Last Updated on May 1, 2023 by Bitfinsider
Ordinals set a new record on Saturday, the busiest day ever for the protocol used to inscribe digital assets on Bitcoin, yielding assets comparable to Ethereum-based NFTs.
Saturday’s Ordinals inscriptions comprised approximately 223,000 per day, according to a widely used Dune dashboard. It was the first time that more than 200,000 inscriptions were made in a single day, indicating that the protocol is as popular as ever five months after its debut.
Four times in the month of April alone, the daily record for inscriptions was broken. According to the Dune dashboard, this included approximately 72,000 inscriptions on April 2 and 193,000 inscriptions on April 23.
IntoTheBlock, a blockchain analytics company, reported that the number of Bitcoin transactions recently approached levels not seen in years. On Sunday, the company reported that the average weekly number of daily Bitcoin transactions was approximately 396 thousand, the greatest level since December 2017.
What once resembled a multitude of images when viewing the most recent inscriptions on ordinals.com has evolved into a wall of text-based inscriptions. People discovered last month that Ordinals could be used to create fungible tokens on Bitcoin in a manner similar to Ethereum.
Domo, a pseudonymous on-chain data enthusiast, initiated the trend by experimenting with the “BRC-20” token standard. According to data from brc-20.io, as of Sunday, close to 6,900 tokens utilizing the newly developed standard had been released, including several meme tokens with market capitalization in the millions of dollars.
On Saturday, greater than 99.8% of all inscriptions were text-based, compared to just 272 image-based inscriptions, or 0.1% of the daily total. Even though not all text-based inscriptions are linked to fungible tokens, the ratio on Saturday indicates a change in Ordinals’ usage compared to the beginning of the month.
On April 4, when the daily record for subscriptions was eclipsed, text-based subscriptions accounted for only 86% of the daily total, while image-based subscriptions accounted for nearly 13%, or 9,273.
In addition to the creation of fungible tokens under the so-called BRC-20 standard, Ordinals is facilitating activity on Bitcoin via the Sats Name (.sats) standard, which resembles Ethereum-based name services.
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