{"id":120561,"date":"2023-07-10T23:22:06","date_gmt":"2023-07-10T23:22:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/daily-ordinals-inscriptions-approach-all-time-high-as-fees-remain-low-crypto-news\/"},"modified":"2023-07-10T23:22:08","modified_gmt":"2023-07-10T23:22:08","slug":"daily-ordinals-inscriptions-approach-all-time-high-as-fees-remain-low-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/daily-ordinals-inscriptions-approach-all-time-high-as-fees-remain-low-crypto-news\/","title":{"rendered":"Daily Ordinals Inscriptions Approach All-Time High as Fees Remain Low\n – Crypto News"},"content":{"rendered":"
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Bitcoin <\/span>ordinals<\/span><\/a> continue their relentless takeover of the network\u2013nearing the all-time high for daily enrollments, whilst maintaining low fees. <\/span><\/p>\n

There was an impressive surge in activity over the weekend. accordingly<\/span><\/a> to crypto data provider Dune, with Sunday <\/span>clocking<\/span><\/a> the second-busiest day in ordinary history, registering 385,920 enrollments. The number is slightly below the number one placeholder, May 7 (also a weekend), which saw over 400,000 enrollments. <\/span><\/p>\n

Even so, Bitcoin transaction fees have remained low after their May highs, according to Dune’s Ordinal. <\/span>dashboard<\/span><\/a>, Sunday, which saw the spike in enrollment activity, only notched 2.5 BTC in fees.<\/span><\/p>\n

Indeed, given the parabolic rise in inscriptions\u2014which currently numbers 16,299,730\u2014and the <\/span>social madness<\/span><\/a> that ensued, fees have actually been consistently low over the past weeks. Users haven’t paid more than 3 BTC a day during the month of July, and the network hasn’t seen a daily fee count surpass 10 Bitcoin since May 31. <\/span><\/p>\n

That is a significant difference from the previous occasion in which the network neared or reached 400,000 enrollments. In early May, a <\/span>fierce debate<\/span><\/a> was triggered after a bloated bitcoin network was charging triple-digit fees for transactions. Users on May 7 paid 247 Bitcoin in fees\u2014marking a stunning 10,000% difference from this weekend.<\/span><\/p>\n

As for types of inscriptions, the <\/span>most popular<\/span><\/a> is text-based content, as per data from <\/span>Dune<\/span><\/a>registering over 13 million enrollments, a colossal 81.3% of the total inscribed to date.<\/span><\/p>\n

This near all-time high could be the result of a seemingly unstoppable number of Ordinal-related projects that are popping up and the popularity they have garnered.<\/span><\/p>\n

In late June, <\/span>Bitmaps<\/span><\/a>,a protocol that offers a way for users to claim ownership over individual blocks\u2014<\/span>Launched<\/span><\/a> and subsequently <\/span>climbed<\/span><\/a> to the top of daily enrollment counts, totaling 817,131, and held that spot for 19 days straight. <\/span><\/p>\n

last week<\/span><\/a> a new ordinals standard, BRC-69, was introduced.<\/span>recursive inscriptions<\/span><\/a>,\u201d a way to recycle data from already existing inscriptions, reducing costs by more than 90% and allowing users to bypass the 4-megabyte block limit. <\/span><\/p>\n

Along with BRC-69, last Friday <\/span>news broke<\/span><\/a> that ordinals-based <\/span>BRC-20 token<\/span><\/a> were now expanding to Ethereum, with popular ORDI and OXBT tokens being bridged and creating the BRC-20 <\/span>Curated Collection<\/span><\/a> on the dominant NFT ecosystem. <\/span><\/p>\n

Even Ethereum inventor Vitalik Buterin has <\/span>praised<\/span><\/a> the arrival of Ordinals, saying he “definitely sees signs of hope now that we have Ordinals,” in a <\/span>Twitter Spaces<\/span><\/a> last week, where he added that they have brought “a return to builder culture.”<\/span><\/p>\n

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