- Vitalik Buterin believed that Bitcoin Ordinals needed L2s on the Bitcoin network to move forward.
- While Inscriptions passed 15 million, Stacks, a Bitcoin L2, was not accepted.
Ethereum [ETH] co-founder Vitalik Buterin is full of praise Bitcoin ordinal numbers developers for their courage to build on the Bitcoin [BTC] network. Buterin, speaking on the “What can Bitcoiners learn from Ethereum?” Twitter space, said he was pleased to see that the experiment had remained relevant.
Realistic or not, here it is The market cap of ETH in terms of BTC
Is the focus on Bitcoin L2s the right way?
Buterin highlighted the similarities between both blockchains, saying that Ordinals have shown that Ethereum and Bitcoin can have homogeneous cultures.
“Ordinals are starting to bring back a culture of actually doing things. It feels like there’s a real pushback to the laser eye movement, which is good.
Introduced by Casey Rodarmor, Bitcoin Ordinals was launched in January 2023. The idea behind it was to support a new utility on the network. Since then, several artifacts in the form of NFTs have been created on the network.
At one point, however, Bitcoin developers argued that it was not “right” for Ordinals to appear on the network. Some even said that the development downplayed the existence of Bitcoin’s basics.
Despite the concern, Ordinals have experienced increasing acceptance. In the meantime. Buterin said Bitcoin could emulate Ethereum by focusing on Layer-Two (L2) projects, not just limiting base-layer development to NFTs.
He added that this could help the efficiency of the Bitcoin ecosystem. But already a Bitcoin L2 Stacks [STX] has already gained momentum among the crypto community.
The possible solution is missing
Although Stacks was developed in 2017, it took a long time to appear in the spotlight relative breakthrough earlier this year when STX soared.
So the negative weighted sentiment of STX suggested that the average social commentary on the token was not bullish.
As per the weighted sentiment, Santiment showed that the insight associated with STX was negative. Usually weighted sentiment took into account the unique social volume and therefore used it to measure the perception of a project.
The chart above also pointed to the Open Interest (OI). According to the on-chain analytics platform, Stack’s Open Interest has plummeted. Often, an increase in OI suggests more money is flowing into the market.
How many Worth 1,10,100 STXs today?
Therefore, STX’s plunge in the metric means more investors are leaving and the market is liquidating.
In the meantime, the number of subscriptions made on Bitcoin Ordinals has passed 15 million. According to Dune Analytics, Ordinals crossed the landmark due to the 129,823 inscriptions made on July 7.
Source: Dune analysis