What started with developer Casey Rodarmor creating the Ordinals protocol to “inscribe” textual content and imagery on the Bitcoin (BTC) network has now made its strategy to Litecoin (LTC) and Dogecoin (DOGE) sending transaction quantity on the 2 chains surging for the higher a part of a month.
On May 18, Dogecoin reached a brand new transaction quantity report, with 1.2 million transactions in a single 24-hour interval, in line with information from BitInfoCharts. Similarly, on May 10, Litecoin reached its highest ever day by day transaction quantity with 584,000 transactions.
Ordinals first arrived on Litecoin after pseudonymous Twitter consumer Indigo Nakamoto provided 5 LTC — price roughly $500 on the time — to anybody who might “port” the Ordinals protocol to the Litecoin network.
5 $LTC to whoever ports this to #Litecoin #Bitcoin #Ordinals https://t.co/7X4JfMzq97
— Indigo Nakamoto (@indigo_nakamoto) February 11, 2023
Some eight days in a while Feb. 19 software program engineer Anthony Guerrera succeeded and launched the Litecoin Ordinals protocol. In the same means, DOGE fanatics copied the Ordinals protocol to create the identical performance on Dogecoin, selecting to call the brand new protocol “Doginals”.
However, what actually drove network activity on Litecoin and Dogecoin to new heights was the later introduction of the respective LRC-20 and DRC-20 token requirements in early May, that allowed customers to create and problem fully new memecoins on the 2 networks.
The monumental inflow of activity on LTC and DOGE got here across the identical time that the Ordinals inscription the Bitcoin network went into overdrive, with a report 400,000 day by day inscriptions on May 10.
The uptick in Bitcoin Ordinals inscriptions may be immediately attributed to the introduction of the BRC-20 token commonplace which — in line with information from Ordinals scanner brc-20.io — has seen greater than 24,000 new tokens minted on the Bitcoin blockchain.
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