Bitcoin Ordinals set new record with BRC-20 token standard, details inside
- Bitcoin Ordinals have broken daily and total inscription records, attributed mainly to the experimental BRC-20 token standard.
- Despite being experimental, the BRC-20 token standard has seen growth in the number of listed and minted tokens.
The Bitcoin Ordinals have recently achieved a new record high, and this achievement has become the focal point of NFT-like inscriptions. Interestingly, this buzz was sparked by an experimental token standard, the BRC-20 token standard.
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A new high for daily and total Inscriptions
As of 2 April, there was a significant surge in the number of daily and total inscriptions for Bitcoin Ordinals, breaking previous records.
Dune Analytics reported over 72,000 daily inscriptions and over 730,000 total inscriptions. Interestingly, the data showed that text inscriptions were the most prevalent type. The spike also resulted in total fees surpassing $4.3 million.
Before the new record, the previous daily high for Bitcoin Ordinals was recorded on 9 March at 31,692, with total inscriptions just exceeding 300,000.
At the time of writing, daily inscriptions had already exceeded 17,000. The surge in interest in Bitcoin Ordinals could be attributed to the recent BRC-20 standard.
The BRC-20 token standard for Bitcoin Ordinals
The BRC-20 token standard is a novel type of fungible token that uses Ordinals and Inscriptions to create and store token contracts on the Bitcoin base chain.
By leveraging JSON data in the form of Ordinal inscriptions, this experimental token can be used to create, mint, and transfer tokens.
Reportedly, the surge in Bitcoin Ordinals inscriptions on 2 April was likely due to the introduction of new tools for interacting with BRC-20 tokens.
Also, these tools were reportedly launched in the days leading up to the spike. It indicated a potential correlation between the renewed interest in Bitcoin Ordinals and the availability of these new tools.
Ordinals on BRC-20 standard see growth
Despite being an experimental token standard, the activity and volume on the BRC-20 website suggested otherwise. The website displayed thousands of listed and minted tokens, indicating a robust ecosystem of users and developers.
Furthermore, as of this writing, three tokens – Ordi, Punk, and Pepe – were leading the pack with market caps of $2.1 million, $900,000, and over $2.5 million, respectively.
The data from the site also revealed that more than 38,000 tokens had been minted within the last 24 hours, further underscoring the growing popularity of this experimental token standard.
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The recent surge in interest in Bitcoin Ordinals and the BRC-20 token standard is fascinating, given its impact.
However, it is essential to remember that the BRC-20 token standard is still an experimental project. Therefore, its long-term viability is yet to be fully established. While it is generating significant hype and attention, the sustainability of this trend remains to be seen.