Bitcoin Ordinals daily inscriptions surge due to ‘BRC-20 tokens’
The BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens, and transfer tokens.
A new daily all-time high (ATH) has been recorded for the number of Ordinals inscribed on the Bitcoin network due to a recently launched “token standard” for the blockchain.
Bitcoin Ordinals reached 58,179 inscriptions on April 2, smashing the previous all-time high (ATH) of 31,692 on March 9 by 83.5% according to Dune Analytics data.
The surge is believed to be driven by the recent creation of "Bitcoin Request for Comment" (BRC-20) tokens on the Ordinals protocol in early March.
While Ordinals are nonfungible token (NFT)-like “digital artifacts” which carry data in the form of text, JPEG images, PDFs, video and audio formats on the Bitcoin network, the BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens, and transfer tokens — similar to Ethereum’s ERC-20 token standard.
