Research Rundown: The Rising Tide of Ordinals

Deep dive into the latest in Bitcoin’s ordinal phenomenon.

Get ready for a weekly dose of crypto research insights from M6 Labs. 

In a rush? Here's the skinny:

  • Ordinals are the talk of the town! Dive into our threads for a crash course on everything you need to know.

  • Layer 2: Is it just a quick fix or the future of scalability?

  • Revoke Cash is a handy tool for managing smart contract permissions, allowing you to monitor and revoke approvals for all contracts

Before We Begin

M6 Labs is hosting a '12 Days of Giveaways' event during the holiday season, offering valuable 1-year subscriptions to top crypto analytics platforms like Bubblemaps, Chainedge, and Footprint Analytics. 

The event runs from December 11th to 22nd, 2023, and includes daily draws for subscribers. Participants must be:

Winners will be selected randomly daily and announced on our social media platforms.

🔗 Ready to win? Use your referral link below and share the excitement! 👇

1️⃣ Ordinals On The Rise

Ordinals have been on a tear. Regardless of what side you fall in, it is hard to argue against the sheer popularity of ordinals. In November 2023 alone, we had a record 8.34M ordinal-related transactions, generating ~$38.7M for BTC miners. Overall, the total number of inscriptions issued to date is fast approaching 50 million, while total fees generated is about to touch $150 million.

Do you want to learn more about ordinals? We have written a series of threads this past week to give you more insights about this exciting sector:

Are you pro-Ordinals?

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2️⃣ M6 Labs Research

Spotlight: Layer 2s Curb Ethereum’s Success

Layer 2 solutions have dominated discussions within the Ethereum community and are hailed as the remedy to scale the Ethereum network. Yet, beneath the surface of this narrative lies a more nuanced reality. 

Rather than delivering comprehensive solutions to Ethereum's core issues, the current layer 2s functions as a mere Band-Aid, addressing specific challenges but falling short of true problem-solving.

Read More Research Pieces

3️⃣ Partner Research - Bubblemaps

With Bitget's growth and increasing user base, the valuation of BGB reached $700 million, positioning it in the top 100 cryptocurrencies by market cap. However, analysis by the Bubblemaps team reveals that almost the entire BGB token supply is held by the Bitget team, and distributed across about ten wallets.

4️⃣ Good Reads

Woj on rare sats.

5️⃣ Good Tools

Revoke Cash is a tool for managing smart contract permissions, enabling users to monitor and revoke approvals for all contracts. This functionality is particularly vital in scenarios where users have inadvertently approved malicious contracts or when protocols have been compromised.

Do you want more tool recommendations in the future?

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The future of crypto and blockchain technology is marked by significant growth. The industry is poised to attract a broader audience with the bull market around the horizon. As such, the best thing you can do is gain as much knowledge as possible about crypto.

Stay tuned for next week's Research Roundup.

Thanks for reading ❤️

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