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Vitalik Buterin Praises Bitcoin Ordinals, Believes BRC-20 Standard Can Restore Stall
There are more than 15 million Ordinals inscriptions recorded in Bitcoin.
It turns out that Bitcoin maximalists are staunch supporters of crypto assets. They've maintained a united front for more than a decade, but the Ordinals' presence shakes up that long-held narrative. The year 2023 will be known for many things, one of which is the split of the Bitcoin community into two warring factions.
The first were Ordinals skeptics and "loyal" Bitcoin supporters, using the asset purely to process transactions. The second group is regular team fans. Both groups have convincing arguments to support their views, but Vitalik Buterin believes the boom of Bitcoin Ordinals could help revive web developers.
Vitalik Buterin praises Ordinals
Speaking on Twitter Space with Eric Wall and Udi Wertheimer on July 7, the ethereum founder said that Ordinals is beginning to revive a "culture of actually doing things," which, according to him, feels like "a throwback to lasers." "A real resistance to eye movement". He sees this trend as a benefit to the ecosystem as a whole.
The Ordinals protocol enables NFTs on the Bitcoin network. Prior to this, Ethereum dominated the NFT space. It can therefore be argued that Ordinals played a vital role in changing this dynamic by bringing NFT creators from Ethereum to Bitcoin. The influx of new developers has sparked a spike in network transaction fees.
Buterin, however, applauded the BRC-20 token standard, saying its rising prominence marks a complete abandonment of what he sees as the "stagnation" politics that plague the bitcoin ecosystem.
The year the Ordinals broke out
The latest statistics show that between Q1 and Q2 2023, Bitcoin Ordinals volumes increased by 2,834% to a staggering $210.7 million. 150,969 unique traders with a historical volume of 554,215 trades, indicating growing interest from users keen to explore new digital assets.
Additionally, Bitcoin has over 15 million Ordinals inscriptions at the time of writing, according to Dune Analytics data.
Earlier this week, the Bitcoin Ordinals proposal was released, cutting the cost of inscriptions by 90%. Luminex, the Ordinals launch platform, proposed a new standard BRC69. In addition to reducing the cost of inscriptions, it also brings new on-chain functions, such as "pre-display collection launch and on-chain display".