Bitcoin Ordinals, an additional layer of utility for Bitcoin, has been setting new records since its inception in 2023.
With interest in the technology remaining high among investors and users. On Sunday, April 2, Ordinal inscriptions on Bitcoin recorded a new high, surging by more than 128% and reaching a total of 72,328 inscriptions, thanks to a new token standard called BRC-20.
BRC-20 token standard
The BRC-20 token standard is an experimental fungible token created using Ordinals and inscriptions on March 8. It utilizes inscriptions of JSON data to deploy token contracts, mint tokens, and transfer tokens on Bitcoin, and operates similarly to Ethereum’s ERC-20 token standard. However, the lack of dev tools and UX led to users’ and developers’ excitement simmering down.
NFT expert Leonidis tweeted
that the introduction of tools for interacting with BRC-20 led to the spike in interest on Sunday. According to BRC20.io, 1600 BRC-20 tokens have been created in the last 24 hours.
Users minted over 40,673 BRC-20 tokens. Some of the most popular BRC-20 tokens are “pepe,” “ordi,” and “punk,” which currently boast respective market caps of $2.5 million, $2.1 million, and $900,000.
The Ordinals protocol has given Bitcoin an additional layer of utility, allowing users to use the token for more than just a store of value. While Bitcoin maximalists have yet to warm up to the concept, the Ordinals hype is spreading rapidly. The rapid development and introduction of innovative tools could help Bitcoin follow a similar trajectory to Ethereum’s DeFi boom in 2021.
Bitcoin Ordinals inscriptions
Bitcoin Ordinals inscriptions have also caused unprecedented spikes in fees, network usage, and more. The recent surge in activity is likely due to the new BRC-20 token standard launched by pseudonymous on-chain analyst Domo. That allows for more efficient and streamlined interaction with Bitcoin Ordinals. On Sunday, text-based ordinals registered over 62,000 inscriptions, with a majority represented by BRC-20 tokens.
Overall, the hype around Bitcoin Ordinals and the BRC-20 token standard is still in its early stages.
But the potential for Bitcoin to become more than just a store of value is becoming increasingly clear. As more innovative tools are introduced and developers continue to experiment with the protocol.
We could see a significant shift in how Bitcoin is used and perceived in the broader crypto community.