Recent Developments in the Ordinals Ecosystem: Overview of the Status of Various Protocols

Since its emergence at the beginning of this year, the Bitcoin Ordinals ecosystem has gone through a process from prosperity to stabilization. Market sentiment has shifted from initial optimistic expectations to current doubts and confusion. However, the development of the Ordinals ecosystem has never stopped, with new protocols and projects continuously emerging. This article will provide a detailed overview of the development status of various new protocols within the Ordinals ecosystem.

Brc20: Token Contract on the Bitcoin Chain

The Brc20 protocol was born on March 8, 2023, allowing the deployment of token contracts, minting, and transfers on the Bitcoin chain. As of September 23, the protocol has generated 28.6 million transactions, with transaction fees reaching 1,590 Bitcoins. Although the transaction volume has decreased, community users are still keeping a close watch. Currently, a certain wallet platform is developing the brc20-swap feature to improve token liquidity.

Orc20: An Enhanced Version of Brc20

Orc20 aims to enhance the functionality of Brc20, improving its adaptability, scalability, and security. However, since late July, the development of this protocol seems to have stalled. According to the data, the Orc20 protocol has generated a total of 370,000 transactions, consuming 24 bitcoins in fees.

Bitmap: The Metaverse on the Bitcoin Blockchain

The Bitmap protocol utilizes Ordinals and Bitmap theory to build a metaverse based on the Bitcoin chain. Currently, the incomplete statistics of Bitmap map transactions have reached 120 Bitcoins, with over 22,000 holding addresses. Community discussions mainly focus on how to expand and enrich the Bitmap protocol.

gBRC721: Optimizing Block Space Utilization

The gBRC721 protocol aims to save on-chain resources and achieve a 50%-90% optimization of block space. Its representative project OrdiBots has a trading volume of 37 Bitcoins and 550 holding addresses. However, due to a lack of subsequent development, community enthusiasm has waned.

Recursive inscription: Extending Bitcoin chain functionality

Recursive inscriptions aim to break through the Bitcoin block size limit, making it possible for complex applications to run on the Bitcoin chain. Despite the concept being intriguing, there are few actual applications and project developments. The total trading volume of representative projects Recursive Punks and Recursive Frogs is only 30 Bitcoins.

Trac: Decentralized Index for Ordinals

The Trac protocol is dedicated to solving the decentralized indexing problem of the Ordinals ecosystem. Its governance token TRAC has performed excellently, with a trading volume reaching 2.1 million USD. Trac has established partnerships with multiple projects. Recently, its developers launched the Tap protocol to provide more functionalities for Ordinals services.

ORC-CASH: A Cash-like Token System

The ORC-CASH protocol aims to implement a cash-like token system on the UTXO network. Its first token, OSH, has a trading volume of 10 Bitcoins on a certain trading platform. The development team continues to actively develop and operate, and the community also maintains good interaction.

Brc420: Inscription Royalty Function

Brc420 defines a more complex asset format through a recursive approach and introduces constraints related to usage rights and royalties. This protocol is fully open-source, allowing anyone to create their own metaverse inscriptions. Its creators are continually expanding the ecosystem, collaborating with multiple protocols and projects within the Ordinals ecosystem.

Arc20: Simplifying the Creation of Digital Objects on Bitcoin

The Arc20 protocol solves the problem of representing fungible token assets on the Bitcoin blockchain. Its first token, ATOM, was minted through GPU mining, which sparked widespread attention and discussion within the community. The price of the ATOM token once reached 100 USD and is currently stable at around 80 USD.

Summary

As of September 23, the Ordinals ecosystem has produced over 33.9 million inscriptions, with more than 600,000 holding addresses and nearly 45 million total transactions and transfers. Although the overall enthusiasm has declined, new protocols and projects continue to emerge, attracting the ongoing attention of developers and users. From an investment perspective, focusing on new protocols, low-cost inscription projects, and exiting at the right time during secondary market peaks may be a strategy. In the long term, the Ordinals ecosystem is still worth continuous attention.