• Bitcoin ordinals are still dominating Bitcoin’s (BTC) blockchain, with over 72% of transactions on the network involving them.
• Despite a large price decline, Bitcoin ordinals have established their dominance in the market.
• BRC-20 is a new experimental token standard built for Bitcoin, created by the pseudonymous developer Domo which uses ordinals to deploy, mint and transfer tokens.
Bitcoin Ordinals
Bitcoin ordinals allow users to inscribe digital assets such as images and videos to a single satoshi, or an individual unit of BTC, to create the equivalent non-fungible tokens (NFTs) on the crypto king’s network. According to Dune Analytics , there were 411,511 ordinal inscriptions on the Bitcoin network within the last 24-hour window on August 21. In the same time period, BitInfoCharts has recorded 567,794 daily Bitcoin transactions, suggesting that roughly 72% of all activity is currently tied to ordinals. Pseudonymous ordinal developer Leonidas said that at one point this nascent ecosystem was responsible for 85% of all Bitcoin activity.
Decline In Volume
Despite a significant market downturn and drop in volume, ordinals have established their dominance in the market. According to blockchain analytics platform CryptoSlam , sales of ordinals have gone down 54% in the last 30 days and volume hasn’t yet breached its all-time high set in May.
BRC-20 Token Standard
BRC-20 is a new experimental token standard built for Bitcoin by pseudonymous developer Domo which uses Ordinals to deploy, mint and transfer tokens. This token standard borrows ETH’s “ERC-20” designation and is loosely modeled after it due to differences between architecture of Bitcoin’s blockchain compared to Ethereum’s. However this token standard is highly dynamic experiment and should not be considered THE standard for fungibility on bitcoin with Ordinals as better design choices could be made according to Domo himself .
Conclusion
Despite having suffered from a large price decline recently and decrease in volume ,ordinal still dominate most transaction on bitcoin’s blockchain . While BRC-20 offers some improvement over ERC 20 , it should not be seen as THE standerd but rather an experimetal project only .
Takeaway
Ordinal still dominates most transaction on bitcoin’s blockchain despite suffering from its recent price decline . BRC – 20 offers some improvement over ERC – 20 but should not be seen as THE standerd yet .