Ordinals on Litecoin and Dogecoin have sparked a rush of transactions, pushing Bitcoin aside.
The Casey Rodarmor-created Ordinals protocol has now been adopted by the Litecoin and Dogecoin networks, causing a large increase in transaction volume on these chains for several weeks. The “inscription” of text and images on the blockchain is made possible by this technology.
According to BitInfoCharts, Dogecoin reached a new high for transaction volume on May 18th when it reached 1.2 million transactions in a single day. Similar to this, on May 10th, Litecoin recorded 584,000 transactions, which was its highest-ever day transaction volume.
A Twitter user going by the name Indigo Nakamoto offered a reward of 5 LTC (about $500 at the time) to anyone who could adapt the Ordinals protocol to the Litecoin network, which led to the introduction of Ordinals to the cryptocurrency.
The adoption of the Ordinals protocol by Litecoin and Dogecoin demonstrates the rising need for blockchain technology to be used for non-financial, expressive, and creative purposes, which has increased activity and engagement on both networks.
Rise in Network Activity
The launch of the LRC-20 and DRC-20 token specifications in early May significantly contributed to the surge in Litecoin and Dogecoin network activity. Users were able to manufacture and issue new memecoins on both networks thanks to these token standards, which increased network activity and transaction volume.
This surge was accompanied by a substantial increase in activity on the Bitcoin network’s Ordinals inscription. The number of daily inscriptions reached a record-breaking 400,000 on May 10, adding to the general commotion and activity in the cryptocurrency industry.