- In May, both networks amassed ATN in terms of number of transactions
- It came after the launch of LRC-20 and DRC-20 standards
February 19 developers introduced Ordinals on the little brother of the major cryptocurrency, Litecoin. The effect of the trend was not long in coming.
On May 10, the Litecoin network reached its highest daily transaction volume ever (584,000 per day). As for Dogecoin, the network reached a record 1.2 million transactions per day on May 18.
Remind that the launch of Ordinals on Litecoin came after a 15 Litecoin bounty offer. Bounty is a reward that people promise developers for solving certain problems.
In this case they were asked to make a fork of Ordinals for the new version of Litecoin Core software, i.e. version 0.21.2.1.
The reward was originally 5 Litecoins, but then two more users added 5 LTC each. Programmers complied with the community’s request. And here’s the bottom line.
DOGE fans did the same thing. They copied the Ordinals protocol, introducing the new Doginals protocol.
The excitement around Bitcoin Ordinals has died down a bit recently, however, and the number of daily transactions has steadily declined.
Therefore, the real driver of activity in Litecoin and Dogecoin was the emergence of token standards LRC-20 and DRC-20.
These are tokens that invite users to create new memcoins in two networks.