- The Dumpling
- Posts
- Bitcoin Ordinals top the charts
Bitcoin Ordinals top the charts
BTC Ordinals, Blur Lending volume, and Metaplex backlash
GM Baos,
Another week means another opportunity to provide the steamiest news for our beloved readers 🥟
Today we cover:
Ordinals at #2
Blur Lending volume 🆙
Metaplex backlash
Ordinals take the #2 spot
🚨 Ordinals have been on the rise in recent weeks 🚨
It seems that Bitcoin is slowly solidifying its position as the number two spot in NFTs, at least in the short term.
According to the latest data from Cryptoslam, there were non-wash trades worth $6.7m in Bitcoin over the past day. In comparison, Ethereum saw trades worth over $1 million, while Solana had around the same amount.
The weekly charts further reinforce this observation, as Bitcoin's NFT volume doubled that of Solana, with a total of approximately $25m in the past week, while Solana managed only half that amount at $12m.
Although a significant portion of these trades and volume come from the BRC-20 tokens, the overall volume demonstrates the potential of this space, and it's worth keeping an eye on.
Let's see how this unfolds, but you heard it here early on! 👀
BLEND gone wild
A couple of weeks ago, Blur introduced a new feature that allows users to lend NFTs and borrow ETH through their platform, and it's been absolutely mind-blowing!
They have quickly become a dominant player in the lending platform space, accounting for approximately 85% to 90% of the total volume. To put it into numbers, Blur has amassed around $288m in total volume, which is equivalent to roughly 157,000 ETH 🤯
This success can be attributed, in part, to Blur's rewards system. With every transaction made on Blur, users have the chance to earn Blur points, which likely contributes to the increased number of transactions.
Moreover, the platform's user interface is incredibly user-friendly, making it a popular choice among NFT traders. This ease of use may explain their impressive trading volume throughout May.
It’s worth noting is that Binance has announced plans to allow NFTs to be used as collateral for loans as well. Exciting times lie ahead! Keep an eye on Blur's progress and the evolving NFT lending landscape. I smell an interesting war coming along!
Will Metaplex end SOL NFTs?
Metaplex, a company that provides tools and support for developers in the Solana ecosystem, is facing significant backlash from the community due to their plans to introduce an additional network fee 😬
This development is particularly significant since Metaplex is widely used in the majority of Solana projects. Although the fee may only range from .01 to .001 SOL per transaction, it raises concerns since Solana is known for its extremely low gas fees.
1/ Over the last several months, the Metaplex Foundation and the Solana Foundation have worked together and aligned on a framework to bring Token Metadata (TM) to its terminal state of completion and immutability 🧵
— Metaplex 🦾 (@metaplex)
6:31 PM • May 22, 2023
Metaplex argues that these fees are necessary as a form of developer support and to sustain the maintenance of the entire chain, which holds some truth. They state that the funds will be used for the Token Metadata Immutability Roadmap.
However, this decision challenges the nature of Solana projects and could have a significant impact on the NFT ecosystem established there.
It may also contribute to the growing interest in alternative platforms like Immutable X or BRC-20. The implementation of these fees or taxes has undoubtedly had a substantial impact on Solana.
1/ We appreciate the community’s feedback around the Token Metadata immutability plan and have a few updates:
- No fees on Update, Verify, Freeze & Thaw (fee will only be on Create)
- Fees will be adjusted if SOL dramatically increasesMore thoughts on community feedback 👇🧵
— Metaplex 🦾 (@metaplex)
3:58 PM • May 25, 2023
It remains to be seen if Metaplex will fully implement this program in the near future and how it will ultimately affect the entire ecosystem. The community will be closely observing the developments and their implications.
Bao-Sized News
Made us Kek
Thanks everyone for reading today!
–Bluejohn