DWF Ventures, a popular venture capital platform in the Web3 sector, has recently witnessed huge growth in Bitcoin Ordinals. As per the platform, the approaching Bitcoin halving has accelerated the rise of BTC Ordinals which launched back in January 2023. The platform took to X to disclose this huge spike.
1/ The Bitcoin Halving is fast approaching in a few days!The ecosystem has been buzzing with activity, particularly around Ordinals and Runes.Let's dive in pic.twitter.com/lmJvJfXrH5
— DWF Ventures (@DWFVentures) April 15, 2024
DWF Ventures Discloses a Sheer Rise in Ordinals While Bitcoin Halving Draws Near
In addition to this, the firm disclosed that the launch of Ordinals has increased the data amount for the on-chain storage. This played a crucial role in popularizing the inscriptions. The respective development went on to prompt several other innovations with the use of the system. These innovations take into account Runes and BRC-20s.
As a result of such exclusive inclusions, a remarkable increase has taken place in the volume of Ordinals. The upcoming *BTC* halving as well as the Runes Protocol’s launch (that will take place in April) are important here. Due to these developments, the Ordinals are skyrocketing. Hence, the Bitcoin volumes were approximately as good as Ethereum in the previous month.
On the other hand, Magic Eden and OKX emerged as the chief marketplaces. According to the company, Quantum Casts, Bitcoin Puppets, and NodeMonkes are the top NFT collections concerning Ordinals. Apart from having a resilient CT community, the collection holders have additionally obtained diverse airdrops, including PUPS and RUNE.
The Holders also Enjoy Airdrops of High Value
A few of the above-mentioned airdrops have offered a very elevated value, developing a wealth impact for the Runes/Ordinals ecosystem. Just like WIF, this raises a loyal community to drive its narrative on a wider level. After this, the Runes Protocol has been seeing a great amount of excitement and thrill. It targets to work as Ordinals’ fungible counterpart. It focuses on alluring developers and consumers in the long term.
For this purpose, it prioritizes minimizing complexities. For this purpose, it utilizes a UTXO-based model (almost like Bitcoin). Moreover, it decreases the storage and data requirements in comparison with BRC-20s. In recent times, the pre-Rune projects offering early protocol exposure have been grasping a lot of attention.
Keeping that in view, DWF Ventures permits Runecoin holders to mine exclusive RSIC runes. Furthermore, the supply’s certain portion went to Bitcoin Puppets/OPIUM holders, developing a robust community. Several protocols will expectedly migrate to or launch Runes in their halving approaches.
