According to one Report Network fees paid to mint Bitcoin Ordinals totaled 1,414 BTC ($38.2 million) on May 20, up 700% from April 20 and 831% from April 1, according to Dune Analytics. Analysis shows that while the market continues to be interested in Bitcoin NFTs, most Bitcoin serial numbers have shifted to text inscriptions compared to the relative balance between text and image inscriptions from May 2 to April.
according to explain As part of BitKeep’s cross-chain wallet, Bitcoin Ordinals “is a numbering system that assigns each SAT (Satoshi or 1/100 million bitcoin) a unique number that allows tracking and trading.” Satoshi added the etching process of an additional layer of data, which allows users to mint unique digital assets on the Bitcoin blockchain.
all Sculpture bitcoin Ordinalsmall Significant increase over time | Source: Dune Analysis
As opposed to traditional NFTs built using smart contracts and hosted on solutions like IPFS, “Ordinals reside entirely on the Bitcoin blockchain, requiring no sidechains or separate tokens,” BitKeep developers explained.
In January 2023, Web 3.0 developer Rodarmor released the Bitcoin ordinal theoretical framework. On top of that, Web 3.0 developer Domo created the Bitcoin BRC-20 token standard in March 2023, using ordinals and etch to create and manage contracts, mint and transfer tokens on Bitcoin.
Since then, more than 8 million Bitcoin Ordinals have been minted and 24,677 BRC-20 tokens have been created, bringing their total market capitalization to $612.5 million. On May 20, the OKX exchange opened Announce Lists the most popular BRC-20 ORDI tokens in this category with a market cap of over $300 million.
Bitcoin serial number protocol has spillover effects on Litecoin and Dogecoin
The recent hype surrounding the Ordinals and memecoin projects on Bitcoin is spreading to Litecoin and Dogecoin. As a result, the daily transaction volume broke records for all three blockchain networks.
According to BitInfoCharts data, the three PoW blockchains with the largest market capitalization currently have a total daily transaction volume of more than 2 million. Bitcoin recorded 579,260 transactions, Litecoin recorded 363,885 transactions, and Dogecoin recorded a staggering 1,126 billion transactions.
Since Litecoin is a fork of Bitcoin and Dogecoin is derived from the code of Litecoin, there is a certain connection between them. This has led to a “cross-pollination” of Ordinals technology from Bitcoin to these networks.
#bitcoinThe Ordinals protocol pair #Litecoin and #Dogecoin $bitcoin $ litecoin $ Governor https://t.co/K7sdy8k4PW
— Kyptos (@azcoinnews) May 21, 2023
Meanwhile, like the LTC-20 and DRC-20 standards, the BRC-20 standard is inspired by Ethereum’s ERC-20 tokens.
data from order space According to reports, there are currently more than 18,341 tokens issued on the Bitcoin network, with a total market value of $440 million.
The increase in activity highlights growing interest in alternative tokenization and data storage solutions in the Bitcoin ecosystem. While Bitcoin’s primary focus has traditionally been a store of value and a medium of exchange, recent developments suggest the network has the potential to extend functionality beyond its original confines.
As the Ordinals and memecoin craze continues to ignite, it remains to be seen how these innovations will shape the future of Bitcoin, Litecoin and Dogecoin, and what they mean for the broader crypto space.
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according to Kyptos