In the latest quarterly report titled “State of the Dapp Industry in Q2 2023,” released by DappRadar, it has been revealed that the creation of Bitcoin Ordinals inscriptions on the Bitcoin blockchain has led to a staggering increase in trading volume.
According to the report, the Bitcoin Ordinals trading volume soared from $7.18 million in the first quarter of the year to an impressive $210.7 million by the end of June, representing a massive quarterly increase of 2834%.
The report also highlights several key takeaways from the data gathered. One significant finding is the rise in the number of unique wallets interacting with blockchain applications in Q2 2023.
In terms of market dominance, the gaming sector remains the leader in Q2 2023, with 37% of the market share. However, this represents a drop from the 45% dominance observed in the previous quarter.
On the other hand, the decentralized finance (DeFi) sector experienced a resurgence, with its dominance increasing from 23% to 32%. This shift suggests a growing user preference for DeFi applications.
Overall, the data from Q2 2023 portrays a blockchain industry that is navigating regulatory pressures and market fluctuations.
Luminex Introduces Revolutionary BRC-69 Standard For Bitcoin Ordinals
Despite challenges, there is continued user engagement and adoption of apps, with Bitcoin Ordinals experiencing a remarkable surge in popularity.
A few days ago, Bitcoin Ordinals Launchpad platform Luminex unveiled a new standard for ordinal collections known as BRC-69.
This cutting-edge standard has the potential to revolutionize the world of ordinal collections by drastically reducing inscription costs by more than 90% and introducing an entirely on-chain pre-reveal process for launches.
Luminex took to Twitter, announcing the introduction of BRC69 as a game-changing standard for creating Recursive #Ordinals collections effortlessly.
The aim of this standard is to address the growing challenge of scarce and expensive Bitcoin block spaces as the number of inscriptions continues to rise. Innovative approaches are necessary to empower creators to bring their ideas to life while optimizing efficiency.
BRC69 not only offers flawlessly rendered images but also provides enhanced flexibility, ushering in a host of new possibilities. One notable advancement is the introduction of an entirely on-chain pre-reveal process, allowing for collections to be launched with utmost transparency.
Related Reading | Ethereum Developer Proposes DeFi “Circuit Breaker”