Nostr Assets, the Bitcoin infrastructure developer, has temporarily halted deposits due to high user activity.
Nostr Assets, a Bitcoin custodian that allows users to transact Satoshis through the Lightning and Taproot Networks, has announced a pause on deposits. The company claims to have onboarded over 70,000 new users since the end of October and received 280 Bitcoin in deposits, equivalent to $11.8 million. However, due to the surge in user activity, Nostr Assets has asked users to await further announcements and refrain from depositing funds for the time being.
Accusations of an Affinity Scam
Fiatjaf, the creator of the Nostr protocol, has accused the Nostr Assets team of operating an affinity scam. Fiatjaf claims that Nostr Assets is not connected to the Nostr protocol and users should not deposit any funds into the platform. Nostr Assets developers have denied these allegations, stating that while they utilize Nostr, Taproot Assets, and Lightning in their construction, Nostr itself is a decentralized and open-sourced network that anyone can build on.
NFT Sales on Bitcoin Network Surpass $1 Billion
On the same day as the allegations, the total volume of non-fungible token (NFT) sales on the Bitcoin network reached over $1 billion. Additionally, Ordinals, a meme token minted on the Bitcoin network, achieved a market cap of $1 billion. BRC-20 tokens, invented by Web3 developer Rodarmor, have gained popularity as a significant advancement in blockchain technology.
Bitcoin Ordinals is a numbering system that assigns a unique number to each satoshi, allowing for tracking and transfer. This, combined with the Bitcoin Inscription process, enables the minting of unique digital assets on the Bitcoin blockchain. However, it is important to note that the current token listed on Binance, ORDI, is not associated with the developers of Bitcoin Ordinals.
Overall, the pause in deposits by Nostr Assets highlights the growing demand and activity in the Bitcoin ecosystem. As NFT sales and meme tokens gain traction on the Bitcoin network, it will be interesting to see how these developments shape the future of the cryptocurrency industry.
