Last Updated on July 9, 2023 by COINBUZZFEED
In a significant development for the crypto market, the number of Bitcoin Ordinal Inscriptions minted in a single day reached a staggering 350,000 on July 8, marking the highest daily count since May 14. Interestingly, despite the surge in minting, the payment fee remained relatively low at 2.5 BTC. This decline in fees can be attributed to the introduction of recursive inscriptions and the implementation of BRC-69, which have optimized costs. Additionally, on the same day, the number of Ordinals minted skyrocketed to an all-time high of 18,000. These developments indicate a flourishing ecosystem and exciting opportunities for crypto enthusiasts. Let’s delve deeper into the details.
Bitcoin Ordinal Inscriptions Reach New Heights
The Bitcoin Ordinal Inscriptions network experienced a remarkable surge in activity as it minted a record-breaking 350,000 inscriptions in a single day. Ordinal Inscriptions are unique cryptographic tokens that represent ownership of digital assets, including collectibles, virtual real estate, and more. The surge in minting activity reflects the growing interest in these digital assets and the expanding user base of the Bitcoin Ordinal Inscriptions network.
Optimized Payment Fees with Recursive Inscriptions and BRC-69
Despite the significant increase in minting activity, the payment fee for these Bitcoin Ordinal Inscriptions remained relatively low, standing at only 2.5 BTC. This decline in fees can be attributed to two key factors: recursive inscriptions and the implementation of BRC-69.
Recursive inscriptions introduce a recursive minting process that allows users to create new inscriptions by utilizing existing inscriptions as collateral. This innovative feature not only simplifies the minting process but also reduces the associated costs, making it more accessible for users.
Furthermore, the implementation of BRC-69, an optimization protocol specifically designed for the Bitcoin Ordinal Inscriptions network, has contributed to the reduction in payment fees. BRC-69 focuses on streamlining the inscription creation process and improving efficiency, leading to cost savings that ultimately benefit the users.
Applications Drive Record-High Minting Activity
In addition to the surge in Bitcoin Ordinal Inscriptions minted on the network, applications leveraging this technology witnessed a significant boost in activity. On July 8, the number of Ordinals minted by applications reached an unprecedented 18,000, surpassing all previous records. This surge in application-driven minting indicates the growing adoption of Bitcoin Ordinal Inscriptions within various sectors, including gaming, art, and decentralized finance.
