Binance Wallet removes the inscription market: Where is the Bitcoin ecosystem going?

In the comments at the end of yesterday's article, I saw that many readers mentioned that "Xan removed Inscriptions". My first reaction was: Did Xan remove all Inscriptions (including ORDI) trading pairs?

I learned that the removal here only means that its wallet no longer supports Inscriptions trading, which is very different from the platform not supporting Inscriptions trading.

I guess many users misunderstood this news.

It is estimated that due to the influence of this news, the price of ORDI fell to 33 US dollars when I wrote the article.

There are also many comments on the subsequent impact of this incident on the Internet. One of them believes that:

Xan's support and development of the Bitcoin ecosystem is already behind many other exchanges, so this incident has limited impact on Inscriptions.

I think this is the case in the short term, but in the long term, this incident may indirectly indicate X'an's assessment and prediction of this track.

Inscriptions, especially ORDI, are, in my opinion, a starting point and support for this round of innovation and outbreak of Bitcoin application ecology.

Let's take a look at the most prosperous DeFi ecology in the Bitcoin ecology. There is almost no one that does not support inscriptions, and many applications are the first to support ORDI after they are launched.

If there are no inscription assets, the application ecology of Bitcoin will give people the feeling of water without a source and a tree without roots.

Therefore, any platform that pays attention to the Bitcoin application ecology cannot ignore inscriptions, let alone ORDI. For exchanges, they should increase their support for inscriptions.

However, X’an is now removing support for inscription transactions from its wallet, which indicates that:

X’an is unlikely to focus on this development direction in the future, and is cautious about this track.

To some extent, my opinion is the same. I have expressed similar views on this point in many articles before.

From the current development and progress of various aspects, the application development of the Bitcoin ecosystem is worrying. At present, the subsequent development of various technologies that were once optimistic does not seem to have set off a big wave, and has not prompted the Bitcoin application ecosystem to develop more distinctive applications.

Binance no longer supports the transaction of inscriptions in its wallet. I estimate that in the future, it will gradually fade its support for other Bitcoin assets (such as runes, etc.) or at least will not invest more energy in developing new applications.

In addition, if the Bitcoin application ecosystem continues to decline, I think there is no shortage of other exchanges that will follow up with similar operations. After all, it costs a lot to maintain support for these applications and even develop new features. Why continue to invest if you don't see results?

I have also mentioned the operation of these assets in a previous article:

In the short term (at least until next year), I estimate that with the rotation of sectors, whether it is inscriptions, runes or other Bitcoin ecosystem assets, there will still be a wave of increases, but in the long run, there is still a lot of uncertainty. Therefore, I will take advantage of that wave of increases to clear most of these assets.