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Ordinals are still dominating Bitcoin\u2019s (BTC<\/a>) blockchain, with the majority of transactions on the network involving them, despite a large price decline.<\/p>\n Bitcoin ordinals allow users to inscribe digital assets such as images and videos to a single satoshi, or an individual unit of BTC, to create the equivalent non-fungible tokens (NFTs) on the crypto king\u2019s network.<\/p>\n According to Dune Analytics<\/a>, there were 411,511 ordinal inscriptions on the Bitcoin network within the last 24-hour window on August 21. In the same time period, BitInfoCharts<\/a> has the number of daily Bitcoin transactions recorded as 567,794, suggesting that roughly 72% of all Bitcoin\u2019s activity is currently tied to ordinals.<\/p>\n Pseudonymous ordinal developer Leonidas said<\/a> that at one point, the nascent ecosystem was responsible for 85% of all Bitcoin activity.<\/p>\n \u201cOver the past 24 hours Bitcoin had 530,788 transactions.<\/em><\/p>\n 450,785 of those transactions were Ordinals related.<\/em><\/p>\n In the midst of everyone claiming \u2018Ordinals are dead\u2019 they have literally accounted for 84.9% of the activity on Bitcoin.<\/em><\/p>\n You can\u2019t make this stuff up.\u201d<\/em><\/p>\n Ordinals have established their dominance despite a significant market downturn and drop in volume. According to blockchain analytics platform CryptoSlam<\/a>, sales of ordinals have gone down 54% in the last 30 days, and volume hasn\u2019t yet breached the all-time high set in May.<\/p>\n BRC-20 is a\u00a0new experimental token<\/a> standard built for Bitcoin, created by the pseudonymous developer Domo.<\/p>\n BRC-20s, which borrow ETH\u2019s \u201cERC-20\u201d designation, use ordinals, or inscriptions built into satoshis, to deploy, mint and transfer tokens. While loosely modeled after the ERC-20, the BRC-20 is substantially distinct due to the different architecture of Bitcoin\u2019s blockchain.<\/p>\n Explains<\/a>\u00a0Domo,<\/p>\n \u201cThis is just a fun experimental standard demonstrating that you can create off-chain balance states with inscriptions. It by no means should be considered THE standard for fungibility on Bitcoin with ordinals, as I believe there are almost certainly better design choices and optimization improvements to be made.<\/em><\/p>\n Consequently, this is an extremely dynamic experiment, and I strongly discourage any financial decisions to be made on the basis of its design. I do, however, encourage the Bitcoin community to tinker with standard designs and optimizations until a general consensus on best practices is met (or to decide that this is a bad idea altogether!).\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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