• Bitcoin ordinals are still dominating the Bitcoin blockchain, with the majority of transactions involving them.
• Despite a large price decline, sales of ordinals have gone down 54% in the last 30 days.
• BRC-20 is a new experimental token standard built for Bitcoin using ordinals.
Bitcoin Ordinals Dominate Blockchain Transactions
Despite large price declines and decreased volume, Bitcoin ordinals continue to dominate blockchain transactions on the world’s leading cryptocurrency network. According to Dune Analytics, there were 411,511 ordinal inscriptions within the last 24 hours on August 21st. In that same period, BitInfoCharts recorded 567,794 daily Bitcoin transactions – meaning roughly 72% of all activity was related to oridnals. At one point this nascent ecosystem accounted for an astonishing 84.9% of all activity on Bitcoin!
54% Decrease in Ordinal Sales
CryptoSlam reported that over the past 30 days there has been a 54% decrease in sales of these tokens – yet they remain dominant despite not having breached their all-time high set in May 2021. It is believed that continued development could see better design choices and optimization improvements made – allowing for further growth within this sector.
BRC-20 Token Standard
A pseudonymous developer named Domo has created an experimental token standard known as BRC-20 which borrows ETH’s “ERC-20” designation but uses inscriptions built into satoshis to deploy, mint and transfer tokens instead. This is an extremely dynamic experiment and decisions should not be based on its design alone – however it does invite further tinkering from developers until best practices can be established across the industry.
Bitcoin’s blockchain remains dominated by ordinals despite a significant market downturn and drop in volume – suggesting further developments like BRC-20 may lead to more innovation within this space going forward. The potential applications of NFTs are vast and with continued optimization improvements may become even more accessible across different blockchains in future!