Insights

Bitcoin Ordinals’ adoption, utilization, memory usage drop

exchange68September 13, 2024

0 2 1 minute read

Quick Take

Since introducing Ordinals and inscriptions in January 2023, Bitcoin block space, usage, and transactions have grown exponentially.
Last week, the 100k Ordinal was inscribed, which shows the traction that Ordinals picked up.
However, data suggests the numbers are starting to reverse.
Taproot adoption and utilization have dropped by half; adoption is now less than 9%, while utilization is roughly around 3%.
As of Feb 10, the memory usage in Bitcoin exceeded over 300MB; priority fees were 21sat/vB.
However, the memory usage has now cleared to roughly 88MB, with only 8sat/vB for high priority, which shows the demand is drying up from Ordinals.

Feb 10. Memory Usage: (Source: mempool.space) — Feb 10. Memory Usage: (Source: mempool. space)

Memory Usage Feb 20: (Source: mempool.space) — Memory Usage Feb 20: (Source: mempool. space)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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