereum token standard.

Ordinals and BRC-20 access on Bitcoin is enabled by the Taproot soft fork, which took effect in November. 14, 2021.

More than 55,000 of the April 2 inscriptions came in the form of ordinal texts, many of which were represented by BRC-20 symbols, Accordingly to “Leonidis.og” who hosts The Ordinal Show.

6b009209 2b36 4649 8f41 c4d652858ebb
BRC-20 tokens – which are denoted as ordinal – are the most common ordinal notation on Bitcoin. source: Dune analytics.

Leonidas to explain In a tweet, he said that the April 2 rally came on the back of new tools used to interact with BRC-20 tokens launched in the past few days.

“There was a lot of excitement around the BRC-20 when it launched a month ago, but eventually the hype died down. During the lull, developers built tools to make interacting with the BRC-20 much easier and now we’re seeing ATH interest. I’ve said it before and I’ll say it again Other. UX is important!”

Among these new tools are Ord.io, UniSat Wallet and BRC-20.io. According to BRC-20.io, 1,600 tokens have been created since the creation of the BRC-20 standard.

Some of the most popular BRC-20 tokens include “pepe”, “ordi” and “punk”, which currently boasts private market caps of $2.5m, $2.1m and $900k.

Related: Bitcoin Ordinals creator is looking for a fix after first instance of porn shock

Over 42,700 BRC-20 tokens were minted in the last 24 hours, most of them coming from wzrd, domo, BAYC, meme and pups tokens.

31abc3b5 9fa8 4680 8cc1 93fafe5ac8ab
Bitcoin tokens, through the BRC-20 standard, can now be bought and sold on marketplaces, similar to Ethereum ERC-20 tokens. source: BRC-20.io

While the market cap of BRC-20 tokens currently does not exceed $10 million, digital asset investment firm Galaxy Digital believes that the “Bitcoin NFT” market could reach $4.5 billion by 2025.

Bitcoin community members remain divided on whether Ordinals is a good fit for the Bitcoin ecosystem. Proponents like Dan Held suggest it offers more financial use cases on Bitcoin, while others say it departs from Satoshi Nakamoto’s vision of Bitcoin as a peer-to-peer monetary system.

magazine: 4 out of 10 Fake NFT Sales: Learn to spot signs of laundering trading