- Bitcoin Ordinals have set new daily and total inscription records, thanks to the experimental BRC-20 token standard.
- Despite being in its early stages, the BRC-20 token standard has seen an increase in the number of tokens listed and minted.
Bitcoin Ordinals and inscriptions have reached an all-time high due to the protocol’s new BRC-20 token standard.
Dune Analytics reports that Bitcoin Ordinals reached an all-time high of 72,328 daily inscriptions on April 2, breaking the previous record of 31,692 set on March 9.
Inscriptions on Bitcoin Ordinals
Inscriptions on Bitcoin Ordinals have reached a new high of 773,752. Dune Analytics revealed that Ordinals fees totaled 155 BTC to date.
Both Bitcoin ordinal inscriptions and non-fungible tokens are types of digital commodities. A Satoshi, Bitcoin’s smallest denomination, can store an inscription in text, audio, and image formats, among others.
On April 2, Bitcoin Ordinals reached a new high of 72,328 daily inscriptions. Before the recent high, the daily high for Bitcoin Ordinals was 31,692, with total reminders exceeding 300,000.
Daily inscriptions had already surpassed 17,000 at the time of writing. The surge in interest in Bitcoin Ordinals may be attributed to the recent BRC-20 standard.
The Bitcoin Ordinals BRC-20 token standard
The BRC-20 token standard is a novel type of fungible token that creates and stores token contracts on the Bitcoin base chain using Ordinals and Inscriptions.
This experimental token can be used to create, mint, and transfer tokens by leveraging JSON data in the form of Ordinal inscriptions.
According to reports, the increase in Bitcoin Ordinals inscriptions on April 2 was likely caused by the release of new tools for interacting with BRC-20 tokens.
Furthermore, these tools were reportedly launched in the days preceding the spike. It suggested a possible link between the resurgence of 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 BRC-20 website’s activity and volume suggested otherwise. Thousands of listed and minted tokens were displayed on the website, indicating a robust ecosystem of users and developers.
Furthermore, three tokens – Ordi, Punk, and Pepe – were leading the pack as of this writing, with market caps of $2.1 million, $900,000, and more than $2.5 million, respectively. According to Unisat.io, ordi has 3,500 holders while punk and Pepe cumulatively have close to 4,800 holders.
The site’s data also revealed that over 38,000 tokens had been minted in the previous 24 hours.
