Although Bitcoin’s network transaction fees have decreased and a portion of the unconfirmed transfer backlog has diminished, the protocol still grapples with over 289,000 transactions awaiting confirmation. As of this writing, more than 218 blocks must be processed to fully alleviate this congestion.
Bitcoin’s Ordinal Inscriptions and BRC20 Tokens Are Still Gaining Momentum
In a span of just five days, Bitcoin.com News delivered a report stating the presence of slightly over seven million Ordinal inscriptions. However, as of the time of writing this article, an increase has occurred, bringing the total count to approximately 8,376,936 inscriptions. Within this short period, 1.3 million additional inscriptions have been added, signifying an ongoing trend. Recent statistics from Dune Analytics, recorded on May 21, reveal that bitcoin miners have seized the opportunity presented by these inscriptions, earning 1,448.84 BTC. The total value of these inscription-associated fees has reached roughly $39.14 million.
Of the vast number of inscriptions, approximately 90% consist of plain text, while a count of over 500,000 comprises JPEG and PNG files. Interestingly, there are nearly 10,000 inscriptions that house video files, while a small fraction of applications, and audio files, add a multimedia dimension to the 8.3 million minted inscriptions. These Ordinal inscriptions have not only provided a means for creative expression but have also paved the way for the creation of fungible tokens through the BRC20 standard.
According to archived data from BRC-20.io, as of May 21, there are currently 24,677 BRC20 tokens actively traded with tangible real-world value. Moreover, these BRC20 tokens have accumulated an impressive total of 6,895,176 transactions on the blockchain network to date. The BRC20 market has witnessed an impressive surge, with all 24,677 BRC20 tokens accumulating a valuation of $483.67 million. The token economy has also seen $207.48 million in 24-hour global trade volume.
Okx Lists the Top BRC20 Token Ordi Amid Bitcoin-Token Demand
Among the top contenders in the BRC20 market today, we have the tokens ordi, $B20, vmpx, piza, and pepe, capturing the attention of BRC20 investors and traders. Particularly noteworthy is the leading position of ordis, boasting the largest market capitalization with a valuation of $255 million on Sunday. Adding to the momentum, the crypto exchange Okx recently made an announcement, declaring its support for both BRC20 tokens and Ordinal inscriptions within the Okx Wallet. To further solidify their commitment, Okx exchange revealed that they would be listing the prominent BRC20 token ordis (ORDI).
The crypto exchange stated that it holds an advantage over decentralized exchange (dex) marketplaces thanks to Okx’s market order book. “BRC-20 tokens on Bitcoin present a distinctive challenge, and we’re thrilled to be among the pioneers in providing users with a smooth trading, deposit, and withdrawal experience,” said Jason Lau, Okx’s chief innovation officer, in a statement on May 20. Additionally, Ordinal inscriptions and BRC20s can be found on Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden.