Ordinals Dominate Bitcoin Transactions Despite Volume Decline
Despite a significant decline in price and volume, ordinals continue to dominate Bitcoin transactions. Here are the key points:
- Ordinals allow users to create non-fungible tokens (NFTs) on Bitcoin’s network.
- Within the last 24 hours on August 21, there were 411,511 ordinal inscriptions on the Bitcoin network, accounting for roughly 72% of all activity.
- Pseudonymous ordinal developer Leonidas stated that at one point, ordinals were responsible for 85% of all Bitcoin activity.
- Sales of ordinals have decreased by 54% in the last 30 days, according to CryptoSlam.
- BRC-20, a new experimental token standard built for Bitcoin, uses ordinals to deploy, mint, and transfer tokens.
Despite the decline in market activity, ordinals have maintained their dominance on Bitcoin’s blockchain. The BRC-20 token standard offers an experimental demonstration of off-chain balance states with inscriptions. However, it is not considered the standard for fungibility on Bitcoin, and the developer encourages further tinkering and optimization for better design choices.
Hot Take
Even with a large decline in volume, ordinals continue to be a significant part of Bitcoin’s transactions. This highlights the value and potential of non-fungible tokens on the network. The experimental nature of the BRC-20 token standard shows that there is room for innovation and improvement in the Bitcoin ecosystem. It will be interesting to see how this technology evolves and if it becomes widely adopted in the future.
By
By
By
By