© Reuters.
Investing.com – Offering the ability to create a non-fungible token for a network, the Ordinals system hit record highs in May after launching in January.
Bitcoin Ordinals registrations have lost some of their popularity after hitting a record high of 4 million in May. However, with the introduction of the BRC-69 token standard in the Bitcoin Ordinals network, interest in the network started to increase again.
According to Glassnode data, the number of new registrations began approaching its peak in May, reaching 3.5 million at the start of the week. This upward momentum also began after Luminex, which serves as the launch pad for the Ordinals earlier this month, launched the BRC-69 token standard. By using this token standard, the number of daily registrations increased by more than 250%.
And unlike the BRC-20 standard released in January, the BRC-69 reduces the cost of Ordinals’ engravings by more than 90%. This is also seen as the biggest factor bringing back the increase in interest in non-fungible Bitcoin tokens.
The Don Analytics data also confirms the current situation, emphasizing that while the number of new registrations has increased, daily transaction fees have remained flat.
A new feature was also added to the Bitcoin network at the beginning of the year, paving the way for non-fungible tokens and smart contracts to run on the network. While this feature, which brought additional load to the Bitcoin network, attracted a lot of attention, it also caused Bitcoin transaction fees to reach record levels.
While there has been a surge of interest in Bitcoin Layer-2 networks, lowering transaction fees in the process, Stacks, one of the blockchains carrying out this activity, has attracted significant interest, while the platform’s native assets have increased in value by around 350% in the period from February to March.
Written by: Gunay Kaymaz
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2023-07-11 13:34:00
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