Grayscale believes that Bitcoin’s new ability to create non-fungible tokens may drive BTC to more closely correlate with Ethereum. This growth could pave the way for a fresh influx of creative developers who can further enhance the ecosystem.” The fee spike, primarily driven by a blend of developer innovation and increased user engagement, suggests that the Bitcoin community will likely continue to attract new users and developers. “… this situation highlights the expansion of the broader Bitcoin community to include new participants. Grayscale sees a silver lining in the near term hurdles: The recent Bitcoin congestion probably will have little impact as platforms and people adapt and move forward. Kraken has supported the #Bitcoin Lightning Network since April 2022⚡ Kraken, the second largest crypto exchange, makes a similar statement noting that it has supported Lightening for over a year. Blockstream’s Liquid network is also a good secondary layer that can help in situations where mainchain is congested.” We need more exchanges and more users of exchanges to push for Lightning in order to benefit from faster speeds and at much lower costs. At Bitfinex, we saw 11,000 transactions in the past 30 days, and I expect this will only grow. “Lightning is well-placed to ease congestion issues on the Bitcoin network. Paolo Ardoino, Bitfinex CTO and unofficial spokesperson, stated: Bitfinex shared a comment on the Bitcoin traffic jam.
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