The number of Bitcoin Ordinals Inscriptions has surpassed a significant milestone, reaching over 10 million.
Understanding Bitcoin Ordinals Inscriptions
Bitcoin Ordinals Inscriptions are data embedded into a Bitcoin transaction’s witness data. These inscriptions provide additional information or metadata that can be associated with a specific transaction. It allows users to include various types of data, such as smart contract details, token transfers, and other relevant information within the Bitcoin network. This feature has opened up numerous possibilities for building decentralized applications (dApps) on top of the Bitcoin blockchain.
The Surpassing of the 10 Million Mark
As of the time of writing, Dune Analytics reports that Bitcoin has recorded exactly 10,018,046 Ordinals Inscriptions. Remarkably, the majority of these inscriptions were minted over the past month, showcasing the rapid pace of growth and adoption in the crypto space. This milestone underscores the increasing demand for utilizing the Bitcoin blockchain for various purposes beyond simple transactions.
The Dominance of BRC-20 Tokens
Out of the 10 million Ordinals Inscriptions minted, more than 80% are related to BRC-20 tokens. BRC-20 is a token standard that enables the creation and management of digital assets on the Bitcoin blockchain. It has gained significant traction in the crypto community due to its compatibility and interoperability with various decentralized exchanges and wallets. The popularity of BRC-20 tokens highlights the need for standardized protocols and the importance of tokenization within the crypto ecosystem.
Financial Implications and Fees
To date, a total of 1578.46 BTC fees have been paid for these Ordinals Inscriptions, amounting to approximately 44 million US dollars. This substantial figure demonstrates the economic value associated with utilizing the Bitcoin blockchain for more than just transferring value. As the adoption of Bitcoin continues to grow, the revenue generated through fees will likely increase, further solidifying the sustainability and potential profitability of the network.
The Daily Minting Rate
Currently, the daily minting rate of Ordinals Inscriptions stands at around 200,000. This indicates a consistent and steady growth in the usage and adoption of the Bitcoin blockchain. The continuous creation of new inscriptions reflects the ongoing development and innovation in the crypto space, as more individuals and businesses recognize the benefits of leveraging the Bitcoin network for their applications and projects.
