Exploration of the Current Development Status of the Ordinals Ecosystem

Since the emergence of the Bitcoin Ordinals ecosystem at the beginning of this year, it has experienced rapid development and emotional fluctuations. Although market enthusiasm has decreased, the ecosystem continues to develop, with new protocols and projects constantly emerging. This article will provide a detailed overview of the current development status of various major protocols within the Ordinals ecosystem.

Brc20 Protocol

The BRC20 protocol was born on March 8, 2023, allowing token contracts to be deployed on the Bitcoin chain. As of September 23, the protocol has generated 28.6 million transactions, with transaction fees reaching 1,590 bitcoins. Although trading activity has declined somewhat, it still maintains a certain level. There have been no significant technical updates, but brc20-swap is under development to improve token liquidity.

Orc20 Protocol

The Orc20 protocol aims to enhance the functionality of BRC20, improving adaptability and security. However, since late July, the development of the protocol has come to a standstill. A total of 370,000 transactions have been generated, consuming 24 bitcoins in transaction fees.

Bitmap Protocol

The Bitmap protocol is dedicated to building a metaverse based on the Bitcoin blockchain. Currently, there are over 22,000 addresses holding Bitmap assets, with a total trading volume of 120 bitcoins. Community discussions mainly revolve around the expansion and application of the protocol.

gBRC721 Protocol

The gBRC721 protocol aims to optimize the utilization of block space. Although it received significant attention initially, its subsequent development has been lackluster. The representative project OrdiBots has a transaction volume of 37 Bitcoins and 550 holding addresses.

Recursive Inscription

Recursive inscriptions were proposed by the founder of Ordinals, aiming to break through the Bitcoin block size limit. However, actual applications are limited, and the transaction volume of representative projects is also low.

Trac Protocol

The Trac protocol is dedicated to solving the decentralized indexing problem of Ordinals. Its governance token TRAC has performed well and has collaborated with multiple projects. Developers have also launched the Tap protocol, offering more flexible token creation features.

ORC-CASH Protocol

The ORC-CASH protocol aims to implement a token system similar to cash systems. Its first token, OSH, has performed well, and the development team continues to advance the project's development.

Brc420 Protocol

The Brc420 protocol defines more complex asset formats through a recursive method, introducing usage rights and royalty mechanisms. The development team actively expands the ecosystem and establishes partnerships with multiple projects.

Arc20 Protocol

The Arc20 protocol provides a convenient way to create digital assets on Bitcoin. Although launched later, it quickly attracted community attention. Its first token ATOM was minted in a short time, and the secondary market performed actively.

Summary

As of September 23, the Ordinals ecosystem has generated over 33.9 million inscriptions, with more than 600,000 holding addresses and a total transaction volume of nearly 45 million times. Although market enthusiasm has declined somewhat, new protocols and projects continue to emerge. Investors can pay attention to innovative and low-cost inscription projects to seize opportunities in the secondary market. In the long run, the Ordinals ecosystem is still worth continuous attention.