The Ordinals protocol enables the inscription of unique data, including NFTs, on individual satoshis, Bitcoin's smallest unit. This innovation was expanded upon with the launch of BRC-20 tokens, which enabled the creation of tokenized assets on Bitcoin. Prior to this, DeFi on Bitcoin was deemed impossible.
In fact, in May of 2023, during the height of the initial Ordinals craze, transaction fees accounted for a full of the total income per block. Later in 2023, Ordinal demand again spiked and saw fees on individual transactions as high as $37, a level not seen in over two years prior.
New token standards, such as Runes, which is set to launch during the halving (currently expected on April 20), aim to challenge BRC-20's dominance and introduce more efficient options for tokenization on Bitcoin.
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