Bitcoin ordinals tapped a new high of over 72k inscriptions all because of a newly launched “token standard” for the blockchain, “Leonidis.og,” the host of an Ordinals-focused podcast shared.
There was a lot of excitement around BRC-20 when it launched a month ago but eventually, the hyped died down. During the lull, devs built tools to make interacting with BRC-20 much easier and now we’re seeing ATH interest. I’ve said it before and I will say it again. UX matters!
As per the latest data from Dune Analytics, BTC ordinals recorded 72,328 inscriptions on April 2, surpassing its previous record of 31,692 on March 9 by an impressive 128%.
The spike is thought to be fueled by “Bitcoin Request for Comment” or BRC-20 tokens on the Ordinals protocol created by an anonymous on-chain analyst named Domo on March 8th, 2023.
According to the Bitcoin manual, the BRC-20 is an experimental fungible token that utilizes Ordinal inscriptions of JSON data to deploy token contracts, mint tokens, and transfer tokens.
Although the name is in reference to Ethereum’s ERC-20 token standard, these tokens cannot be used to interact with smart contracts and their various rules.
Simply put, it’s a method for storing a script file in bitcoin that can be used to associate tokens with satoshis and then permit those tokens to flow from one user to another.
That said, interest in Ordinals Protocol has skyrocketed since its launch on January 21, which allows users to engrave references to digital art into small transactions on the blockchain of the largest cryptocurrency in the world.
Bitcoin Ordinals Have “Striking” Advantages Over Ethereum
Ordinals have infused a much-needed acceleration of network growth along with a record rise in Bitcoin transactions.
Till now, nearly 800k unique inscriptions on Ordinals have been conducted.
Although ordinals remain a controversial topic among members of the Bitcoin community, a pseudonymous NFT developer and creator of the ERC721 software license, Dotta earlier spoke about the number of “striking” advantages compared to its Ethereum-based predecessors.
According to Dotta, unlike on Ethereum, tracking “NFT whales” on Ordinals is difficult as it prioritizes the privacy of the token creator. Moreover, every release needs its unique wallet.
Secondly, Ordinals cannot support off-chain data thus ruling out the possibility to attach a file from IPFS hosting, let alone AWS or any other Web2 cloud storage.
Dotta further claimed that despite the blockchain’s outward complexity, Ordinals could generate NFTs on it more quickly than on an EVM-compatible blockchain.