Crypto News – Eight days before the highly anticipated Bitcoin halving, the number of Ordinals inscriptions on the network has topped 65 million.
Ordinals Inscriptions Milestone: 65 Million Threshold Crossed 8 Days Before Halving
According to Dune data, on April 11, less than a year and three months after its inception in January 2023, the number of Ordinals inscriptions crossed 65 million.
The achievement occurs right before the April 19 Bitcoin halving, which will lower block issuance incentives from 6.25 BTC to 3.125 BTC. Dune claims that Ordinals have so far brought in approximately $458 million in network fees for Bitcoin miners. A major lifeline for mining companies, given the impending block reward reduction, is provided by this.
Demand for Bitcoin layer-2 Networks Increases
The 65 million milestone, in the words of Velar CEO Mithil Thakore, shows that demand for Bitcoin layer-2 (L2) networks and block space is rising.
As ordinals become more prevalent, the need for utility around them through lending, derivatives markets, becomes evident. This trend will likely drive the rise of Bitcoin L2s, offering the programmability needed to support smart contracts to bring these ordinals as well as BTC to DeFi. It’s an exciting time for the Bitcoin ecosystem as we witness its evolution and expansion into new realms of functionality.
Thakore
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