On Sunday, April 30, the Bitcoin network registered more than 568,300 transactions, a new daily record in its entire 14-year history. Ordinals, a novel feature introduced in January, played a pivotal role in this growth.
According to data from a Dune dashboard, over 307,000 of the 568,300 transactions recorded on Sunday were Ordinals, representing a 16% increase from the previous day’s record. This milestone means that Ordinals accounted for approximately 54% of Bitcoin’s daily transactions on therecord day.
Ordinals enable the inscription of various types of data, including audio, art, and video games, onto individual satoshis, the smallest unit of Bitcoin. This process results in the creation of unique digital assets, akin to Ethereum-based non-fungible tokens (NFTs).
As of now, over 2.39 million Ordinals have been inscribed, according to Glassnode, which noted a “marked character shift” in Bitcoin mempools this year. Mempools store unconfirmed Bitcoin transactions, and it seems that text-based Ordinals inscriptions are on the rise.
Apart from Ordinals, Glassnode reported that the majority of Bitcoin transactions are monetary in nature, often facilitated by cryptocurrency exchanges.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/may/02/
