Record-Breaking ORC-20 Transactions Surge on Bitcoin Chain
On May 13, the publication of a blog article on the ORC-20 Token by Binance Academy sparked a surge in ORC-20 transactions on the Bitcoin blockchain. It sets a new record of 72,200 transactions in a single day. Among these transactions, approximately 70,000 ORC-20 inscriptions were coined, resulting in a payout of 5.8 Bitcoins. The majority of these transactions were observed on platforms such as PEPE, MEME, PUNK, and similar platforms. Concurrently, around 265,000 BRC-20 transactions were carried out on the same day.
ORC-20 Tokens Set New Record on Bitcoin Blockchain
ORC-20 tokens operate on the Bitcoin blockchain and are represented as JSON files, with an ordinal serial number. This token standard was developed to address the limitations of the BRC-20 standard, aiming to enhance security and flexibility. It broadens the range of data types supported and utilizes Bitcoin’s Unspent Transaction Output (UTXO) paradigm to tackle concerns about double-spending that some BRC-20 tokens faced.
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The ORC-20 standard is an open standard designed to improve the BRC-20 protocol used on the Bitcoin network. Its objectives include enhancing flexibility, scalability, and security while maintaining compatibility with the BRC-20 standard. Users can generate and transmit fungible tokens on the Bitcoin blockchain using the experimental token standard called BRC-20, with Ordinals serving as the facilitating protocol.
Ordinals and BRC-20 Set the Stage for ORC-20’s Blockchain Revolution
Ordinals and the BRC-20 token standard lay the foundation for the ORC-20 protocol. It aims to promote the utilization of ordinals as digital artifacts capable of transporting various data types on the Bitcoin network. This feature allows users to migrate their existing BRC-20 tokens and introduce new ORC-20 tokens.
It is clear that there is a rising interest in and acceptance of this token standard, as seen by the rise in ORC-20 transactions. This highlights the potential of this token standard to revolutionize token transactions on the Bitcoin blockchain. In the area of decentralized digital assets, the creation of ORC-20 and its compatibility with the already existing BRC-20 standard pave the way for improved flexibility and security, hence opening up new opportunities.
