Bitcoin Ordinals Sees Surge in Activity with BRC-69 Token Standard Launch
The launch of the BRC-69 token standard has sparked a remarkable increase in activity within the Bitcoin Ordinals ecosystem. With new inscriptions soaring by over 250% since the launch, BTC-69 has successfully slashed inscription costs for Ordinals by more than 90%. This revolutionary method, which utilizes a process called inscribing, has gained tremendous popularity, as evidenced by the staggering number of over 350,000 new inscriptions recorded on Monday, according to data tracked by Glassnode, a leading blockchain analytics firm.
Reduced Costs and Streamlined Process with BRC69
The introduction of the BRC-69 token standard by Luminex, the Ordinals launchpad, has significantly reduced the expenses associated with inscriptions for Ordinals collections. This modified version of the BRC-20 standard empowers minters to minimize inscription costs by over 90% through a straightforward four-step process: (1) inscribing traits, (2) deploying the collection, (3) compiling the collection, and (4) minting assets. The brilliance of BRC69 lies in its simplicity, as minters only need to inscribe a single line of text instead of a full image. By utilizing recursive inscriptions and on-chain resources, this text automatically renders the final image on all ordinals-frontends.
Stagnant Daily Inscription Fees
Despite the surge in new inscriptions, the daily fees paid for these inscriptions have remained stagnant, according to data tracked by Dune Analytics. This observation suggests that the implementation of the BRC-69 token standard has successfully delivered on its promise of reducing costs without compromising functionality.
Ordinals’ Impact and Evolution
The launch of Ordinals in January brought the narrative of NFTs and smart contracts to the Bitcoin blockchain, resulting in heightened investor interest in tokens like STX, the native token of the Bitcoin layer 2 Stacks Network. Glassnode’s analysis indicates that the Ordinals market has experienced two distinct waves of growth. The first wave, spanning from early February to late April, witnessed image-based inscriptions taking the lead. The second wave, commencing in May, saw a surge in text-based inscriptions with high fees. This evolving trend suggests that the Ordinals market is continually maturing, hinting at the likelihood of exciting developments in the future.
The BRC-69 token standard launch has spurred a significant surge in activity within the Bitcoin Ordinals ecosystem. With reduced inscription costs and a streamlined process, the number of new inscriptions has skyrocketed by over 250%. Despite this rapid growth, daily fees have remained stable, indicating the success of the BRC-69 token standard in achieving its cost-cutting objectives. As the Ordinals market continues to evolve, it holds promise for further exciting advancements in the realm of NFTs and smart contracts.
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