Bitcoin Infrastructure Developer Pauses Deposits Amidst Record User Activity

Welcome to my article! Today, we'll be discussing the recent pause in deposits by Nostr Assets, a prominent Bitcoin infrastructure developer. In light of the surge in user activity, the team has made the decision to temporarily suspend deposits. Let's dive into the details and understand the implications for users. Stay tuned!

Nostr Assets Pauses Deposits

Bitcoin Infrastructure Developer Pauses Deposits Amidst Record User Activity - 560813970

Nostr Assets, a Bitcoin infrastructure developer, has recently announced the temporary pause of deposits due to a significant surge in user activity. The team has advised users to await further announcements and refrain from depositing into Nostr Assets for the time being.

This decision comes after the platform onboarded over 70,000 new users and attracted 280 BTC ($11.8 million) in new deposits since October 30th. The increased demand and activity have necessitated this temporary pause to ensure smooth operations and address any potential issues.

Addressing Allegations of Affinity Scam

Recently, the creator of the Nostr protocol, Fiatjaf, accused the Nostr Assets team of operating as an affinity scam. However, Nostr Assets has dismissed these allegations as unfounded.

Nostr Assets clarified that they utilize Nostr, Taproot Assets, and Lightning in their construction, making it pertinent to Nostr. They emphasized that Nostr is a decentralized, open-sourced, and censorship-resistant relay network that anyone can build on.

Bitcoin NFT Sales Surpass $1 Billion

The Bitcoin network has witnessed a remarkable milestone as the total volume of nonfungible token sales has exceeded $1 billion. This highlights the growing popularity and adoption of NFTs within the Bitcoin ecosystem.

Additionally, Ordinals, a meme token minted on the Bitcoin network, has reached a market cap of $1 billion. This unique numbering system assigns a unique number to each individual satoshi, enabling their tracking and transfer. Through the Bitcoin Inscription process, users can mint unique digital assets on the Bitcoin blockchain.

It's important to note that the current token listed on Binance, ORDI, is not associated with the developers of Bitcoin Ordinals. However, this achievement showcases the potential and value that NFTs bring to the Bitcoin network.

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