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Bitcoin Ordinals Inscriptions Blast to New Highs as ‘BRC-20’ Token Mints Surge

source-logo  beincrypto.com 03 April 2023 07:00, UTC

Bitcoin Ordinals and inscriptions have reached a record high on the back of the protocol’s newly introduced BRC-20 token standard.

According to Dune Analytics, Bitcoin Ordinals hit an all-time high of 72,328 daily inscriptions on April 2, surpassing the previous record of 31,692 set on March 9.

Bitcoin Ordinals Inscriptions Reach New High

Inscriptions on Bitcoin Ordinals so far have reached 773,752. Dune Analytics revealed that Ordinals fees of 155 BTC have been paid to date.

Bitcoin Ordinals analysis on Dune Dashboard

Bitcoin ordinal inscriptions and non-fungible tokens are both types of digital commodities. A Satoshi, the smallest denomination of Bitcoin, can store an inscription in the form of text, audio, and images, among other formats.

Bitcoin Ordinals reached a new milestone of 72,328 daily inscriptions on April 2. This marks a significant increase from the previous record of 31,692 daily inscriptions set on March 9. However, the daily fees on both days fell short of the high of 13.39 BTC on March 24.

On March 1, the number of daily inscriptions stood at 24,825, with fresh numbers indicating a notable surge in network activity.

Role of BRC-20 in the Spike

On March 8, the BRC-20 token was launched as a fungible token on the Bitcoin base chain. Unlike traditional token standards like those on Ethereum, the BRC-20 token doesn’t use smart contracts to manage the token and its rules. Instead, it stores a script file on the Bitcoin network, allowing for token transactions between users.

The creator called it a “fun experimental standard” to show how to create off-chain balance states with inscriptions.

Nearly a month after its debut, BRC-20 is significantly enhancing network activity, according to NFT collector Leonidas. He stated that the developers created tools to make interacting with BRC-20 simpler in the past month. Therefore, he also observed the importance of the user interface for spiking the Ordinals inscribed on Bitcoin.

Pseudonymous on-chain analyst Domo is the developer behind the BRC-20 token, short for “Bitcoin Request for Comment.”

Data by BRC-20.io reveals that 38,715 tokens were minted in the last 24 hours. Since its inception, the full list of BRC-20 tokens has climbed to 1,650.

Among BRC-20 tokens currently on the market, ordi, punk, and pepe have respective market caps of $2.1 million, $900,000, and $2.5 million. Unisat.io counts that ordi has 3,500 holders while punk and pepe cumulatively have close to 4,800 holders.

Tokens listed by BRC-20.io

At the time of writing, Ordinals marketplaces surpassed $17 million in volume with 43,887 trades, according to Domo’s Dune dashboard.