bitcoin users registered more than 10 million registrations in the Bitcoin Blockchain using the very popular Ordinals protocol. This milestone is reached when Casey Rordamor, founder of Ordinals resigned as senior project manager on Saturday.
Enthusiasm for registrations continues
According to data from Dune Analytics, at the time of publication, Bitcoin had exactly 10,018,046 Bitcoin Ordinals listings. It’s even more impressive when you consider that the vast majority were recorded in the last month alone. An Ordinals registration refers to the data embedded in the cookie data of a Bitcoin transaction. As explained CryptoPotato, Ordinals allows users to enter data into a single identifiable satoshi. This now enables a range of potential applications on Bitcoin.
The first potential application is the production of non-fungible tokens (NFT). This was the main use case for Ordinals in February. Bitcoin then became the second most popular network for the NFT trading after Ethereum.
The second application of Ordinals was to produce non-fungible crypto tokens using the experimental BRC-20 standard. This time again, the registrations had intensified considerably. BRC-20 was first used for issuing memecoins. But the standard is now used to host the first bitcoin-based stablecoin, Stably USD (USD).
Some impressive numbers on Ordinals
As of April 20, there were a total of 1,193,102 registrations. Before May 5, we practically reached triple to 3,776,366. But this increase does not have more to everyone. Indeed, some developers were unhappy with the explosion of transaction fees on the Bitcoin network. Some believe that the Ordinals registrations prevent the use of Bitcoin as originally intended. While others claim it is a fresh start for the very first cryptocurrency.
At the time of its report, Dune claims Ordinals reported bitcoin miners Another $44 million in feesand 91% of listings were text-based.
Ironically, Casey Rodarmor, founder of Ordinals, passed on to another saying not being able to give Ordinals theattention that he deserved. Will the new director be able to find a permanent solution to the congestion created by Ordinals on the Bitcoin network?
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