Bitcoin Ordinals and BRC-20s divide network members. However, the recent frenzy around this protocol is leading to unparalleled competition. And at the same time, the blockchain is recording one of its best performances in several months with the increase in transaction fees.
Bitcoin Ordinals are taking the network by storm
The ordinal revolution has been causing a sensation for months. The latter refers to tokens that directly store and modify data on the Bitcoin blockchain. Even though ordinal assets like BRC-20 divide network members, they can bring a significant number of on-chain transactions for bitcoin miners.
And that’s the whole problem, because they can also clog the mempool and increase competition for contract confirmations. Thus, the resurgence of Bitcoin Ordinals hype is attracting increased attention which has a direct impact on transaction fees.
According to data Mempool.space’s live blockchain, the network currently has over 120,000 transactions awaiting confirmation. A very high figure compared to that of October which was less than 30,000 unconfirmed transactions.
As one might imagine, such activity has consequences, including increased transaction fees. During this intense period, fees must be revised upwards otherwise it will take a long time to obtain validation.
Unparalleled enthusiasm for this technology
The Ordinals protocol attracts many projects, from BRC-20 tokens, to NFTs and the stablecoin Stably USD. Even though bitcoiners criticize the expanded functionality of this technology, others like Vitalik Buterin praise the initiative.
For the crypto entrepreneur, Bitcoin Ordinals bring back the culture of concrete action and fight against the movement of laser-eyed maximalists. He is not the only one who thinks so, as the number of registrations increases over time. Indeed, statistics from the GeniiData platform reveal that nearly a million mining transactions have taken place over the last seven days.
During the same period, the most active projects also changed over time. Considering these developments, many people believe that the popularity of new projects will increase once a segment is completed.
All in all, bitcoin miners are those who benefit the most from this situation. According to Glassnode, 8.5% of their revenue came from increased transaction fees on the blockchain. Marking the highest daily rate in six months. Bitcoin Ordinals really bring new life to the ecosystem, which justifies that more and more projects are flocking to it.
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