November 27, 2023
Image Credit: Bitcoin news
December 15, 2023
On-chain analysis disputes critics' claims, showing inscriptions, especially BRC-20 tokens, as efficient in block space, using less than 10% but generating 20-40% of total fees.
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Glassnode data reveals that regular monetary transactions still make up the majority of Bitcoin block space, with inscriptions filling any remaining space.
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Inscriptions and monetary transfers share a 50/50 distribution, challenging the notion that inscriptions disrupt the network.
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In contrast to initial perceptions, inscriptions contribute significantly to the network by fitting more value, fees, and data into blocks.
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The BRC-20 token standard's introduction leads to a "second wave" of text-based inscriptions, expanding Bitcoin's UTXO set and increasing transaction fees.
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Glassnode highlights SATS, a BRC-20 token, and Binance's listing announcement underscores the token's importance.
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Described as "filler" for blocks, text-based inscriptions efficiently use available block space and are displaced by more urgent monetary transfers.
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