After a blog post published by Binance Academy about ORC-20 Token, a new record high was reached in the number of ORC-20 transactions on the Bitcoin blockchain in a single day. The post, which explained the concept and features of ORC-20 Tokens, sparked interest and led to an influx of transactions on May 13, 2023.
According to the data provided by dune.com, the number of ORC-20 transactions reached a staggering 72,200, with approximately 70,000 ORC-20 Inscriptions minted, resulting in 5.8 BTC being paid. It is a significant increase from the previous record high of 61,500 ORC-20 transactions in a day.
The transactions were mainly concentrated in PUNK, PEPE, and MEME, which are popular digital collectibles built on the ORC-20 Token standard. These tokens have gained significant traction in the cryptocurrency market, with their value increasing rapidly in recent months.
While ORC-20 Token transactions experienced a surge, the number of BRC-20 transactions on the same day was about 265,000, indicating that BRC-20 Tokens remain popular and widely used.
The ORC-20 Token standard is relatively new compared to other token standards, such as ERC-20, and was developed to address some of the limitations of ERC-20 Tokens. ORC-20 Tokens are designed to be more flexible, secure, and efficient, allowing developers to create custom tokens that can perform specific functions.