Research and development firm Delphi Labs and the Astroport Foundation have rolled out a inscriptions platform for the Cosmos Hub network, named Asteroid.

Inscriptions are a novel way to embed data onto blockchains without native support for smart contracts. Asteroid uses Cosmos transaction call data for inscribing new tokens into existence called “CFT-20s.”

Asteroid contributors released the first CFT-20 token, Asteroids (ROIDS), as a proof of concept on Tuesday. The token — with a total supply of 100 million — was inscribed quickly by users within a few hours. Each ROIDS token is trading at $0.0045, giving it a $4.5 million market capitalization.

According to Delphi Labs, Cosmos inscriptions via Asteroid open doors for various applications beyond tokenization and into data storage. …