Bitcoin Ordinal Inscriptions Surge Past 100,000 Mark, Spurring Development of Supporting Infrastructure
According to the latest statistics, over 100,000 ordinal records have been added to the Bitcoin blockchain since the start of the trend. Amid growing popularity, people have launched supportive marketplaces and tools that allow individuals to sign up without a full node. In addition, the decentralized exchange Ordinal is reportedly in development.
100,000 inscriptions and growth: the increase in ordinal inscriptions leads to record performance of bitcoin
Roughly nine days ago, there were less than 10,000 ordinals on bitcoin (BTC) blockchain. Since then, the number of inscriptions has increased by 1434%, surpassing the 100,000 mark. At the time of writing, there are about 109 988 Ordinal inscriptions hosted in a decentralized network.
As the lettering trend gains momentum, a number of individuals and organizations are building the infrastructure to facilitate wider adoption. For example, gamma.io And ordinalsbot.com have created tools that allow people to mint ordinal inscriptions on the web for an additional fee on top of the network fee.
Such tools have appeared quite recently and allow users who do not work with a full node to mint inscriptions. Bitcoin wallet Xverse has launched Ordinal support and people were discussion two Ordinal marketplaces that allow users to buy and sell lettering.
A decentralized ordinal market is coming 👀 pic.twitter.com/AiMVNMZNdO
— Hell money (@hellmoneypod) February 6, 2023
Additionally, Ordinal, a decentralized marketplace, is expected to emerge, according to a recent report. tweet and an excerpt from the Hell Money podcast. People even built a convenient calculator which estimates the current cost of registering on the Bitcoin blockchain. Before the number of ordinal inscriptions reached 100,000, people discussed how early they were and how many minters hoped to write their messages before reaching the 100,000 milestone.
Munib Ali, co-founder of Stacks, a Bitcoin layer for smart contracts, tweeted about a new bitcoin web wallet coming on the horizon and noted that it will support Ordinals, NFT and Bitcoin Layer 2 solutions in addition to native bitcoin. “The new release of the Bitcoin web wallet is almost ready,” the co-founder of Stacks said.
Following the ordinal spike, the Bitcoin network registered the biggest increase in Taproot usage in months and the highest transaction fees in more than a year. Additionally, block sizes above 3MB have become commonplace on the Bitcoin network.
What do you think is the future of the serial number trend in the Bitcoin network? Let us know what you think about it in the comments section below.
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Credit : news.bitcoin.com