Activity surrounding Ordinals, an inscription method enabling the creation of NFT-like assets on the Bitcoin blockchain, is picking up again following the launch of a token standard that significantly reduces the fees associated with creating them.<\/p>\n
On July 3, Luminex, a Bitcoin Ordinals launchpad, published BRC-69<\/a>a modified version of the Ordinals-based BRC-20<\/a> standard for fungible tokens. Luminex said BRC-69 reduces the fees associated with inscribing ordinals by 90%.<\/p>\n BRC-69 has proved extremely popular so far, with data from Dune Analytics showing the number of inscriptions rose steadily from 62,775 on July 3 to 385,920 on July 9.<\/p>\n <\/p>\n <\/a><\/p>\n The fees paid for Ordinals inscriptions trended sideways alongside the increase in activity, demonstrating the efficacy of BRC-69.<\/p>\n While fungible and non-fungible tokens have been a mainstay of the Ethereum ecosystem since 2017, the launch of the Ordinals inscription method in January 2023 kicked off an unprecedented explosion of activity on the Bitcoin network.<\/p>\n In April, the number of daily transactions executed on Bitcoin hit all-time highs above 350,000, according to Ycharts. On-chain activity peaked at around 682,000 daily transactions in May but had since dropped 55% as of last week.<\/p>\n <\/p>\n <\/a><\/p>\n However, Bitcoin’s on-chain activity is quickly rebounding since BRC-69 went live, with the network processing more than 594,000 transactions on July 9.<\/p>\n Bitcoin has consistently outperformed most top-100 digital assets during 2023, with the growing popularity of native tokens and anticipation for next year’s Bitcoin halving driving bullish sentiment for BTC.<\/p>\n BTC ended the second quarter with a year-to-date gain of 85%<\/a>outperforming all other global benchmark assets by at least 250%<\/a>,<\/p>\n Bitcoin’s market dominance also rose to a 26-month high<\/a> lastmonth. According to CoinMarketCap, BTC represents 49.9%<\/a> of combined cryptocurrency capitalization, roughly its highest level since April 2021.<\/p>\n<\/div>\n![\"the](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F3ae77c943f14894cf77a88840f3dca799d41063e-916x345.jpg&w=828&q=75\"\/)
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Bitcoin Dominance Rises<\/h2>\n