With $ORDI going on a legendary run recently, I wanted to take a quick moment to highlight its surprising journey to a top 100 coin and take a quick victory lap. $ORDI started as the first BRC20 token users minted after Domo published the simple BRC20 token standard. Based on just three functions (mint, deploy, and transfer), BRC20s and $ORDI seemed likely to be a short-lived experiment. However, although an experimental meme token with no use case, $ORDI kicked off the first mini BRC20 bull run in May of 2023. Users were able to mint $ORDI in clips of 1000 for a simple Bitcoin tx fee of around 5$ – meaning that at the recent price $59 per $ORDI, some users are sitting on an 11,800x multiple. $ORDI itself is now sitting at a $1.3B market cap.
Unfortunately, people swamped the May BRC20 market with thousands of similar meme tokens and token standards (like ORC20s) to the point where the market collapsed for a few months between June and now. But, with $ORDI hitting new all-time highs recently, the market is sending a strong signal that it prefers the BRC20 standard, and competing token standards should take note. As far as I am concerned, there is one token standard for Bitcoin right now – it’s not Runes, ORC20s, BTC721, or Stamps; it’s BRC20s.
Of course, you can’t have an ecosystem built on a single meme token, so now is probably when we see the profits from $ORDI begin to fund projects that fill out the rest of the ecosystem. The first $1B market cap token of an ecosystem is a strong signal from the market and the rest of the BRC20 market could get interesting as developers begin to build BRC20 projects in earnest.
For those wondering, we did publish some reports on BRC20s and Ordinals here, and: