The blockchain of the first cryptocurrency is experiencing the longest period of maximum block loading, lasting since February. This is evidenced by the dashboard data on Dune Analytics.
For the entire period, the beginning of which coincides with the appearance of Ordinals, the block space is filled almost 100%.
At the end of August, the share of Bitcoin NFT-related transactions on the network reached 85%. Since the launch of the protocol, 33.7 million inscriptions have been created with a total volume of 12.9 GB.
The size of the Bitcoin mempool has been at record levels since May. As of September 21, the number of unconfirmed transactions is approximately 235,000 (246 MB), according to BTC.com.
According to the journalist Colina Wuthe continued congestion of the first cryptocurrency’s blockchain will further impact the turnaround time for low-value transfers.
In May, Bitcoin Core developer Luke Dash Jr. proposed implementing a “spam filter” for BRC-20 and Ordinals tokens due to their negative impact on the network.
Ethereum co-founder Vitalik Buterin, on the contrary, supported the protocol for launching Bitcoin NFTs, calling its emergence the return of “creator culture” to the blockchain of the first cryptocurrency.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
