In spite of the recent price plunge, Bitcoin Ordinals continue to maintain a strong presence within the network, accounting for a staggering 85% of Bitcoin network activity on August 21.
Persistent Dominance of Ordinal Inscriptions
Ordinal inscriptions have demonstrated remarkable resilience in maintaining their stronghold over the Bitcoin network. This is despite the recent downturn in cryptocurrency prices and the fading hype surrounding Bitcoin NFTs.
On August 21, a notable figure in the Ordinals development community, “Leonidas,” highlighted a staggering 530,788 transactions within the past 24 hours, of which an impressive 450,785 transactions were directly related to Ordinals.
“Ordinals are dead” – a phrase echoing throughout the crypto sphere – appears to be far from accurate, as these inscriptions astonishingly constitute a staggering 84.9% of Bitcoin’s overall activity. Supporting this assertion, data from Dune Analytics corroborates the trend, indicating a robust count of over 400,000 ordinal inscriptions on August 20.
Furthermore, Bitinfocharts substantiates this momentum with a daily Bitcoin transaction count of approximately 556,000.
Network Activity Landscape and Revenue Generation
Intriguingly, on August 20, the numbers reveal that more than three-quarters of the network’s activity can be attributed to Ordinal inscriptions. Notably, a keen industry researcher named Eric Wall further solidified this narrative. He noted that over the course of the week, an impressive 54% of all transactions on the Bitcoin network were Ordinals related.
The influence and economic significance of Ordinal inscriptions are unmistakable. Dune Analytics reports a staggering 25.5 million Ordinal inscriptions. This resulted in a substantial $53.4 million in fees generated on the Bitcoin network. Among these inscriptions, BRC-20 token minting takes center stage, accounting for an impressive 1.9 million mintings within the previous week.
Contrasting Perspectives
However, the prevailing sentiment is at odds with a report published by DappRadar on August 17. This report indicated a decline in Ordinals NFT usage and sales volume, following a peak in May. Some cryptocurrency observers hastily concluded that the hype surrounding Ordinals had waned.
It is important to note that the DappRadar report focused on the sales and trading volume of NFTs minted on the Bitcoin network, rather than the underlying inscription activity that still thrives.
Unveiling the Essence of Bitcoin Ordinals
Bitcoin Ordinals, integral nonfungible asset artifacts, facilitate the inscription of data onto Satoshis, the smallest units of Bitcoin. Launched in January, the protocol quickly gained traction, with thousands of Ordinals minted on the Bitcoin network in subsequent months. This surge in activity led to congestion and subsequent spikes in transaction fees, culminating in a peak during April and May.
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