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How Taproot Adoption Reshapes Network Dynamics

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The Bitcoin network is rapidly evolving, and its on-chain fundamentals have changed completely compared to the last bull run in 2021. The two most important upgrades on the network – Taproot and SegWit – are seeing increased user adoption despite challenges in the market.

According to an update by CryptoQuant CEO Ki Young Ju, Taproot adoption soared from 1% to 39% in just a year.
Meanwhile, SegWit is now prevalent among addresses, revolutionizing on-chain fundamentals since the 2021 bull run. This transformative growth essentially highlighted Bitcoin’s maturation and its readiness for the challenges ahead.
Segregated Witness (SegWit) is a crucial upgrade that involves a modification in Bitcoin’s transaction structure. Its primary aim as a protocol enhancement was to safeguard against transaction tampering and reduce transaction durations by enlarging block capacity.
Transaction tampering concerns the potential alteration of transaction details, jeopardizing new blocks.
SegWit additionally facilitated Bitcoin’s progression towards supporting smart contracts and transitioning to a subsequent iteration, Taproot. Implemented in 2021, this upgrade enhanced transaction handling, rendering it faster and more economical.
The Taproot upgrade facilitated the development of decent-sized applications (dApps) on the Bitcoin blockchain by enhancing network privacy, scalability, and security.
With the introduction of novel signature schemes and a versatile transaction framework, the Bitcoin blockchain’s sustainability was bolstered, enabling support for DeFi (decentralized finance) initiatives in the long run.
In May, 75% of Bitcoin on-chain transactions embraced Taproot, and its adoption surged further in 2023 due to growing interest in Ordinals.

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