Bitcoin Now Has Over 10 Million Ordinals Inscribed

Bitcoin users have registered over 10 million inscriptions in the Bitcoin blockchain using the newly popular Ordinals protocol.

The milestone comes shortly after Ordinals founder Casey Rodmore stepped down as the project’s lead maintainer on Saturday.

Ordinals’ Blistering Growth

according to data from Doon AnalyticsBitcoin has exactly 10,018,046 ordinal writes at the time of writing – most of which were recorded in the past month.

A ledger refers to data embedded in the witness data of a bitcoin transaction. Inscribing has always been possible on bitcoin, but ordinals allow users to inscribe data into an identifiable satoshi, opening up a range of potential applications.

When Ordinals’ inscriptions first gained traction in February, their primary use case was for production non-fungible token (NFT), It has already turned bitcoin into the second most popular network for NFT trading after Ethereum. cryptoslam,

However, inscriptions of Ordinals accelerated in April as users began to take advantage of the technology to experimentally issue alternative crypto tokens. BRC-20 token standard. The standard was previously highly popular for issuing Memecoin, but is now being used to host the first bitcoin-based stablecoin. stability to usd (usd),

After its unveiling in early March, BRC-20 began an avalanche of new inscriptions in late April, and peaked in early May. Through the takeover of text-based inscriptions over image-based inscriptions at that time, the change in Ordinals’ dominance from NFTs to BRC-20 tokens is visible on the blockchain.

Roaring inscriptions and charges

As of 20 April, the total number of ordinal inscriptions stood at 1,193,102, according to data per Doon. This number tripled to 3,776,366 since May 5, at which point the daily transaction fee generated by the related transactions skyrocketing, To date, ordinals have paid bitcoin miners an additional $44 million in fees, and 91% of the ordinals are text-based.

Some bitcoiners, like Blockstream CEO Adam Back, have objected Ordinarily ‘clogging’ bitcoin’s blockchain makes transfers more expensive for those using it for its intended purpose. On the other hand, billionaire bitcoin investor Michael Saylor sees Ordinance as a possible foundation for future innovation, including trading digital securities on bitcoin.

Proponents of the ordinals were quick to celebrate the protocol’s milestone on Monday. Dan Held – former product manager at Kraken – said on Twitter that he believes Ordinals is more than just a fad.

I’ve been into bitcoin since 2012 and have almost never seen so much enthusiasm.

I’ll take the other side of that bet. Any qualitative reason why you feel this way or just fuding bc you personally don’t like it?

— Dan Held 🧙‍♂️ (@danheld) May 29, 2023

Casey Rodarmore, founder of Ordinals handed over On Saturday, @raphjaph took to Twitter to demote lead maintainer status, saying he hasn’t been able to give “(Ordinals) the attention it deserves.