The BRC-20 token frenzy has seen the number of Ordinals inscriptions on the Bitcoin network soar 92% in just eight days.
The number of Ordinals inscriptions on the Bitcoin network has witnessed another meteoric rise, almost doubling from 2.5 million to 4.78 million in just the last eight days.
While the Ordinals protocol was initially used to mint images as non-fungible tokens (NFTs), users began to realize that they could use text-based inscriptions to create fungible tokens in a similar way to those minted via the ERC-20 token standard on the Ethereum (ETH) network.
These text-based inscriptions, now popularized as the BRC-20 token standard, have been the main cause of the massive uptick in Ordinals inscriptions on the Bitcoin blockchain.
As highlighted by Glassnode co-founder and chief technology officer Rafael Schultze-Kraft on Twitter, text-based inscriptions are now the most popular form of Ordinals inscription, with more than 2.8 million text-based inscriptions as of May 5.