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
Author
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.
Make preferred on Google logo

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)
Advertise with CryptoSlate
Mentioned in this article
Bitcoin
Analyst View profile
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.

Advertise with CryptoSlate
Context

Related coverage

Explore related reporting by asset, place, or topic.

AI Usage Disclosure

CryptoSlate may use AI tools to support research, editing, and production workflows. Published articles remain editorially reviewed by our team. Read our full AI usage disclaimer.

Disclaimer

Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. For more information, see our company disclaimers.

Bitcoin BTC (24h)
$79,201.83 -1.29%
Market Cap $1.59T
24H Volume $33.08B