The Ordinals protocol, created by developer Casey Rodarmor, which allows for the inscription of text and imagery on the Bitcoin (BTC) network, has now been implemented on Litecoin (LTC) and Dogecoin (DOGE), resulting in a significant increase in transaction volume on those chains over the past month.
On May 18th, BitInfoCharts reported that Dogecoin achieved a record-breaking 1.2 million transactions in a 24-hour period. Similarly, on May 10th, Litecoin achieved its highest-ever daily transaction volume of 584,000 transactions.
The Ordinals protocol was first brought to Litecoin when Indigo Nakamoto, an anonymous Twitter user, proposed giving 5 LTC (which had a value of around $500 then) to anyone who could port the protocol to the Litecoin network.
Eight days after, on February 19th, software engineer Anthony Guerrera was successful in launching the Litecoin Ordinals protocol. Subsequently, Dogecoin fans replicated the Ordinals protocol to achieve the same outcome, dubbing it the “Doginals” protocol.
The introduction of the LRC-20 and DRC-20 token standards in early May, however, was what really propelled network activity on Litecoin and Dogecoin to unprecedented levels, enabling users to generate and circulate totally new memecoins on the two networks.
The surge in activity on LTC and DOGE occurred at the same time that the Ordinals inscription on the Bitcoin network experienced a peak, with a record 400,000 inscriptions on May 10th.
The increase in Bitcoin Ordinals inscriptions can be attributed to the implementation of the BRC-20 token standard, as seen by data from Ordinals scanner brc-20.io, which has resulted in over 24,000 new tokens being created on the Bitcoin blockchain.
Can we fix the fact that Ordinals made Bitcoin a less favorable version of Ethereum?
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