<p><span style="font-weight: 400;">Tokens created on Bitcoin through the Ordinals protocol have exceeded a total market value of $900 million, highlighting the rapid rise of an emerging asset niche on the most valuable blockchain.</span></p> <p><span style="font-weight: 400;">Ordi memecoin lead the BRC-20 category with a fully diluted value exceeding half a billion dollars, based on data from websites <a href="https://brc-20.io/">brc-20.io</a> and <a href="https://ordspace.org/brc20">Ordspace</a>. That's after a 22,500% jump to $25 today from $0.11 at the beginning of April amid the ongoing memecoin mania.</span></p> <p><span style="font-weight: 400;">Memecoins make up the majority of tokens created using BRC-20, a recently-developed token standard for Bitcoin using the Ordinals protocol. </span><span style="font-weight: 400;">These <a href="https://www.theblock.co/post/229190/memecoins-bitcoin-brc20-transactions-fees">Bitcoin-based tokens</a> are comparable to ERC-20, the token standard on the Ethereum blockchain. Introduced by developed Casey Rodarmor in January, the protocol allows for indexing and monitoring of every satoshi, the smallest unit of Bitcoin, across the network. </span></p> <p><span style="font-weight: 400;">Currently, Ordi has a fully diluted market cap of $525 million considering a token supply of 21 million. The token <a href="https://twitter.com/gate_io/status/1655132557661335554">became</a> available for trading today on Gate.io, </span><span style="font-weight: 400;">the first centralized crypto exchange to list the top BRC-20 token.</span></p> <div class="group w-full text-gray-800 dark:text-gray-100 border-b border-black/10 dark:border-gray-900/50 bg-gray-50 dark:bg-[#444654]"> <div class="flex p-4 gap-4 text-base md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl md:py-6 lg:px-0 m-auto"> <div class="relative flex flex-col w-[calc(100%-50px)] gap-1 md:gap-3 lg:w-[calc(100%-115px)]"> <div class="flex flex-grow flex-col gap-3"> <div class="min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap break-words"> <div class="markdown prose w-full break-words dark:prose-invert light"> <p>Within the BRC-20 market segment, Ordi is trailed by other meme assets on Bitcoin, such as Meme, Domo, and Nals, which have individual market caps ranging between $8 million and $20 million.</p> </div> </div> </div> </div> </div> </div> <h2>What is the Ordinals protocol on Bitcoin?</h2> <p><span style="font-weight: 400;">The <a href="https://www.theblock.co/post/207086/what-are-bitcoin-nfts-ordinals-and-how-do-they-work">Ordinals</a> protocol allows developers </span> to assign a distinct identity or file onto every satoshi within the Bitcoin network, a process called <a href="https://www.theblock.co/post/228882/bitcoin-transactions-inscriptions-record">inscription</a>. This mechanism set the stage for the development of both fungible (interchangeable) tokens, like BRC-20 tokens, and non-fungible tokens (NFTs), which frequently showcase digital art. </p> <p><span style="font-weight: 400;">While the Ordinals core team devised a method for generating NFTs on Bitcoin, another pseudonymous developer named Domo <a href="https://twitter.com/domodata/status/1633658974686855168">introduced</a> an experimental token standard built upon the Ordinals protocol called BRC-20 in March. This enabled users to issue fungible tokens like ordi and others with the help of incsribing specific files to satoshis.</span></p> <p><span style="font-weight: 400;">Since then, the number of tokens created on Bitcoin using Ordinals has experienced a dramatic increase. In merely the past few months, over 11,000 tokens have been generated, and the trading activity surrounding these tokens has contributed to a substantial uptick in daily transactions on the Bitcoin network, going to a <a href="https://www.theblock.co/post/228882/bitcoin-transactions-inscriptions-record">record high</a> of 534,000, as per The Block <a href="https://www.theblock.co/data/on-chain-metrics/bitcoin">data</a>. Consequently, this has also led to a <a href="https://www.theblock.co/data/on-chain-metrics/bitcoin">steep rise</a> in network fees over the last week. </span></p> <p><iframe frameborder="0" height="420" src="https://embed.theblockcrypto.com/data/on-chain-metrics/bitcoin/transactions-on-the-bitcoin-network-daily/embed" title="Transactions on the Bitcoin Network (Daily, 7DMA)" width="100%"></iframe></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>