The Launch of Binance Pool’s Ordinals Inscription Service
Binance Pool, the Bitcoin mining pool, has introduced an Ordinals inscription service that allows users to annotate satoshis and store ownership records. In order to access this service, you need to have a verified account and a Taproot address, the most recent Bitcoin address format activated in 2021.
Key Points:
– Despite the recent decline in Bitcoin’s price and fading interest in non-fungible tokens (NFTs), Ordinals inscriptions continue to be popular on the Bitcoin network.
– According to the Ordinals Protocol, 84.9% out of 530,788 transactions on Bitcoin were inscriptions.
– Binance Pool’s decision to focus on Ordinals is a logical move, considering its high usage and demand.
– Binance, the popular cryptocurrency exchange, is currently facing regulatory uncertainties, including a lawsuit from the SEC and potential sanctions in Russia.
– These challenges have led to operational changes, such as the withdrawal of over $790 million in assets and the discontinuation of certain offerings, including Binance USD (BUSD) support from early 2024.
Hot Take: Binance Pool Adapts to the Market’s Needs
Despite the challenges faced by Binance, the launch of the Ordinals inscription service by Binance Pool demonstrates the company’s ability to adapt and provide innovative solutions for its users. By focusing on a popular feature like Ordinals, Binance Pool is catering to the needs of crypto enthusiasts who still find value in annotating satoshis and storing ownership records. This move showcases Binance’s commitment to staying relevant and competitive in the ever-evolving cryptocurrency market.
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