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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a move reflecting the crypto community's commitment to decentralization, the BIP-110 proposal aimed at blocking the Ordinals protocol on the Bitcoin network has failed. According to reports, the soft fork proposal, designed to filter out inscriptions, secured less than 1% support from the community ahead of its August deadline, effectively ending the attempt to censor these data types.
This overwhelming rejection occurs amidst ongoing debates regarding block space utilization, where critics argue that Ordinals contribute to network congestion and higher fees. However, the failure reinforces the 'uncensorable' nature of the network, a sentiment echoed by experts like Michael Saylor, ensuring that the protocol driving Bitcoin-based NFTs remains operational without technical restrictions.
Market data shows Bitcoin trading at $63329.70 (close of July 4, 2026) as traders continue to monitor institutional flows. Looking ahead, the market will focus on upcoming catalysts including the Chinese Manufacturing PMI scheduled for June 30, which often serves as a broader indicator for global risk-on sentiment in digital assets.