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Litecoin Network Gets Its First NFTs After Developer Forks Bitcoin Ordinals
A copy of the white paper of Litecoin’s mimblewimble upgrade was put on the Litecoin blockchain.
Updated Feb 21, 2023, 6:42 p.m. Published Feb 21, 2023, 8:40 a.m.
Developers are forking Bitcoin ordinals to give older proof-of-work networks such as Litecoin their first set of non-fungible tokens (NFT). Over the weekend, Bitcoin developer Anthony Gurrera forked the code behind Bitcoin Ordinals to the Litecoin blockchain – placing a copy of the latter’s mimblewimble upgrade white paper to the Litecoin network, making it the first NFT on Litecoin, in effect.
The first #Litecoin #Ordinal has been inscribed on the Litecoin blockchain.
— Crypto Anthony (@anthonyonchain) February 19, 2023
The mimblewimble whitepaper will live within Litecoin forever Ⓜ️🕸 #MWEB!$LTC $BTC #NFT @SatoshiLite @finitemaz @ryanwrights @MASTERBTCLTC @ChiefLitecoin @indigo_nakamoto pic.twitter.com/ICLkTMjwRW
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The effort likely stemmed from a public bounty of 15 litecoin (LTC) tokens by one Crypto Twitter user to any developer who could fork Ordinals to the Litecoin blockchain. “Rules: Must work with Litecoin Core 0.21.2.1. Submit the Github repo below. First successful submission to port to Litecoin wins,” Twitter user Indigo said.
Ordinals Protocol, which enables users to inscribe references to digital art into small transactions on the Bitcoin blockchain, essentially creating Bitcoin-based non-fungible tokens.
Already, one report from research firm FSInsight argues that an Ordinals-driven resurgence in development and the expansion in the total value transacted and secured over the Bitcoin blockchain should drive up its price.
As such, the Litecoin ordinals are open source, meaning anyone can make changes to the code and upgrade the code.
Meanwhile, Bitcoin Ordinals are proving to be fairly successful, despite initially creating drama among purist developers in the Bitcoin community. Dune Analytics data shows over 153,000 inscriptions – a term for unique tokens on Ordinals – have been created in just over three weeks after launch, with more than 5,000 created daily on average.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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