The Bitcoin network recently passed the milestone of 65 million ordinal registrations, a significant milestone reached just a few days before the much-anticipated halving. This achievement testifies to the continued rise of ordinals, the first non-fungible tokens (NFTs) on the Bitcoin network, and their growing impact on the cryptocurrency ecosystem.
65 million ordinal registrations: a sign before the halving
The achievement of over 65 million ordinal registrations on the Bitcoin network is a key indicator of the rapid evolution of the cryptocurrency ecosystem. Launched less than a year and three months ago, ordinals represent the first iteration of non-fungible tokens (NFTs) on Bitcoin. Unlike most of today's popular collections, which host their metadata on centralized servers, ordinals live solely on the blockchain, reinforcing decentralization and reducing points of vulnerability.
The ordinales: crucial support for minors
As halving approaches, with an expected reduction in per-block rewards from 6.25 BTC to 3.125 BTC, ordinales are becoming an essential pillar for miners. Generating over $458 million in network fees to date, ordinals offer significant financial support to mining companies in this crucial period. This underlines the growing importance of these tokens in the Bitcoin economy and their potential role in the long-term stability of the network.
Growing demand for BTCFi: a sign of the future of decentralized finance
The rise of ordinals also testifies to a growing demand for block space on Bitcoin, underlining the need for additional second-layer networks. Industry experts such as Velar's Mithil Thakore point out that this trend could spur the development of decentralized finance (DeFi ) on Bitcoin. The emerging BTCFi concept aims to bring DeFi capabilities to the Bitcoin network, paving the way for new opportunities for innovation and development in the Bitcoin ecosystem.
