Bitcoin Ordinals, the decentralized exchange protocol that allows users to trade any ERC-20 token pair, saw its largest daily volume since May on November 8, 2023. According to data from Dune Analytics, Bitcoin Ordinals facilitated over $1.2 billion worth of trades in 24 hours, surpassing its previous record of $1.1 billion on May 3, 2023.
The surge in volume was largely driven by the increased activity in the BRC-20 token sector, which is a subset of ERC-20 tokens that are backed by real-world assets such as gold, silver, or fiat currencies. BRC-20 tokens aim to provide more stability and liquidity to the crypto market, as well as enable cross-chain interoperability with other blockchains.
One of the most popular BRC-20 tokens is BRCUSD, which is pegged to the US dollar and can be used as a medium of exchange or a store of value. BRCUSD accounted for over 40% of the total volume on Bitcoin Ordinals on November 8, 2023, followed by BRCGBP (pegged to the British pound) and BRCEUR (pegged to the euro).
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The demand for BRC-20 tokens has been growing steadily in the past few months, as more investors and traders seek to hedge against the volatility and inflation of fiat currencies. Moreover, BRC-20 tokens offer a lower gas fee and faster transaction speed than traditional ERC-20 tokens, making them more attractive for high-frequency trading.
Bitcoin Ordinals is one of the leading platforms for trading BRC-20 tokens, as it offers a high level of security, transparency, and efficiency. Bitcoin Ordinals does not require users to create an account or deposit their funds in a centralized entity. Instead, users can connect their wallets directly to the protocol and execute trades in a peer-to-peer manner, without intermediaries or custodians.
Bitcoin Ordinals also leverages a novel mechanism called Automated Market Makers (AMMs), which use smart contracts to create liquidity pools for each token pair. Users can provide liquidity to these pools and earn fees from each trade, or they can swap tokens at the best available price determined by the pool’s ratio. This eliminates the need for order books or price discovery and ensures that there is always enough liquidity for any trade.
Bitcoin Ordinals is constantly innovating and improving its protocol, adding new features and functionalities to enhance the user experience and cater to the evolving needs of the crypto market. Some of the recent developments include:
Launching Bitcoin Ordinals V3, which introduces concentrated liquidity and multiple fee tiers, allowing liquidity providers to customize their exposure and returns. Integrating with Optimism, a layer-2 scaling solution that reduces gas costs and latency for Bitcoin Ordinals transactions.
Supporting Arbitrum One, another layer-2 scaling solution that offers high throughput and compatibility with Ethereum. Expanding its ecosystem of partners and integrations, such as Coinbase Wallet, MetaMask, CoinGecko, CoinMarketCap, Etherscan, and more.
Bitcoin Ordinals is one of the most innovative and influential projects in the DeFi space, and its impressive performance on November 8, 2023, demonstrates its potential to revolutionize the crypto industry. With its cutting-edge technology, user-friendly interface, and vibrant community, Bitcoin Ordinals is poised to become the leading platform for trading any token on Ethereum and beyond.
Ben Armstrong sues former colleagues alleging they conspired to steal his Lamborghini.
In a shocking turn of events, crypto youtuber and influencer Ben Armstrong, better known as BitBoy Crypto, has filed a lawsuit against his former colleagues, accusing them of conspiring to steal his Lamborghini Huracan.
According to the complaint, Armstrong claims that he hired four individuals in 2019 to work for his company, BitBoy Crypto LLC, which produces content on various platforms about cryptocurrencies and blockchain technology. He alleges that these four employees, who are named as defendants in the lawsuit, breached their contracts and fiduciary duties by secretly forming a competing company, Crypto Face LLC, and using BitBoy Crypto’s resources, contacts, and trade secrets to promote their own interests.
Armstrong further alleges that the defendants plotted to steal his Lamborghini, which he had purchased in 2020 using the profits from his crypto investments. He says that he entrusted the defendants with the keys and access codes to his garage, where he stored the vehicle, and that they took advantage of his trust and stole the car in July 2021. He claims that he reported the theft to the police, but the defendants have refused to return the car or cooperate with the investigation.
The lawsuit seeks damages for breach of contract, breach of fiduciary duty, conversion, civil conspiracy, unjust enrichment, and fraud. Armstrong also requests an injunction to prevent the defendants from using or disposing of the Lamborghini, and from continuing to operate Crypto Face LLC.
Armstrong is one of the most popular and influential crypto youtubers, with over 1.3 million subscribers on his channel. He is known for his bullish views on Bitcoin and other cryptocurrencies, as well as for his collaborations with other prominent figures in the crypto space. He has not commented publicly on the lawsuit yet, but his fans have expressed their support and outrage on social media.
Bitcoin Cementing Status as Store of Value
In a recent blog post, Fidelity Digital Assets, a subsidiary of Fidelity Investments, one of the world’s largest asset managers, argued that Bitcoin is becoming a more accepted and reliable store of value in the eyes of investors and institutions. The post highlighted several factors that contribute to Bitcoin’s growing appeal as a store of value, such as its scarcity, durability, portability, fungibility, verifiability, and divisibility.
According to Fidelity Digital Assets, Bitcoin has a unique advantage over other forms of money and assets, as it is not subject to the same risks of inflation, devaluation, confiscation, or censorship that plague fiat currencies and traditional assets. Bitcoin is also independent of any central authority or intermediary, and its network is secured by a decentralized consensus mechanism that ensures its integrity and immutability.
The post also cited several examples of how Bitcoin is being adopted and recognized by various entities and individuals as a legitimate and valuable asset class. For instance, the post mentioned that MicroStrategy, a publicly traded software company, has invested over $1 billion in Bitcoin as its primary treasury reserve asset, and that Square, a leading payment platform, has allocated $50 million of its balance sheet to Bitcoin as well.
Moreover, the post noted that PayPal, one of the largest online payment providers, has enabled its users to buy, sell, and hold Bitcoin and other cryptocurrencies on its platform.
Bitcoin is more than just a digital currency. It is a revolutionary technology that has the potential to transform the global financial system and create a new paradigm of trust and value. Bitcoin is not controlled by any central authority, but by a decentralized network of nodes that verify and record transactions on a public ledger called the blockchain. This ledger is immutable, transparent and censorship-resistant, making Bitcoin a secure and reliable way of storing and transferring wealth.
One of the key features of Bitcoin is its limited supply of 21 million coins, which ensures that it is not subject to inflation or devaluation by governments or central banks. Unlike fiat currencies, which can be printed at will, Bitcoin has a predictable and transparent issuance schedule that reduces over time until the last coin is mined around the year 2140. This makes Bitcoin a scarce and valuable asset that can serve as a hedge against economic uncertainty and currency debasement.
Bitcoin is in the process of cementing its status as a store of value, as more and more investors, institutions and corporations recognize its unique properties and advantages over traditional assets. Bitcoin has outperformed every other asset class in the past decade, delivering an annualized return of over 200%. Bitcoin has also shown remarkable resilience and strength during periods of market turmoil, such as the Covid-19 pandemic, when it recovered faster and higher than any other asset.
Bitcoin is not only a store of value, but also a medium of exchange and a unit of account. Bitcoin can be used to buy goods and services online and offline, across borders and without intermediaries. Bitcoin can also be used to measure the value of other assets, such as stocks, commodities or real estate.
Bitcoin is becoming more accessible and convenient to use, as the technology improves, and the infrastructure grows. There are now over 13,000 Bitcoin ATMs worldwide, over 100,000 merchants that accept Bitcoin, and over 300 million users that hold Bitcoin.
Bitcoin is not a bubble or a fad. It is a paradigm shift that is changing the world for the better. Bitcoin is empowering people with financial freedom, sovereignty and inclusion. Bitcoin is enabling innovation, entrepreneurship and social impact. Bitcoin is the future of money.
Fidelity Digital Assets concluded that Bitcoin is in the process of cementing its status as a store of value, as more investors and institutions recognize its potential and utility in the digital age.
The post stated that “Bitcoin is unique among assets in that it features an asymmetric upside with a known and fixed supply schedule and demand dynamics that are still early stage. As such, we believe Bitcoin represents an attractive alternative for investors looking for a scarce and uncorrelated asset with optionality for future growth.”