Bitcoin

DeFi

Million

April

Rise

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The Bitcoin network surpasses 65 million Ordinals inscriptions ahead of the anticipated Bitcoin halving.</li>
 <li>Ordinals, the first nonfungible tokens (NFTs) on Bitcoin, have generated over $458 million in network fees for Bitcoin miners.</li>
</ul>
<p>The Bitcoin network has achieved a significant milestone, exceeding 65 million Ordinals inscriptions, just ahead of the much-anticipated Bitcoin halving.</p>
<p>The 65 million mark was surpassed on April 11, a little over a year since the launch of Ordinals in January 2023, as per data from Dune.</p>
<h2 id="ordinals-and-bitcoin">Ordinals and Bitcoin</h2>
<p>Ordinals represent the first batch of nonfungible tokens (NFTs) on the <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> network, the pioneering blockchain network. Unlike most popular NFT collections today, Ordinals exist exclusively on the Bitcoin blockchain, eliminating the need for centralized servers and reducing vulnerability points.</p>
<p>This achievement comes on the eve of the Bitcoin halving, which is expected around April 19, and will cut block rewards from 6.25 Bitcoin (BTC) to 3.125 BTC.</p>
<p>Ordinals have so far generated over $458 million in network fees for Bitcoin miners, a significant source of revenue for mining companies as the halving nears.</p>
<h2 id="the-rise-of-bitcoin-decentralized-finance-btcfi">The Rise of Bitcoin Decentralized Finance (BTCFi)</h2>
<p>The 65 million milestone highlights the growing demand for block space on Bitcoin and the need for additional Bitcoin layer-2 networks. As Ordinals become more common, the requirement for utility around them through lending and derivatives markets becomes apparent.</p>
<p>This trend is likely to spur the growth of Bitcoin layer-2 networks, providing the necessary programmability to support smart contracts and bring Ordinals as well as BTC to decentralized finance (DeFi).</p>
<p>BTCFi, a new concept aiming to bring DeFi capabilities to the Bitcoin network, could match the innovation of <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>-based DeFi in the future, given the current adoption rate.</p>
<p>The market is seeking expansive platforms that can handle the increasing volumes and expectations. DeFi emerges as the only sector with the potential to leverage this narrative, offering a sustainable ecosystem for Bitcoin’s evolving use cases. This sets the stage for Bitcoin DeFi to potentially match, if not exceed, the innovation and complexity seen in Ethereum’s DeFi ecosystem.</p>

Bitcoin Rocketing Past 65 Million Entries Just 8 Days Pre-Halving

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