1. ORDI Coin
ORDI Coin, also known as Audi Coin, is a BRC-20 token created based on the Ordinals protocol in the Bitcoin network. It is the first inscription token on Bitcoin. It uses distributed ledger technology and cryptographic algorithms, featuring decentralization, anonymity, fast transactions, low fees, and also supports smart contract technology. ORDI Coin was issued on March 8, 2023, with a total issuance of 21 million ORDI. As of January 10, 2025, its market value is $530.46 million, ranking 100th in market capitalization.
2. SATS Coin
SATS Coin, commonly known as Ordinals, is a cryptocurrency operating on the Bitcoin blockchain, following the BRC-20 standard. Its total issuance is 21 trillion coins, and each SATS Coin can be 'inscribed' with unique content through the Ordinals protocol, becoming an NFT. SATS Coin was first issued on June 8, 2023, and as of January 9, 2025, its market value is $292.53 million, ranking 133rd in market capitalization. Its operation does not require smart contracts and has a wide range of application scenarios, with its development driven by the community.
The state of inscriptions can now be described as 'building high towers, hosting guests, and the towers have collapsed.' In the early days of the bull market, inscriptions gained significant attention and rare narratives; leading assets like Sats and Ordi became star assets pursued by many. The market value of Sats peaked close to $2 billion, with high hopes placed on it: to become the gas coin of the UniSat platform, with a market value goal even shouted to reach $100 billion. However, as market sentiment waned and the bubble burst, the overall ecology of inscriptions quickly cooled down, with Sats being halved multiple times, and its market value even dropping below $100 million. ORDI is referred to as the first son of Bitcoin; if Bitcoin is gold, ORDI is called a gold ornament, but it is currently valued at less than $200 million.
What is even more lamentable is that not only the inscriptions, but the entire Bitcoin ecosystem has fallen into a state of silence. Aside from a few L2 projects struggling to survive, the rest are like pyramids in a desert—imposing yet isolated, with nothing growing around them. Some say Sats and Ordi are the weeds in the cracks—alive but hard to thrive. While this analogy is painful, it is not without reason. Inscriptions, as an attempt, have brought the possibility of NFTs and inscription expansion to Bitcoin, representing a decentralized cultural experiment. However, as the hype dissipates, the real value support appears weak, and the ecosystem lacks sustainable self-sustaining ability.
As for whether I am optimistic about inscriptions? To be honest, I am currently 'cautiously observing.' Inscriptions rely more on narratives than on practicality. To turn the tide in the future, new application scenarios, development support, and capital patience are needed. Whether to continue holding inscriptions depends on whether you are a speculator or a believer.
