- Most of them are created in the BRC-20 network
- Miners have earned decent commissions on this
According to Dune Analytics, more than 10 million records have been created in the Bitcoin Ordinals network. Of these, more than 80% belong to the BRC-20 standard.
Miners have made good money on the popularity of Bitcoin Ordinals. They received 1,578.46 BTC in commissions over time.
At the current exchange rate, these are rewards of $44 million. About 200,000 new tokens are mined every day in the Ordinals Inscriptions protocol.
BRC-20 is a new standard for issuing crypto assets using the Bitcoin Ordinals protocol.
This project gained popularity in early 2023 and was used to create NFT in the Bitcoin network.
This made this blockchain the second most popular among NFT networks. However, BRC-20 does not support smart contracts. This limits the use of tokens based on Ordinals.
Many people now see Bitcoin’s potential as a Web3 blockchain.
As a result, many developers are moving away from Ethereum projects and other networks based on smart contracts. And they are starting to build new projects based on BRC-20.
The emergence of BRC-20 has led to another new breakthrough in the world of cryptocurrency. Stablecoins can now be created on the Bitcoin blockchain.
We are talking about coins from a company called Stable. They released Stable USD stablecoins with full collateral in fiat dollars.
Another popular project accumulated 10 million users yesterday. It’s the Reddit NFT collection on the Polygon network.