Bitcoin’s Ordinals Inscriptions Hit 65 Million

Key Takeaways

  • On April 11, the Bitcoin network marked a milestone with over 65 million Ordinals inscriptions, indicating growing activity and interest;
  • Ordinals have generated over $458 million in network fees, providing essential revenue for miners ahead of the BTC halving;
  • The popularity of Ordinals suggests the likely development of Bitcoin Layer-2 solutions for smart contracts.

On April 11, the Bitcoin (BTC) network achieved a new high, surpassing 65 million Ordinals inscriptions.

Introduced in January 2023, Ordinals are non-fungible tokens (NFTs) on the Bitcoin blockchain. Unlike typical NFTs hosted on centralized servers, Ordinals operate directly on the Bitcoin blockchain, making them more secure by eliminating external vulnerabilities.

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Ordinals have contributed more than $458 million in network fees to Bitcoin miners to date, providing essential revenue before the BTC halving when mining rewards will decrease. This event, scheduled around April 19, will see block rewards cut from 6.25 BTC to 3.125 BTC.

Mithil Thakore, CEO of Velar, has reportedly observed that the growing popularity of Ordinals will likely lead to the development of Bitcoin Layer-2 solutions that can handle smart contracts, helping integrate Ordinals and BTC into decentralized finance (DeFi). He said:

It’s an exciting time for the Bitcoin ecosystem as we witness its evolution and expansion into new realms of functionality.

This growth not only showcases the active engagement within the network but also sets the stage for its expanded role in blockchain and finance.

April 11 was also a big day for hip-hop enthusiasts in the BTC community, as Ghostface Killah, a rapper from the legendary collective Wu-Tang Clan, airdropped 10,000 music-infused Bitcoin Ordinals.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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