According to Dune Analytics‘ eye-catching statistics, there was a significant surge in ORC-20 transactions on the Bitcoin blockchain on May 13th. The number of ORC-20 transactions recorded in a single day reached a staggering 72,200, which is an all-time high.
Notably, most of these transactions (about 70,000) were related to the minting of ORC-20 Inscriptions, which amounted to a payment of 5.8 BTC. Interestingly, the ORC-20 Token transactions were primarily concentrated in PUNK, PEPE, MEME, and other similar categories.
In comparison, the number of BRC-20 transactions on the same day was approximately 265,000. These figures came to light shortly after Binance Academy’s blog post about ORC-20 Tokens, which was released just a few days ago, on May 13th.
It was also recently revealed that Binance plans to add Bitcoin to its NFT marketplace, expanding its current BNB Chain, Ethereum, and Polygon ecosystem. The new feature will be launched in late May and is expected to attract many users who want to trade NFTs with Bitcoin, as reported by TronWeekly.
Tether CTO Discusses BRC-20 Tokens & Bitcoin’s Security
During the Blockchain Week Rome 2023 event, in an interview, Tether’s Chief Technical Officer, Paolo Ardoino, spoke about the impact of BRC-20 tokens and Ordinals on the BTC network.
When asked about the current market situation and the challenges posed by BRC-20 tokens, specifically concerning gas fees, Ardoino shared his thoughts on how Bitcoin can continue to ensure security and stability.
Ardoino clarified that BRC and Ordinals do not compromise the security of Bitcoin. However, the issue is that the increased gas fees affect all Bitcoin users, making transactions more expensive. It can be a significant inconvenience for those who need to make regular payments.
Regarding Bitcoin’s usage and control, Ardoino believes that users should have the right to utilize any available feature. He stressed that it will always remain secure, as it is the most secure solution currently available. Furthermore, its scalability is still possible due to solutions such as the Lighting Network.
According to Ardoino, the recent surge in transaction costs and the temporary shutdown of BTC transactions by some exchanges highlight the failure of certain exchanges to implement scalability solutions over the past four years.
Nevertheless, Bitcoin’s security remains unbroken and will continue to be a reliable and scalable solution for its users.