- Bitcoin Ordinals have surpassed one million inscriptions.
- Ordinals recently set a new all-time high in daily inscriptions.
- Ordinals have seen significant demand since the launch of exciting protocols.
Thanks to its solid start to the year, Bitcoin Ordinals are showing no signs of slowing down. Interest in the technology continues to grow as major projects swarm in to leverage the hype. Users are flocking in large numbers, helping Ordinals set new records.
After registering a new all-time high in daily inscriptions, the technology has reached another major milestone – one million inscriptions.
Breaking One Million
On Sunday, April 11, Bitcoin Ordinal inscriptions surpassed the one million mark, bagging miners over 170 BTC or approximately $5.1 million in total fees, according to Dune Analytics.
Ordinal inscriptions have seen significant demand since their inception on January 21. However, interest in the technology significantly increased after a pseudonymous on-chain analyst released a new token standard called “Bitcoin Request for Comment” (BRC-20).
On April 2, Bitcoin set a new all-time high, with inscriptions on the network peaking at over 72 thousand in a single day. However, two days later, on April 4, Bitcoin broke its record, registering over 76 thousand inscriptions in 24 hours.
Bitcoin Ordinals Inscriptions Overtime. Source: Dune Analytics
Since then, Ordinals have consistently registered over 30,000 inscriptions daily.
The new token standard has proven to be a game changer for the network, allowing it to operate similarly to Ethereum. BRC-20 allows users to inscribe JSON code on satoshis to deploy token contracts, mint tokens, and transfer tokens on Bitcoin.
Bitcoin Ordinals Inscriptions by Type. Source: Dune Analytics
The new token standard has led to a significant increase in text-based Ordinal inscriptions. At press time, text-based Ordinals make up 47.9% of all Ordinals, whereas image-based Ordinals constitute a smaller proportion of 34.6%.
On the Flipside
- Luxury carmaker Bugatti recently announced the launch of the most expensive Bitcoin NFT project.
- Leading Bitcoin NFT platform Gamma has recently launched a trustless Bitcoin Ordinals marketplace.
- Bored Ape Yacht Club (BAYC) creator Yuga Labs also launched a Bitcoin Ordinals NFT project.
Why You Should Care
Bitcoin Ordinals adds more utility to the ecosystem by introducing newer and more secure ways to use it. With interest in Ordinals spreading rapidly, Bitcoin could follow a trajectory similar to Ethereum’s in 2021.
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