Bitcoin’s ordinal inscription hit 65 million.
Key Takeaways
- On April 11, the Bitcoin network recorded over 65 million Ordinal inscriptions, indicating growing activity and interest.
- Ordinals generated over $458 million in network fees, providing essential revenue for miners ahead of the BTC halving.
- The popularity of Ordinals suggests the potential development of Bitcoin Layer-2 solutions for smart contracts.
On April 11, the Bitcoin (BTC) network reached new highs. More than 65 million ordinal inscriptions have been recorded.
The ordinal numbers introduced in January 2023 are: Non-fungible tokens (NFTs) on the Bitcoin blockchain. Unlike typical NFTs, which are hosted on centralized servers, Ordinal operates directly on the Bitcoin blockchain, making it more secure by eliminating external vulnerabilities.
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The ordinal number is To date, it has contributed over $458 million in network fees to Bitcoin miners, providing essential revenue ahead of the BTC halving. When mining rewards decrease. This event is scheduled for around April 19th. You can see that the block reward has been cut. From 6.25 BTC to 3.125 BTC.
Mithil Thakore, CEO of Velar, said: We have observed that Ordinals are growing in popularity. It is likely to lead to the development of Bitcoin Layer-2 solutions. capable of processing smart contracts Helps integrate Ordinals and BTC into decentralized finance (DeFi). He said:
It is an exciting time for the Bitcoin ecosystem as we witness its evolution and expansion into new functional areas.
This growth not only demonstrates active participation within the network, but also lays the foundation for an expanding role in blockchain and finance.
April 11 was also a big day for hip-hop enthusiasts in the BTC community, as Ghostface Killah, rapper from the legendary collective Wu-Tang Clan, airdropped 10,000 Bitcoin Ordinals featuring music.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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