Bitcoin Ordinals set new record with BRC-20 token standard, details inside

by James · April 3, 2023

Bitcoin Ordinals have broken daily and total subscription records, largely attributed 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.

Bitcoin Ordinals recently hit a new record high, and this achievement has become the focal point for NFT-like inscriptions. Interestingly, this buzz was sparked by an experimental token standard, the BRC-20 token standard.

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A new highlight for daily and total inscriptions

As of April 2, there was a significant increase in the number of daily and total subscriptions 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 textual inscriptions were the most prevalent type. The peak also resulted in total fees exceeding $4.3 million.

Source: Dune Analytics

Prior to the new record, the previous daily high for Bitcoin Ordinals was recorded on March 9 at 31,692, with total inscriptions just exceeding 300,000.

At the time of writing, daily inscriptions had already passed 17,000. The increase in interest in Bitcoin Ordinals can be attributed to the recent BRC-20 standard.

The BRC-20 token standard for Bitcoin Ordinals

The BRC-20 token standard is a new type of fungible token that uses Ordinals and Inscriptions to create and store token contracts on the Bitcoin base chain.

Leveraging JSON data in the form of Ordinal Inscriptions, this experimental token can be used to create, mint and transfer tokens.

Reportedly, the increase in Bitcoin Ordinals inscriptions on April 2 was likely due to the introduction of new tools to interact with BRC-20 tokens.

These tools were also reportedly launched in the days leading up to the summit. It indicated a potential correlation between the renewed interest in Bitcoin Ordinals and the availability of these new tools.

Ordinals on the BRC-20 standard see growth

Despite being an experimental token standard, the activity and volume on the BRC-20 website suggested otherwise. The site displayed thousands of listed and minted tokens, indicating a robust ecosystem of users and developers.

Additionally, at the time of writing, three tokens – Ordi, Punk, and Pepe – led the pack with market caps of $2.1 million, $900,000, and over $2.5 million, respectively.

The data from the website also revealed that more than 38,000 tokens had been minted in 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 important to remember that the BRC-20 token standard is still an experimental project. Therefore, its long-term viability is not yet fully established. While generating significant hype and attention, the sustainability of this trend remains to be seen.