NFT
Bitcoin Ordinals get Vitalik’s acclaim despite this ‘con’
Posted:
| Last updated: July 9th, 2023
Journalist
- Vitalik Buterin opined that Bitcoin Ordinals needed L2s on the Bitcoin network to advance.
- While Inscriptions surpassed 15 million, Stacks, a Bitcoin L2, fell short of adoption.
Ethereum [ETH] co-founder Vitalik Buterin has heaped praises on Bitcoin Ordinals developers for their courage to build on the Bitcoin [BTC] network. Buterin, who spoke on the “What can Bitcoiners learn from Ethereum?” Twitter Space, said he was glad to see that the experiment had remained relevant.
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Is focusing on Bitcoin L2s the right way?
Highlighting the similarities between both blockchains, Buterin said that Ordinals have shown Ethereum and Bitcoin could have homogenous cultures, saying,
“Ordinals are starting to bring back a culture of actually doing things. It feels like there’s real pushback to the laser-eye movement, which is good.”
Introduced by Casey Rodarmor, Bitcoin Ordinals launched in January 2023. The idea behind it was to support a new utility on the network. Since then, several artifacts in the form of NFTs have been created on the network.
However, at some point, Bitcoin developers argued that it wasn’t “right” for Ordinals to appear on the network. In fact, some said that the development downplayed the existence of Bitcoin fundamentals.
Despite the concern, Ordinals have continued to experience increased adoption. Meanwhile. Buterin mentioned that Bitcoin could emulate Ethereum by focusing on Layer-Two (L2) projects, and not just limiting development on the base layer to NFTs.
He added that doing this could help the Bitcoin ecosystem efficiency. But already, a Bitcoin L2 Stacks [STX] has already gained momentum among the crypto community.
Lacking the possible solution
Although developed in 2017, Stacks did not appear in the spotlight for long until a relative breakthrough earlier this year when STX surged.
So, STX’s negative weighted sentiment suggested that the average social commentary about the token was not bullish.
As per its weighted sentiment, Santiment showed the acumen connected to STX was negative. Usually, the weighted sentiment considered the unique social volume, therefore, using it to measure the perception of a project.
The chart above also pointed to the Open Interest (OI). According to the on-chain analytic platform, Stack’s Open Interest has massively tumbled. Oftentimes, an increase in the OI suggests that more money is flowing into the market.
How much are 1,10,100 STXs worth today?
Therefore, STX’s plunge in the metric means that more investors are leaving and the market is liquidating.
In the interim, the number of Inscriptions created on Bitcoin Ordinals has surpassed 15 million. According to Dune Analytics, Ordinals crossed the landmark because of the 129.823 Inscriptions created as of 7 July.
Source: Dune Analytics
