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.
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.
Yes. The rise was caused primarily by the uptick in interest around the BRC-20.
– Leonidas.og (@LeonidasNFT) April 2, 2023
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.
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.
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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.
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.
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