crypto for all
A
A

Bitcoin Surpasses 65 million Ordinals Subscriptions, a Historical Record!

Fri 12 Apr 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Event

The Bitcoin network has just reached a major milestone with over 65 million ordinal inscriptions recorded to date. This mass adoption has generated colossal network fees, exceeding $458 million.

NFTs on Bitcoin

The Meteoric Rise of Ordinals Inscriptions

Less than two years after their launch in January 2023, Ordinals inscriptions on Bitcoin have reached a record high on April 11th, surpassing 65 million in total, according to data from Dune. This enthusiasm is due to the appeal of Ordinals, these unique digital assets inscribed on a single Satoshi, the smallest unit of bitcoin.

Made possible by the Taproot update of November 2021, ordinal inscriptions have to date generated over $458 million in network fees, a real windfall for miners as the approach of the halving, which will cut their block rewards in half.

This trend falls within the broader context of decentralized finance on Bitcoin (BTCFi), a new paradigm aiming to integrate DeFi functionalities directly within the network. If the current pace of adoption continues, Ordinals could well compete with Ethereum-based DeFi innovation in the long term.

Bitcoin on the Brink of a New DeFi Era?

In light of this excitement, many players in the blockchain ecosystem are already positioning themselves to seize this promising opportunity. This is particularly true for Tron, which unveiled its layer 2 solution strategy for Bitcoin as early as February.

The goal is to facilitate the use of Ordinals in a wide range of DeFi services, from lending markets to derivative platforms. The development of dedicated layer 2 solutions could thus enable a seamless integration of Ordinals into decentralized finance.

The symbolic milestone of 65 million ordinal inscriptions marks a pivotal moment for Bitcoin. This massive adoption opens new perspectives, particularly in the field of decentralized finance.

However, the future of Ordinals and their impact on the crypto ecosystem will depend on numerous parameters, especially regulatory developments and Bitcoin’s ability to establish itself as an indispensable DeFi platform.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
A
A
Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.