72,200 transactions in a single day
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According to Dune Analytics’ eye-popping statistics, there was a significant increase in ORC-20 transactions on the Bitcoin blockchain on May 13. The number of ORC-20 transactions recorded in a single day reached a staggering 72,200, which is an all-time high.
In particular, most of these transactions (about 70,000) were related to the minting of ORC-20 inscriptions, which amounted to a payment of 5.8 BTC. Interestingly, the ORC-20 Token transactions were primarily concentrated in PUNK, PEPE, MEME and other similar categories.
In comparison, the number of BRC-20 transactions on the same day was approximately 265,000. These figures came shortly after Binance Academy’s blog posts about ORC-20 Tokens, which was released just a few days ago, on May 13.
It was also recently revealed that Binance plans to add Bitcoin to its NFT marketplace, expanding its current BNB chain, Ethereum and Polygon ecosystem. The new feature will be launched at the end of May and is expected to attract many users who want to trade NFTs with Bitcoin, as reported by TronWeekly.
Tether CTO Discusses BRC-20 Token and Bitcoin’s Security
During the Blockchain Week Rome 2023 event, in an interview, Tether’s Chief Technical Officer, Paolo Ardoino, spoke about the impact of BRC-20 tokens and Ordinals on the BTC network.
When asked about the current market situation and the challenges posed by BRC-20 tokens, especially regarding gas taxes, Ardoino shared his thoughts on how Bitcoin can continue to ensure security and stability.
Ardoino clarified that BRC and Ordinals do not compromise the security of Bitcoin. The problem, however, is that the increased gas fees affect all Bitcoin users, making transactions more expensive. It can be a significant inconvenience for those who need to make regular payments.
Regarding Bitcoin’s use and control, Ardoino believes that users should have the right to use any available feature. He emphasized that it will always remain secure, as it is the most secure solution currently available. Furthermore, scalability is still possible due to solutions such as Lighting Network.
According to Ardoino, the recent increase in transaction costs and the temporary shutdown of BTC transactions by some exchanges highlights that certain exchanges have not implemented scalability solutions in the last four years.
Nevertheless, Bitcoin’s security remains intact and will continue to be a reliable and scalable solution for users.
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