Taproot Protocol, which was envisioned as the long-awaited solution to many of Bitcoin’s conventional problems, has finally started to bear fruits.
. Smart contracts help in unlocking one of the most powerful use cases for blockchain technology – Decentralized Finance .
While Bitcoin always had smart contract capability, scaling constraints restricted its broader application. With the concerns addressed to a great degree by Taproot, the vision has started to come to fruition.Up until 2023, Bitcoin’s reputation was restricted to being a peer-to-peer payments network with not much real-world utility apart from settling transactions on the chain.
A look at Glassnode’s adoption and utilization metrics revealed that 60% of all transactions on Bitcoin used Taproot on 1 May, the day when the overall transaction count hit its all-time high . The adoption rose further on 7 May, accounting for a massive 75% share of all transactions.A big criticism of Bitcoin since its inception has been its lack of utility which has deterred individual investors from actively participating in the network.
Since the beginning of 2023, the percentage of retail investors, who hold less than 10 BTC, has grown significantly, in a sharp contrast to the stagnation seen during the bear market phase of 2022. This is a strong indicator of Bitcoin’ growing mainstream adoption.A year ago, nobody would have imagined that Bitcoin could become a favoured network for facilitating NFT transactions.
Over the last month, trades worth $191 million were settled on the chain, representing a whopping 438% growth, as per CryptoSlam.Despite widespread support, Taproot adoption is projected to expand slowly over time. However, if it continues to open new use cases for Bitcoin, the cryptocurrency environment could undergo revolutionary transformation.
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