Commissions in the Bitcoin network have fallen almost 10 times

The growth of fees in the BTC network amid the unexpected popularity of Ordinals and BRC-20 tokens, as some analysts had predicted, has stopped and the indicators have almost returned to normal.

The average transaction fee on the morning of Monday, May 15, dropped to $ 3.76 and then to $ 2.23, which is lower than on May 1. The average decline in bitcoin transaction fees has been over 90% since the peak on May 8.

Last Monday, May 8, the average transaction fee exceeded $ 30. This is due to a huge surge in the popularity of the new BRC-20 token standard launched on the basis of the Ordinals project. The latter is a protocol that allows you to «record» various unique information in satoshi — 1 BTC equals 100 million satoshi.

The issue of high fees in BTC became the main news in the crypto community last week. Moreover, the situation reached such a degree of tension that Binance was forced to suspend BTC withdrawals twice a day.

As for the Ordinals project, its success is related to the novelty of the concept directly for the BTC ecosystem and memes, as BRC-20 also has many memecoins. Last week, the capitalization of BRC-20 tokens exceeded $ 600 million.

However, as the popularity of such tokens grows, the usability of the BTC blockchain decreases. This is exactly what the developers of Bitcoin Core, the main organization of BTC developers, want to fight against.