Bitcoin’s (BTC) ordinal volume has exploded by a staggering 2,834% in the second quarter of 2023, according to the blockchain intelligence platform DappRadar.
DappRadar notes in a new quarterly report that Bitcoin ordinal volume increased from $7.18 million in Q1 to $210.7 million in Q2.
Bitcoin ordinals allow users to inscribe digital assets such as images and videos to a single satoshi, or an individual unit of BTC, to create non-fungible tokens (NFTs) on the crypto king’s network.
Explains the blockchain intelligence platform,
“The hype was also mirrored in the all-time trades and unique traders, which stood at 554,215 and 150,969 respectively, highlighting the platform’s broadening reach and the growing interest among new traders in this digital asset.”
DappRadar also notes in its quarterly report that the number of daily unique active wallets that interacted with decentralized applications (DApps) on-chain rose by 7.97% quarter on quarter.
“This increase may be interpreted as an encouraging sign of market recovery. Despite the regulatory turbulence that pervaded the landscape, the digital asset market still thrived, as reflected by the growth of active engagement.”
According to the analytics firm, gaming continues to be the most dominant DApp sector, followed by decentralized finance (DeFi). Meanwhile, DappRadar says the NFT sector is witnessing its own crypto winter.
“The gaming category continues to lead as the most dominant, commanding 37% of the market. However, it is down from a 45% market dominance in the previous quarter. Notably, DeFi has experienced a resurgence with the memecoin hype and the L2 airdrops hunters, with its dominance soaring from 23% to 32%, showing signs of a comeback in popularity.
The Social category is also gradually gaining ground, contributing to 13% of the dominance, a 1% increase from the preceding quarter. In contrast, the NFT sector appears to be facing a slowdown in its growth trajectory, marking a dominance of 7%, a figure that harks back to its Q4 2022 levels.”Â
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