Overview of the Current Development Status of the Ordinals Ecosystem

In the past six months, the Bitcoin Ordinals ecosystem has undergone a process from its nascent stage to vigorous development, and then to a more stable sentiment. Despite market skepticism about its future, the development of the Ordinals ecosystem has never ceased. New protocols and projects continue to emerge, such as the recently launched brc420 and arc20, consistently attracting widespread attention and discussion within the ecosystem.

Brc20: Token Contracts 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 fees reaching 1,590 bitcoins. Although trading activity has decreased, it still maintains considerable popularity. Currently, a platform integrating wallet, inscription, and trading market functions is under development, called brc20-swap, aimed at improving token liquidity.

Orc20: The Enhanced Version of Brc20

The Orc20 protocol 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. Overall, Orc20 has generated 370,000 transactions, consuming transaction fees worth 24 bitcoins.

Bitmap: The Metaverse on the Bitcoin Chain

The Bitmap protocol is committed to building a metaverse on the Bitcoin chain, allowing users to engrave block space assets. Currently, the trading volume of Bitmap maps has reached 120 bitcoins, with over 22,000 holding addresses. Community discussions mainly revolve around how to expand and enrich the protocol's functionality.

gBRC721: Block Space Optimization Solution

The gBRC721 protocol aims to optimize the utilization of blockchain space, achieving a space saving of 50%-90%. Its representative project, OrdiBots, once sparked a wave of enthusiasm, but its momentum has now slowed.

Recursive inscription: Expanding the capabilities of the Bitcoin chain

Recursive inscriptions aim to break through the Bitcoin block size limit, paving the way for the implementation of complex applications and smart contracts. However, currently, there are few developers utilizing this technology to build projects, and community interest has also declined.

Trac: Decentralized Indexing Solution

The Trac protocol focuses on solving the decentralized indexing problem in the Ordinals ecosystem. Its governance token TRAC has performed well and has established collaborations with multiple projects. Recently, the development team also launched the Tap protocol to provide more functional support for Ordinals services.

ORC-CASH: Cash-like Token System

The ORC-CASH protocol is dedicated to implementing a cash-like token system on the UTXO network. Its first token, OSH, has performed remarkably since its launch. The development team continues to improve the protocol's functions and actively participates in industry exchanges.

Brc420: Inscription Royalty Feature

The Brc420 protocol defines more complex asset formats through recursive means and introduces constraints related to usage rights and royalties. This protocol has launched experimental tokens and has collaborated with multiple project parties within the ecosystem.

Arc20: Simplified Creation of Digital Objects

The Arc20 protocol addresses the issue of representing fungible token assets on the Bitcoin blockchain. Although the minting process requires a certain technical threshold, the community response has been enthusiastic, with its first token ATOM quickly completing the minting process and performing actively in the secondary market.

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 approaching 45 million. Despite experiencing fluctuations, new protocols and projects continue to emerge. For investors, focusing on early opportunities in new protocols may yield potential returns. In the long term, the Ordinals ecosystem remains worth ongoing attention, as its development potential awaits further exploration.