The number of serial numbers etched on the Bitcoin network is hitting an all-time high every day, thanks to the recently launched blockchain “token standard.”
According to data from Cointelegraph, the bitcoin ordinal hit 58,179 on April 2, 83.5% higher than its all-time high of 31,692 set on March 9. data Analysis by Dune.
Spikes attributed to on-chain analysts Domo The most recent “Bitcoin Review Request” (BRC-20) token was created on the Ordinals protocol in early March.
Number of serial number engravings per day (blue) | Source: Dune Analysis
While Ordinals are “digital artifacts” like NFTs, carrying data on the Bitcoin network in the form of text, JPEG images, PDFs, video, and audio formats, the BRC-20 token standard uses Ordinals etch to deploy contracts, mint coins and transfer tokens – similar to Ethereum’s ERC-20 token standard.
From November 14, 2021, Ordinals and BRC-20 tokens will be available on Bitcoin via the Taproot soft fork.
according to”leonides” – Host of a podcast focused on Ordinals.
Source: Dune Analysis.
leonidis in a tweet The surge on April 2 was due to new tools for interacting with BRC-20 tokens that were launched in the past few days.
“There was a lot of excitement when the BRC-20 launched a month ago, but eventually the hype has died down. During the lull, developers built tools to make it easier to interact with the BRC-20, and we’re now seeing support for reaching ATH’s interest. I’ve said it before and I’ll say it again. User experience matters!”.
New tools include Ord.io, UniSat Wallet, and BRC-20.io. According to BRC-20.io, 1,600 tokens have been created since the inception of the BRC-20 standard.
The most popular BRC-20 tokens include “pepe,” “ordi,” and “punk,” which currently have market caps of $2.5 million, $2.1 million, and $0.9 million, respectively.
Over 42,700 BRC-20 tokens were minted in the past 24 hours, mainly from wzrd, domo, BAYC, memes and pups tokens.
While the market cap of BRC-20 is currently less than $10 million, digital asset investment firm Galaxy Digital believes the “Bitcoin NFT” market could reach $4.5 billion by 2025. .
Members of the Bitcoin community remain divided on whether ordinals are a good fit for the Bitcoin ecosystem. Proponents like Dan Held suggest it offers more financial use cases for bitcoin, while others say it strays from Satoshi Nakamoto’s vision of bitcoin as a peer-to-peer cash system.
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As reported by Cointelegraph