- Ordinals inscriptions continue to dominate the Bitcoin network.
- The network witnessed a record number of inscriptions on April 11.
- The development paves the way for other key trends on the Bitcoin network.
The Bitcoin Network has witnessed a record number of Ordinals inscriptions, signaling increased demand for block space as the much-anticipated halving event nears.
Akin to non-fungible tokens (NFTs), Ordinals are digital assets inscribed on an individual satoshi, the lowest denomination of a Bitcoin (BTC). Inscribing satoshis with arbitrary content to create Ordinals became possible after the Taproot upgrade launched on the Bitcoin network in November 2021.
Bitcoin Ordinals Inscriptions Surpass 65 Million
On April 11, the total number of Ordinals inscriptions on the Bitcoin Network surpassed 65 million, setting a new record less than two years after their launch in January 2023. At last check, the total number of inscriptions to date stood at 65,048,418, Dune data shows.
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At the same time, Ordinals have generated over $458 million in total network fees to date, a significant buffer for miners ahead of the Bitcoin halving event, which is set to reduce block rewards from 6.25 BTC to 3.125 BTC.
The milestone comes as a new paradigm known as Bitcoin decentralized finance (BTCFi), which seeks to introduce DeFi capabilities to the Bitcoin network and possibly match the innovation of Ethereum-based DeFi in the future, especially if the current adoption rate continues.
The Rise of Ordinals in DeFi?
If the trend holds, Bitcoin L2s will likely become prevalent in the near future to facilitate utility for Ordinals and bring them to DeFi via a range of possible services, such as lending and derivatives markets.
Among the blockchain players poised to capitalize on this trend is Tron, which announced its Bitcoin Layer 2 solution strategy on February 15.
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