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Nervos CKB Research ReportPreface During the fourth Bitcoin halving cycle, the explosive adoption of the #Ordinals protocol and similar protocols made the crypto industry realize the positive externality value of issuing and trading assets based on the Bitcoin L1 layer to the consensus security and ecological development of the Bitcoin mainnet. This can be described as the "Uniswap moment" of the Bitcoin ecosystem. The evolution and iteration of Bitcoin’s programmability is the result of the Bitcoin community’s opinion market governance, rather than being driven by teleology such as for BTC Holders or for block space Builders. At present, enhancing the programmability of Bitcoin and thereby increasing the utilization rate of the Bitcoin mainnet block space has become a new design space for the Bitcoin community consensus.

Nervos CKB Research Report

Preface

During the fourth Bitcoin halving cycle, the explosive adoption of the #Ordinals protocol and similar protocols made the crypto industry realize the positive externality value of issuing and trading assets based on the Bitcoin L1 layer to the consensus security and ecological development of the Bitcoin mainnet. This can be described as the "Uniswap moment" of the Bitcoin ecosystem.
The evolution and iteration of Bitcoin’s programmability is the result of the Bitcoin community’s opinion market governance, rather than being driven by teleology such as for BTC Holders or for block space Builders.
At present, enhancing the programmability of Bitcoin and thereby increasing the utilization rate of the Bitcoin mainnet block space has become a new design space for the Bitcoin community consensus.
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