Ordinals Hit 10 Million Milestone
In a spectacular twist of events for Bitcoin, the number of Ordinals inscriptions has rocketed past the 10 million mark—just as Casey Rodarmor decided to hang up his proverbial cape as the project’s lead maintainer. Rodarmor announced through his social media channels on May 28 that he’s stepping back due to time constraints, paving the way for Raphjaph, an anonymous coder, to take the reins.
Meet the New Captain of Ordinals
With the ownership baton passed, Raphjaph, a student with more enthusiasm than cash, is set to lead the Ordinals project, relying solely on donations to fund his efforts. Talk about taking the plunge into the deep end! As Rodarmor tweeted,
“Raph is an impoverished student, and his work on ord will be entirely funded by donations. If you can, please consider donating!”
The Inscription Frenzy: How It All Began
Launched in early January, the Ordinals protocol has become the go-to method for minting new assets on Bitcoin. Initially designed to inscribe data onto the witness portion of Bitcoin transactions, the method embeds information into individual satoshis—the smallest unit of Bitcoin. But what really cranked up the volume was the introduction of the BRC-20 token standard by a mysterious developer known as Domo in early March.
BRC-20: The Game Changer
This new token standard allowed users to mint entirely new tokens on Bitcoin for the first time, launching a frenetic surge of activity that saw Bitcoin-based tokens jump from a few hundred to a staggering 25,000 in a matter of weeks. It was a bit like an unexpected sale at a shoe store—everyone rushing in to grab a pair (or several!).
Hiccups and Harmony: The Controversy
Of course, it hasn’t all been smooth sailing. The change hasn’t been without its detractors, as some Bitcoin purists call foul on the inefficiency of inscribing these assets. They argue it clogs up the network, pushing transaction fees to uncomfortable heights. Meanwhile, alternative developers are on the sidelines exploring smart contracts to mint assets in more resourceful ways.
The Irony of Adoption
In a wild twist of fate, even Bitcoin naysayer Peter Schiff dipped his toes into this otherwise murky waters by minting NFTs using Ordinals—his first interaction with Bitcoin that wasn’t purely critical. It could be said that Ordinals really do have the power to bring people into the Bitcoin fold, even those traditionally resistant to change.
Miners Strike Gold
While there is debate over the sustainability of this boom, one group is undeniably cheering: miners. Ordinals have brought in over $44 million in fees, according to Dune Analytics, positioning this newfound popularity in Bitcoin as a bonanza for those who dig for digital gold.
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