May 25, 2023 • 13 Min Read

BRC-20 Fever

Ordinal transactions on Bitcoin have skyrocketed in the last few months, leading to an all-time high for daily transactions and pushing Bitcoin network fees to 2-year highs. The activity throttled BTC’s network so much that Binance was forced to temporarily shut down withdrawals and implement Lightening Network to service outflows without paying excessive fees.

There are currently two types of Ordinal transactions on the network: 1) Ordinal NFTs and 2) BRC-20 token transactions. Our team recently covered the meteoric rise of Bitcoin-native NFTs, this report will focus on the second. While both are technically on-chain NFTs, BRC-20s differ from the first iteration of art NFTs since they are created to be fungible. This gives them properties more resembling tokens than NFTs, leading to their adoption as the most common token standard on Bitcoin.

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BRC-20 transactions have been gaining and frequently surpassing non-ordinal transactions as a percentage of daily activity. Non-ordinal transactions last peaked at a 77% share on April 25th, and have generally trended down since. A day before on April 24th the total market cap of all BRC-20 tokens was ~17.5m[1], as of May 24th it stands at ~$250m, ...

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