Bitcoin (BTC) Ordinal Volume Explodes 2,834% in Q2 2023, According to DappRadar

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Bitcoin (BTC) ordinal volume exploded 2,834% in the second quarter of 2023, according to blockchain intelligence platform DappRadar.

DappRadar notes in a new quarterly report that Bitcoin’s 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 on a single satoshi, or individual unit of BTC, to create non-fungible tokens (NFTs) on the crypto kings network.

Explains the blockchain intelligence platform,

The hype was also reflected in all-time transactions and unique traders, which stood at 554,215 and 150,969 respectively, underscoring the expanding reach of the platforms and the growing interest of new traders in this digital asset.

Source: DappRadar

DappRadar also notes in its quarterly report that the number of daily unique active wallets that interact with on-chain decentralized applications (DApps) increased by 7.97% quarter-on-quarter.

This increase can be interpreted as an encouraging sign of market recovery. Despite the regulatory turmoil that has plagued the landscape, the digital asset market has continued to thrive, as evidenced by the growth in active engagement.

Source: DappRadar

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 games category continues to be the most dominant, with 37% of the market. However, it is down from a 45% market dominance in the previous quarter. Notably, DeFi has seen a resurgence with memecoin hype and L2 airdrop hunters, with its dominance rising from 23% to 32%, showing signs of returning to popularity.

The Social category is also gradually gaining traction, contributing 13% of dominance, an increase of 1% from the previous quarter. On the other hand, the NFT sector seems to be facing a slowdown in its growth trajectory, marking a dominance of 7%, a figure reminiscent of its levels in Q4 2022.

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