Bitcoin Ordinals continue to account for the vast majority of activity on the Bitcoin network, despite waning hype and a recent downturn in NFT trading volume.
On August 21st, Ordinals developer Leonidas reported that 450,785 of Bitcoin’s 530,788 transactions in the past 24 hours were related to Ordinals. This equated to 84.9% of total network activity.
Data from analytics firms confirms Ordinals made up over 75% of Bitcoin transactions on August 20th. Over the past week, 54% of all transactions were Ordinals-related per researcher Eric Wall.
Since its inception, there have been 25.5 million Ordinal inscriptions generating $53.4 million in fees on Bitcoin. Daily inscription levels remain high, while BRC-20 token minting hit 1.9 million last week.
This network data contrasts a recent report claiming Ordinals usage had dropped substantially since peaking in May. However, that report tracked NFT trading, not inscription activity still occurring.
Bitcoin Ordinals allow users to inscribe data onto Satoshis, the smallest units of BTC. The protocol launched in January 2022 and quickly gained hype as thousands were minted, congesting the network at times.
While the NFT trading mania has cooled, blockchain data shows Ordinals inscription remains widely popular on Bitcoin even amid declining prices and media proclamations of the hype “dying down.” The protocol continues dominating BTC transaction activity.
