- A total of 24,677 BRC-20 tokens were mined with a market capitalization of $447 million.
- The total number of successive inscriptions at the time of writing was over 9 million.
May of 2023 proved to be a record-breaking month for network traffic on Bitcoin [BTC] blockchain. Data from Glassnode shows that daily transactions soared to unprecedented levels, with the count touching an all-time high of 682,099 on May 1.
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The primary reason behind the increase in network traffic was the transactions carried out by the bitcoin ordinal protocol. And now they are being used to make BRC-20 tokens.
The latest BRC-20 token, however, could prove to be a game changer for the Ordinals landscape and consequently the bitcoin network.
stablecoin launched on bitcoin
Stablecoin-as-a-Service (SCaaS) provider Stablecoin announced the launch of USD, the first USD-backed stablecoin on the Bitcoin blockchain.
Basically, the BRC-20 token aims to become the preferred method of payment for merchants transacting in Ordinals and other BRC-20 assets. It is represented by the symbol #USD.
By facilitating low friction in on-ramping/off-ramping services and maintaining a stable value, #USD has the potential to make trading smooth and easy.
Each #USD token is backed 1:1 by USD held in a collateralized account. The account is managed by a US-regulated custodian for the benefit of KYC/AML-verified token holders.
#USD can be issued/redeemed by KYC-verified users in 200+ countries/regions through multiple platforms such as Fedwire, SWIFT, USDC and USDT.
Additionally, the maximum supply of the stablecoin will be 69.42 trillion.
The Ordinals refuse to lose steam
According to Tibba, the total number of ordinal inscriptions at the time of writing exceeded 9 million, of which an astonishing 6.5 million, or about 70% of them, were minted in May.
Furthermore, ordinals account for the bulk of trading on the bitcoin network. Another Dune dashboard highlights that Ordinals trading accounted for 30% of the total fees collected by miners in the past 24 hours.
Source: Doon
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The frenzy of Ordinals has led Bitcoin to become the second largest chain for NFT trading, eclipsing big names like Solana. [SOL] and polygon [MATIC],
According to data from CryptoSlam, $22 million worth of bitcoins were sold in the last seven days. In addition, a total of 24,677 BRC-20 tokens were created with a market capitalization of $447 million.
Source: ambcrypto.com
Source: cryptosaurus.tech
