Ordinal Overture: Bitcoin's Enigmatic Pulse

Ordinal inscriptions have once again taken center stage in the bustling realm of the Bitcoin network over the past week, confidently maintaining their position of influence despite the recent ebb in cryptocurrency valuation and the murmurs of fading enthusiasm surrounding Bitcoin NFTs.

As we ventured into August 21st, the esteemed developer "Leonidas" of Ordinals fame brought attention to the noteworthy fact that the Bitcoin network had played host to a remarkable 530,788 transactions within the preceding 24 hours. A significant majority of these, a staggering 450,785 transactions, bore the distinct mark of Ordinals-related engagements.

In a moment of irony, amidst the chorus of declarations that "Ordinals are a thing of the past," Leonidas underscored that these very Ordinals constituted a resounding 84.9% of Bitcoin's vibrant activity landscape.

Over the past 24 hours Bitcoin had 530,788 transactions.

450,785 of those transactions were Ordinals related.

In the midst of everyone claiming "Ordinals are dead" they have literally accounted for 84.9% of the activity on Bitcoin.

You can't make this stuff up.

— Leonidas (@LeonidasNFT) August 20, 2023

Supporting this narrative, the figures presented by Dune Analytics elegantly stitched together the story, reporting a whopping 400,000-plus instances of Ordinal inscriptions on August 20th. In parallel, the reliable source Bitinfocharts added its voice to the tale, disclosing a daily count of Bitcoin transactions hovering around the 556,000 mark.

The tale unfolds to reveal that on that pivotal August 20th, over three-quarters of the network's bustling activity orbited around the enigmatic world of Ordinals.

85% of on-chain bitcoin transactions in the past 24 hours are ordinals related

EIGHTY FIVE PERCENT

the main usecase of the bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf

— Udi Wertheimer (@udiWertheimer) August 20, 2023

A seasoned industry observer, Eric Wall, lent his perspective to this unfolding saga, sharing that over the course of the week, a solid 54% of the Bitcoin network's transactional symphony resonated with the notes of Ordinals.

The chronicles from Dune's ledger laid bare the staggering numbers: a grand total of 25.5 million Ordinal inscriptions, a feat that yielded an impressive bounty of $53.4 million in fees for the Bitcoin network.

Inscriptions of the present era found themselves under the banner of BRC-20 token minting, an orchestration that brought forth a dazzling 1.9 million new entries within the canvas of the past week.

Inscriptions categorized by type on a weekly basis, data sourced from Dune Analytics. 

However, the storyline takes an intriguing twist as we delve into recent revelations that depart from the script presented by a DappRadar report on August 17th. This report mourned the supposed downturn of Ordinals NFTs, citing a decline in their usage and sales volume since their zenith in May. This led to whispered rumors in certain crypto circles about the demise of the initial fervor.

This has likely contributed to the decline in #trading volume for #Bitcoin Ordinals.
The hype surrounding Bitcoin Ordinals has died down. When Bitcoin Ordinals first launched, there was a lot of hype surrounding the project.

— Cheeky Crypto (@CheekyCrypto) August 20, 2023

Yet, it's worth noting that the report's gaze was fixed on the sales and trading facets of NFTs minted within the Bitcoin network, inadvertently sidestepping the vibrant tapestry of inscription activities that continue to flourish.

Behold the Bitcoin Ordinals, the ethereal artifacts that weave a tale of non-fungible wonders, granting the power to etch data onto a Satoshi—the indivisible gem of the Bitcoin realm.

In the grand tapestry of protocol history, January marked the dawn of the Ordinals saga, a journey that unfurled in subsequent months as thousands upon thousands of these ephemeral creations graced the Bitcoin network. This creative surge, however, ushered in a chorus of congestion and fee spikes that crescendoed to their zenith in the twin peaks of April and May.