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Ordinals Protocol Drives Surge in Transaction Volume on Litecoin and Dogecoin Networks

The Ordinals protocol, created by developer Casey Rodarmor, has now been implemented on Litecoin and Dogecoin, leading to a surge in transaction volume on both networks. Dogecoin set a new transaction volume record on May 18 with 1.2 million transactions in a single 24-hour period, while Litecoin reached its highest ever daily transaction volume on May 10 with 584,000 transactions. The Ordinals protocol was first introduced to Litecoin after a Twitter user offered 5 LTC to anyone who could "port" it to the network. The later introduction of the LRC-20 and DRC-20 token standards also contributed to the increase in network activity on both Litecoin and Dogecoin. The uptick in Ordinals inscriptions on Bitcoin can be attributed to the introduction of the BRC-20 token standard.

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