Tap Protocol overtakes BRC20 in 24 hour Bitcoin Ordinals transaction activity

Tap Protocol, designed to support DeFi applications on Bitcoin Ordinals, has become the most active protocol on Bitcoin’s Ordinals network over the past 24 hours. Genii Data indicates Tap Protocol handled nearly double the transactions of BRC-20 or OrdDefi.

Ordinals activity (Source: GeniiData)

While Genii tracks BRC20 activity separately from other protocols, the total activity of all tokens over the past 24 hours comes to 297, while Tap saw 645 transactions.

Further, in terms of market cap, Tap Protocol’s native token, TRAC, is now just behind other Ordinals-related tokens with listings on major exchanges. A surge in user adoption is a sign of early success for Tap in building a decentralized indexer infrastructure.

Tap Protocol recently completed a $4.2 million funding round led by Sora Ventures, attracting venture capital firms like Cypher Capital and angel investors, including executives from Animoca Brands. This capital will support the expansion of Tap’s developer team and further refine the protocol functionalities, which over 14 projects have already adopted.

Analysts see the increased adoption of $TRAC may drive additional infrastructure for Bitcoin’s Ordinals space, potentially echoing DeFi Summer on Ethereum. A more robust network would incentivize developers, furthering innovation on the Bitcoin network, such as the recent TTP Liquid Fund announced on Feb. 13.

Jason Fang from Sora commented on the growth of Tap on X, stating,

“All these data are signs that we’re already on our way to build a fully decentralized indexer economy! The more holders, the more infrastructure supporting $TRAC, the more robust the TAP protocol gets, and the more developers we’ll attract to Bitcoin!”

Tap Protocol’s dominance in Ordinals transactions highlights the liquid landscape of development on the Bitcoin network. With the continued focus on Bitcoin, including companies such as MicroStrategy pivoting to a Bitcoin development company, the spotlight is clearly on Bitcoin protocols.

Disclaimer: Sora Ventures is an investor in CryptoSlate.