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

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

Bitcoin Metrics: Charlie examines the 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.

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