Bitcoin Ordinals Sets New Record with $1.2B Daily Volume Fueled by Demand for BRC-20 Tokens
Bitcoin Ordinals, the decentralized exchange protocol facilitating ERC-20 token trades, witnessed its highest daily trading volume since May on November 8, 2023, as per data from Dune Analytics. The platform processed over $1.2 billion worth of trades in a single day, surpassing its previous record of $1.1 billion set on May 3, 2023.
The surge in trading activity was largely driven by the growing demand for BRC-20 tokens, a subset of ERC-20 tokens backed by real-world assets like gold, silver, or fiat currencies. BRC-20 tokens offer increased stability, liquidity, and cross-chain interoperability, making them attractive to investors and traders.
Among the popular BRC-20 tokens, BRCUSD, pegged to the US dollar, accounted for over 40% of the total trading volume on Bitcoin Ordinals on November 8. It was followed by BRCGBP (pegged to the British pound) and BRCEUR (pegged to the euro).
The demand for BRC-20 tokens has been steadily rising in recent months as investors and traders seek to hedge against fiat currency volatility and inflation. Additionally, BRC-20 tokens offer lower gas fees and faster transaction speeds compared to traditional ERC-20 tokens, making them appealing for high-frequency trading.
Bitcoin Ordinals stands out as a leading platform for BRC-20 token trading, offering strong security, transparency, and efficiency. Unlike traditional exchanges, Bitcoin Ordinals enables direct wallet connections for peer-to-peer trades without intermediaries or custodians.
The platform employs Automated Market Makers (AMMs), which utilize smart contracts to create liquidity pools for each token pair. Users can provide liquidity to these pools and earn fees or swap tokens at the best available price determined by the pool’s ratio. This innovative mechanism ensures sufficient liquidity for any trade, eliminates the need for order books, and streamlines the trading process.
Bitcoin Ordinals continues to enhance its protocol, introducing new features and functionalities to cater to the evolving needs of the cryptocurrency market. Notable recent developments include the launch of Bitcoin Ordinals V3, offering concentrated liquidity and multiple fee tiers for customizable exposure and returns. The platform has also integrated with layer-2 scaling solutions like Optimism and Arbitrum One, reducing gas costs and enhancing transaction efficiency.
With its cutting-edge technology, user-friendly interface, and expanding ecosystem of partners and integrations, Bitcoin Ordinals is at the forefront of the decentralized finance (DeFi) space. Its record-breaking performance on November 8, 2023, exemplifies its potential to revolutionize the crypto industry and create opportunities for traders, liquidity providers, and investors.
In an unexpected turn of events, prominent crypto YouTuber and influencer Ben Armstrong, also known as BitBoy Crypto, has filed a lawsuit against former colleagues, accusing them of conspiring to steal his Lamborghini Huracan.
According to Armstrong’s complaint, he hired four individuals in 2019 to work for BitBoy Crypto LLC, his company focused on creating content on cryptocurrencies and blockchain technology. Allegedly, these employees breached their contracts and fiduciary duties by secretly establishing a competing company named Crypto Face LLC and utilizing BitBoy Crypto’s resources, contacts, and trade secrets for personal gain.
Armstrong claims that the defendants conspired to steal his Lamborghini, which he purchased in 2020 using profits from his crypto investments. He entrusted them with access to his garage where the vehicle was stored, but they allegedly took advantage of his trust and stole the car in July 2021. Despite Armstrong reporting the theft to the police, the defendants have refused to return the vehicle or cooperate with the investigation.
The lawsuit seeks damages for breach of contract, breach of fiduciary duty, conversion, civil conspiracy, unjust enrichment, and fraud. Additionally, Armstrong requests an injunction to prevent the defendants from using or disposing of the Lamborghini, as well as continuing the operations of Crypto Face LLC.
Ben Armstrong is a highly influential crypto YouTuber with over 1.3 million subscribers. Renowned for his bullish views on Bitcoin and other cryptocurrencies, as well as collaborations with prominent figures in the crypto space, Armstrong has not yet publicly commented on the lawsuit. Nevertheless, his fans have expressed support and outrage on social media platforms.
The news of Bitcoin Ordinals’ record-breaking daily volume and BitBoy Crypto’s legal battle has captivated the cryptocurrency community, reflecting the dynamic and evolving nature of the industry.
