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Ordinals Defy Bitcoin's Design Principles but Offer Miners Huge Post-Halving Advantages

It wasn’t supposed to be possible. Yet, with the advent of Ordinals and BRC-20, the Bitcoin network

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is seeing an influx of major developments that have unlocked BTCFi — DeFi using Bitcoin as its primary asset. This has brought new capabilities to a network traditionally known for its transactional simplicity, with the total market cap of BRC-20 tokens alone reaching $2.8 billion. From the standpoint of network health, the takeaway from all this is that Ordinals inscriptions, in particular, have contributed over $438 million in fees to miners, which helps secure the Bitcoin network by incentivizing miner participation.

Andy Handika is CEO and Co-Founder of Loka Mining, a platform that enables retail investors to acquire BTC at a lower-than-market price through co-investing to Bitcoin miners. This op-ed is part of CoinDesk "Future of Bitcoin," published to coincide with the Halving in April 2024.