On April 3, Bitcoin Ordinals reached 759,285 inscriptions.
The rise cause by the recent issuance of BRC-20 tokens.
The amount of Ordinals inscribed on the Bitcoin network has reached a new daily all-time high (ATH), due to the blockchain’s token standard, which just recently introduced. On April 3, Bitcoin Ordinals reached 759,285 inscriptions.
As its launch in January, ordinals, a protocol that allows content like text and art to be inscribe on individual satoshis, the smallest unit of measurement that Bitcoin can be divide into, has grown in popularity as traders and developers get more familiar with NFT-like assets known as inscriptions.
The rise cause by the recent issuance of “Bitcoin Request for Comment” (BRC-20) tokens on the Ordinals protocol by an on-chain analyst operating under the pseudonym Domo in early March. The Taproot soft fork, which went into force on Nov. 14, 2021, made it possible for Ordinals and BRC-20 tokens to come to Bitcoin.
The most significant improvement to Bitcoin since 2017 was the Taproot update. The Taproot upgrade seeks to increase the network’s efficiency. And also privacy on a larger scale, with a possibly greater effect anticipated in the future. The adoption of smart contracts, which can be use to do away with middlemen in transactions. And allow for decentralized finance (DeFi) for the leading cryptocurrency, will also be encourage by the Bitcoin Taproot upgrade.