The Bitcoin sidechain called Liquid Network has experienced a resurgence in activity due to high network congestion on the Bitcoin blockchain. Liquid Network offers a solution for faster, more private, and cheaper BTC transactions. The recent increase in transaction volumes on the Liquid Network has caught the attention of Blockstream executives and founders. This surge in activity is attributed to the adoption of Liquid by ordinals, which are driving innovation and the adoption of alternative BTC technologies. The Liquid Network functions as a federated Bitcoin sidechain, using Liquid Bitcoin (LBTC) as its core asset for transaction fees. The recent increase in activity is linked to the non-custodial Bitcoin exchange Boltz, which allows users to redeem BTC on the lightning network for LBTC. This is particularly useful in high fee environments where lightning network payments may not be practical. Interest in LBTC has also risen among users and other Bitcoin projects. The increase in fees on the Bitcoin blockchain is related to the introduction of Ordinals, a protocol for minting NFTs and tokens on Bitcoin, which has caused blockchain bloat. The new Bitcoin mining pool OCEAN has chosen to filter Ordinals transactions from the blocks it mines.
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