Bitcoin Fees Pump, OKX Burns Millions & The Return of BRC20s!

Play Video

In this episode of Bitcoin Season 2, we’re focusing on Bitcoin metrics!

Bitcoin Metrics: Charlie examines the mempool.space charts, noting an increase in Bitcoin fees, which spiked due to OKEx consolidating UTXOs inefficiently. This process led to higher fees as OKEx’s transactions bid against each other, costing the exchange millions.

Transaction Types: An overview of transaction types shows a significant portion of Bitcoin transactions are runes, a fungible token type, dominating since the recent halving.

Total Value Locked (TVL): The discussion highlights the TVL on various Bitcoin L2s (Layer 2 scaling solutions). Key L2s include Bob (Interlay), Mezzo (Thesis), and Merlin, with substantial economic weight staked on these platforms.

Ordinals and Inscriptions: There’s been a resurgence in BRC20 transactions driven by Unisat, with marketplace activities seeing a significant increase. The competition among marketplaces like Unisat, OKEx, and Magic Eden is heating up, with Magic Eden capturing a significant market share.

Runes Market: The market cap for runes peaked at $2.2 billion but has since stabilized around $1.8 billion. Magic Eden is emerging as a dominant marketplace for runes transactions.

We also touches on the OP_Cat soft fork proposal for Bitcoin, which has gained mainstream support rapidly, highlighting its potential impact on UTXO management and scaling solutions.

Upcoming events and content include the Inscribing Nashville coference and an interview with Leonidas about the potential for meme coins like DOGE on Bitcoin to hit billion-dollar valuations.

Related Episodes

Runemaster Leonidas says it's time for memecoins to come home to Bitcoin and explains why DOG•GO•TO•THE•MOON should be the #1 dog coin everywhere.
Jun 12, 2024
Maximalism has peaked. Bitcoin is no longer dominated by a Bitcoin maximalist dogma, but is quickly welcoming a diverse crowd of degens, gamblers and token peddlers. Is this good for Bitcoin is the question of course!
Jun 07, 2024
PortlandHODL talks 4meggers, Bitcoin Consensus, and Reorging Testnet (twice!)
May 30, 2024
Charlie Spears provides a concise weekly summary of the Bitcoin ecosystem. This update covers key metrics in the ordinals ecosystem, Bitcoin broadly, runes, and Bitcoin technology, all within a tight 15-20 minute package.
May 28, 2024
How Bitcoin miner Mike Hamilton won the SECOND Runes ticker.
May 23, 2024
Rijndael & Tyler Whittle tell us the tale of how they wrote the CatVM storybook and how OP_CAT could fulfill the promises a lot of other Bitcoin ideas have failed to deliver.
Apr 24, 2024
Casey Rodarmor & Raphjaph talk about how they built Runes, the future of Ordinals, and what they're working on next!
Apr 19, 2024
The internet is arguing about BitVM, and if it works as a practical bridging mechanism for Bitcoin Rollups. We dig in, plus Runes!
Apr 12, 2024
Now, listen here

Get updates on new episodes and a whole lot more

By subscribing, you agree to the Blockspace Privacy Policy and Terms and Conditions.