“BRC-20 Tokens” spike daily Ordinal Inscription rate
New standard for Ordinals Tokens is exciting a fresh wave of Ordinals interest and experimentation
The number of Ordinals inscribed daily on the Bitcoin network has reached a fresh all-time high. The spike is attributed by renowned digital asset investor, Leonidas, to interest generated by a recently-established token standard. Known as BRC-20, a nod to Ethereum’s ERC-20 standard, which allows Ordinals to deploy contracts and transfer tokens, as on the Ethereum platform.
According to data from Dune.com, on April 2nd, the number of Inscriptions reached a record total of 72,328, roughly 2.3 times higher than the previous all-time high of 31,692 set on March 9th:
The introduction of BRC-20 tokens on the Ordinals protocol by Domo, a pseudonymous on-chain analyst. Over 62,600 of the 72k Inscriptions made on April 2nd were in the form of text, many of which represented BRC-20 tokens. Tools such as Ord.io, UniSat Wallet, and BRC-20.io were all launched recently to interact with BRC-20 tokens more easily, and this improved user experience likely led to the recent spike in interest.
The BRC-20.io site currently lists 1,674 BRC-20 tokens, of which the top 3 which are fully minted have a combined market cap of nearly $4 million. Digital asset investment company Galaxy Digital predicts that the Bitcoin Ordinals market may reach $4.5 billion by 2025. However, some members of the Bitcoin community remain undecided about whether Ordinals are a suitable fit for the Bitcoin ecosystem.