DWF Ventures Reports Bitcoin Ordinals Surge Ahead of Bitcoin Halving

DWF Ventures, a leading Web3 venture capital platform, reports a surge in Bitcoin Ordinals activity as the Bitcoin halving approaches. The platform attributes this growth to the launch of Ordinals in January 2023 and its impact on increasing on-chain data storage, facilitating innovations like Runes and BRC-20s.

DWF Ventures Reports Significant Growth in Bitcoin Ordinals as Bitcoin Halving Approaches

April 15, 2024 - DWF Ventures, a prominent venture capital platform specializing in the Web3 sector, has disclosed a substantial surge in the popularity of Bitcoin Ordinals. The platform attributes this growth to the impending Bitcoin halving, which is expected to occur in the coming days.

Ordinals' Rise Driven by Halving Catalyst

According to DWF Ventures, the launch of Bitcoin Ordinals in January 2023 has gained significant momentum in recent weeks due to the approaching halving. The halving event, which occurs approximately every four years, reduces the block reward for Bitcoin miners by half. This anticipated reduction has stimulated investor interest in alternative ways to derive value from the Bitcoin blockchain, including Ordinals.

Ordinals Boost On-Chain Storage, Sparking Innovation

The platform further notes that the introduction of Ordinals has increased the amount of data stored on the Bitcoin blockchain, a development known as "on-chain storage." This increased storage capacity has facilitated the creation of inscriptions, inscriptions, which are digital artifacts inscribed onto individual Satoshis (the smallest units of Bitcoin).

The popularity of inscriptions has led to various innovations, including Runes and BRC-20s. Runes are fungible tokens built on top of the Ordinals protocol, while BRC-20s are tokens created on the Bitcoin blockchain using the BRC-20 standard.

Ordinal Volume Spikes, Top Collections Emerge

As a result of these innovations, the volume of Ordinals has witnessed a remarkable increase. DWF Ventures reports that Ordinal volume has surpassed that of Ethereum non-fungible tokens (NFTs) in the past month.

Magic Eden and OKX have emerged as the leading marketplaces for Ordinals. The platform highlights Quantum Casts, Bitcoin Puppets, and NodeMonkes as the most popular NFT collections in the Ordinals ecosystem.

Holders Benefit from Valuable Airdrops

Holders of Ordinals, particularly Runes, have benefited from airdrops of various high-value tokens. These airdrops have created wealth effects within the Ordinals ecosystem and fostered a loyal community.

Runes Protocol Captures Attention Amidst Halving Hype

The Runes Protocol, which aims to serve as a fungible counterpart to Ordinals, has generated considerable excitement. The protocol focuses on attracting developers and users over the long term by simplifying complexities through a UTXO-based model (similar to Bitcoin).

Additionally, Runes require less storage and data compared to BRC-20s. Recent pre-Rune projects offering early exposure to the protocol have garnered significant attention.

DWF Ventures Enables Runecoin Mining, Community Building

DWF Ventures allows Runecoin holders to mine exclusive RSIC runes. A portion of the supply has been allocated to Bitcoin Puppets and OPIUM holders, fostering a robust community.

The platform anticipates that several protocols will migrate to or launch Runes in the lead-up to the Bitcoin halving. This migration is expected to further boost the Ordinals ecosystem and its affiliated projects.