The introduction of the BRC-69 token standard has ignited a significant increase in Bitcoin Ordinals activity. According to CoinDesk, over 350,000 new inscriptions were recorded in a single day. This surge in activity can be attributed to the modified version of the BRC-20 standard, which has successfully reduced inscription costs by more than 90%.
BRC-69 Token Standard Launch Fuels Surge in Bitcoin Ordinals Activity
Since the launch of the BRC-69 token standard, the Bitcoin Ordinals ecosystem has experienced a remarkable surge in activity. This method of creating Bitcoin non-fungible tokens (NFTs) through inscribing has witnessed a significant increase in new inscriptions, with over 350,000 recorded on Monday alone. The daily inscription count has skyrocketed by more than 250% following the introduction of the BRC-69 token standard on July 3rd. Notably, the modified BRC-20 standard has successfully slashed the cost of inscriptions for Ordinals by over 90%.
Luminex, the launchpad for Ordinals, expressed their satisfaction with the BRC69 token standard, stating, “With BRC69, we can dramatically reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a four-step process: inscribing traits, deploying the collection, compiling the collection, and minting assets.”
The brilliance of the BRC69 lies in its simplicity. Minters now only need to inscribe a single line of text instead of a complete image, as the final image can be automatically rendered on all Ordinals frontends using on-chain resources through recursive inscriptions.
According to Glassnode, the Ordinals boom can be divided into two waves. The first wave, spanning from early February to late April, was characterized by image-based inscriptions. The second wave, which commenced in May, witnessed a surge in text-based inscriptions with higher fees.
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