Adam Back, a prominent Bitcoin developer, opposes the BIP-110 proposal aimed at limiting arbitrary data on the Bitcoin network. This proposal, which has gained support among validators using Bitcoin Knots, could according to him freeze funds by rendering certain UTXOs unspendable. Bitcoin Knots has seen its market share rise from 2% to 22.7% since Bitcoin Core removed the 80-byte limit on the OP_RETURN function in October. The Ordinals ecosystem has generated over $500 million in transaction fees to strengthen Bitcoin’s security, although activity has significantly declined since its December 2023 peak, when miners collected nearly $10 million in a single day.
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