Bitcoin Ordinals’ adoption, utilization, memory usage drop

Taproot adoption and utilization drops in half to 9% and 3%, respectively, while memory usage has dropped to 88MB.

James Van Straten
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James Van Straten
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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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)
Taproot Adoption: (Source: Glassnode)
Taproot Adoption: (Source: Glassnode)
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James Van Straten
James Van Straten
Former Lead Analyst 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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