In the last 8 days, the total amount of Ordinals inscribed on the network of Bitcoins has almost doubled, going between a total of 2.5 million over 4.78 million. Users realized they could utilize written inscription to produce fungible tokens in a manner similar to those coined through an ERC-20 coin specification on the Ethereum (ETH) system, even though the Ordinals mechanism originally intended to create images as non-fungible tokens (NFTs).
Increase In Ordinals Markings
The majority of the reason for the dramatic increase in Ordinals markings on the blockchain of Bitcoin may be attributed to those based on text writings, which are now widely used in conjunction with the BRC-20 currency standard.
Rafael Schultze-Kraft, co-founder as well as CTO of Glassnode, noted on Twitter that written inscriptions, with over 2.8 million of them as of 5th May, are currently among the most common type of Ordinals writing. Recent information from the well-known blockchain information hub Dune Analytics reveals that written inscriptions have made up nearly all (99%) of all fresh Ordinals inscribed since 25th April.
Currently, there are 14,200 fresh tokens stored on the blockchain used by Bitcoin, as reported by brc-20.io, a new platform that lets users monitor BRC-20 tokens. “Ordi,” “nals,” plus even the Bitcoin-based variant that includes the now-famous meme-coin Pepe (PEPE), which appears in third place by total market cap, make up among the most well-known Bitcoin-based currencies.
While more ardent Bitcoin supporters contend that the mechanism departs from Satoshi Nakamoto’s original vision, which called for the application of the digital currency as an electronic, through peer-to- cash system, some Bitcoin proponents, like Dan Held, assert that Ordinals provides a broader spectrum of economic use instances for the digital currency. As a result of the spike in fresh engagement on the platform, transaction costs have given miners a huge boost in income.