Bitcoin Ordinals set new record with BRC-20 token standard, details inside
The Bitcoin Ordinals have recently achieved a new record high, and this achievement has become the focal point of NFT-like inscriptions. Interestingly, this buzz was sparked by an experimental token standard, the BRC-20 token standard.
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As of 2 April, there was a significant surge in the number of daily and total inscriptions for Bitcoin Ordinals, breaking previous records.
Dune Analytics reported over 72,000 daily inscriptions and over 730,000 total inscriptions. Interestingly, the data showed that text inscriptions were the most prevalent type. The spike also resulted in total fees surpassing $4.3 million.
Source: Dune Analytics
Before the new record, the previous daily high for Bitcoin Ordinals was recorded on 9 March at 31,692, with total inscriptions just exceeding 300,000.
At the time of writing, daily inscriptions had already exceeded 17,000. The surge in interest in Bitcoin Ordinals could be attributed to the recent BRC-20 standard.
The BRC-20 token standard is a novel type of fungible token that uses Ordinals and Inscriptions to create and store token contracts on the Bitcoin base chain.
By leveraging JSON data in the form of Ordinal inscriptions, this experimental token can be used to create, mint, and transfer tokens.
Reportedly, the surge in Bitcoin Ordinals inscriptions on 2 April was likely due to the introduction of new tools for interacting with BRC-20 tokens.
Also, these tools were reportedly launched in the days leading up to the spike. It indicated a potential correlation between the renewed interest in Bitcoin Ordinals and the availability of these new tools.
Despite being an experimental token standard, the activity and volume on the BRC-20 website
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