Bitcoin Ordinals: The Rise and Fall
Bitcoin Ordinals, a digital asset engraved on satoshis, has been a prominent feature in the Bitcoin network since its launch in January 2023. Here are the key points:
– Ordinals, much like NFTs, are digital assets engraved on satoshis, made possible by the Taproot upgrade.
– Ordinals accounted for 84.9% of the activity on Bitcoin on August 21, with 450,785 transactions tied to Ordinals.
– Trading volume for Bitcoin Ordinals surged by 2,834% from Q1 to Q2, reaching $210.7 million.
– However, in June, sales volume dropped by over 76% to $106 million, indicating subdued trading enthusiasm.
– Despite this, there are currently over 25.6 million Ordinals inscriptions, a 20% increase in just three weeks.
Bitcoin Taproot and Non-Profit Initiatives
Bitcoin Taproot utilization has remained strong, thanks in part to the emergence of Ordinals. Here are the additional key points:
– Bitcoin Taproot utilization hit an all-time high around February, bolstered by the adoption of Ordinals.
– Bitcoin currently has more than 25.6 million Ordinals inscriptions, showing continued interest.
– Ethereum co-founder Vitalik Buterin praised the BRC-20 token standard, highlighting its growing significance and departure from stagnant politics.
– The Ordinals protocol team established the non-profit organization ‘Open Ordinals Institute’ to fund open-source development and support core developers.
– The institute aims to create user-friendly tools for easily creating Bitcoin Digital Artifacts.
Hot Take: The Growth and Criticism of Bitcoin Ordinals
Bitcoin Ordinals has seen both success and criticism. While it remains an active part of the Bitcoin network with a significant contribution to activity, its sales volume has experienced a sharp decline. Nonetheless, the rise in Ordinals inscriptions and the establishment of the Open Ordinals Institute showcase continued interest and development in this digital asset. As the crypto community continues to evolve, the impact and future of Bitcoin Ordinals remain to be seen.
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