The Bitcoin network has recently reached a significant milestone, with over 10 million Ordinals inscriptions recorded. This achievement comes shortly after Casey Rodarmor, the project’s caretaker, announced his departure from the role.
In a Twitter announcement on May 28, Casey Rodarmor revealed his resignation as the project’s lead maintainer, citing inadequate attention given to Ordinals. The responsibility has been entrusted to @Raphjaph, a pseudonymous coder, to carry forward the project’s development.
Since its introduction in January 2023, the Ordinals protocol has gained immense popularity as the preferred method for creating new assets on the Bitcoin blockchain. Its widespread adoption has solidified its position as the leading choice among users for asset minting.
Even the most ardent crypto critic, Peter Schiff, couldn’t resist! He recently announced plans to launch his own NFT collection called ‘Golden Triumph’ exclusively on the Bitcoin Ordinals platform.
Ordinals were initially developed to embed data in the witness section of Bitcoin transactions, and they are now written onto individual satoshis, the smallest divisible unit of BTC.
The exponential growth in the number of Ordinals inscriptions was primarily triggered by the introduction of the BRC-20 token standard in early March, enabling users to create brand new tokens on the Bitcoin network for the first time.
According to BRC-20.io data, the count of Bitcoin-based tokens surged from a few hundred to over 25,000, indicating a significant growth rate within the time frame mentioned.
The surge in Bitcoin transaction fees due to Ordinals usage has resulted in substantial earnings for miners, with over $44 million in Ordinals-related fees paid out, as reported by Dune Analytics.
The rapid adoption and milestone achievement of over 10 million Ordinals inscriptions on the Bitcoin network, combined with the transition of project caretaker and the introduction of token standards, exemplify the impactful growth and potential of blockchain technology.
