Runes: A New UTXO “Token Standard” on Bitcoin

Ordinals is a novel convention that enables the creation of non-fungible tokens (NFTs) on Bitcoin using data inscriptions without requiring network upgrades. The NFT convention also gave birth to the Ordinals-based BRC-20 fungible token standard, where BRC-20 tokens observed increased speculative interest in the last few months. 

ORDI, the leading BRC-20 token by market cap, has reached over a billion dollars worth of market cap in the first quarter of 2024.