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ETH Ethereum
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Fear & Greed

73

Greed

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Event Calendar

{{年份}}
28
03
unlock Arbitrum Token Unlock

92 million ARB released

30
04
upgrade Celestia Mainnet Upgrade

Improves data availability sampling efficiency

18
03
unlock Sui Token Unlock

Team and early investor shares released

10
05
upgrade Ethereum Pectra Upgrade

Raises validator limit and account abstraction

08
04
upgrade Solana Firedancer

Independent validator client goes live on mainnet

15
04
halving Bitcoin Halving

Block reward reduced to 3.125 BTC

22
03
unlock Optimism Unlock

Circulating supply increases by about 2%

12
05
halving BCH Halving

Block reward halving event

Altseason Index

41

Bitcoin Season

BTC Dominance Altseason

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Ethereum 28 Gwei
BNB Chain 3 Gwei
Polygon 42 Gwei
Arbitrum 0.5 Gwei
Optimism 0.3 Gwei

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1
Bitcoin
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1
Ethereum
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1
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BNB Chain
BNB
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1
XRP Ledger
XRP
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1
Dogecoin
DOGE
$0.0865
1
Cardano
ADA
$0.2078
1
Avalanche
AVAX
$7.38
1
Polkadot
DOT
$0.8717
1
Chainlink
LINK
$11.7

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The BIP-110 Fork: A 2-Block Epitaph for Bitcoin's Governance Myth

CryptoZoe
Eight hours. Two blocks. That's the entire lifespan of the Bitcoin BIP-110 fork. The data is brutal. At block height 961,632, a set of nodes activated a user-activated soft fork (UASF) to enforce BIP-110—a proposal to restrict non-financial data in Bitcoin transactions. By block 961,633, the fork was already dead. The main chain marched on to 961,681. The ledger doesn't lie: this wasn't a fork; it was a suicide. Let me be clear about what BIP-110 proposed. It aimed to limit the amount of non-financial data that could be written into Bitcoin's block space. Think inscriptions, Ordinals, BRC-20 tokens—anything that isn't a pure financial transaction. The mechanism was a UASF, meaning node operators would unilaterally enforce the rule change without waiting for the standard BIP-9 miner signaling process. The proposal required 55% of blocks in a difficulty adjustment period to signal support. In the previous epoch, only 51 out of 2016 blocks signaled—that's 2.53%. A far cry from 55%. Yet the proponents decided to force the issue anyway. They set a "flag day" at block 961,632, after which their nodes would reject any block that didn't include a BIP-110 signal. This is code as law, but without the social contract. The miners, who actually produce the blocks, simply ignored the new rules. They kept building on the old chain. The result: a split. The BIP-110 chain produced exactly two blocks—blocks 961,632 and 961,633—before the hashrate vanished. The main chain, by contrast, continued to produce blocks normally, reaching 961,681 within the same eight-hour window. Here's the core technical reality. Bitcoin's average block time is ten minutes. In eight hours, the network can produce roughly 48 blocks. The fork chain managed two. That's about 4% of the expected hashrate. For context, a chain with 4% hashrate is vulnerable to reorganization attacks from any entity controlling even a modest amount of mining power. It's economically insecure, practically unusable, and essentially dead on arrival. Auditing isn't about finding intent; it's about measuring the structural integrity of the system. This system had no integrity from the start. From my experience auditing consensus mechanisms during the 2017 ICO era, I've seen this pattern before. A group of developers or ideologues decides that the protocol should behave a certain way, and they attempt to enforce that vision through code rather than consensus. In 2017, I spent nights manually auditing Solidity source code for ERC-20 tokens, finding integer overflow flaws in three major launches. Those bugs were technical. This BIP-110 failure is not a bug. It's a governance failure masquerading as a technical one. The code itself was probably fine. The problem was that the code didn't have the hashrate to back it up. Let's talk about incentives. Miners are rational actors. They maximize profit. Since the Ordinals boom, inscription-related fees have become a meaningful supplement to block rewards. BIP-110 would have cut off that revenue stream. Of course miners didn't support it. The 2.53% signal rate is a clear indicator: the miners voted with their hashrate, and the vote was a resounding no. Silence is the loudest audit trail in the market. The absence of blocks on the fork chain is the most damning evidence of all. Now, the contrarian angle. Many will call this a failure of Bitcoin's governance model. I disagree. This is a success. It proves that the system has a built-in immune response. You cannot force a rule change without broad economic consensus. The UASF attempted to bypass the miners, but the miners simply refused to participate. The fork died. The main chain survived. This is exactly how decentralized governance should work: no single group can hijack the protocol. Flow follows fear, but only if the protocol holds. In this case, the protocol held. The fear was that a contentious fork would split the community and damage Bitcoin's value proposition. Instead, the market resolved the issue in under eight hours. The fork chain is economically worthless. The main chain continues to function. The Ordinals ecosystem, which was the primary target of BIP-110, now has a clear path forward: the protocol-level threat has been neutralized. But there's a deeper lesson here. The BIP-110 failure reinforces the fundamental power structure of Bitcoin. It's not a democracy where every node gets an equal vote. It's a proof-of-work hierarchy where the final say belongs to the miners. The developers propose, but the miners dispose. The idea that "code is law" is only true if the code is backed by enough hashrate to enforce it. Code is the only law that doesn't lie, but it also doesn't govern without a police force. What does this mean for the future? First, any future proposal that tries to restrict data usage on Bitcoin will likely avoid the UASF path. The failure of BIP-110 is a strong deterrent. Instead, we might see economic incentives—like fee structure changes or miner-level filtering—that make inscriptions less profitable without banning them outright. Second, the Ordinals ecosystem should feel a sense of relief. The tail risk of a protocol-level ban has been removed. Developers can build on Bitcoin's L1 with more confidence. Third, the Bitcoin governance model has been stress-tested and proven resilient. The system can absorb a contentious fork attempt without catastrophic fragmentation. This is a feature, not a bug. The market has spoken, and the message is clear: hashrate is the ultimate arbiter of truth. In my work at Verifiable Truth, where we use zero-knowledge proofs to verify AI training data provenance, I've learned that trust is built on cryptographic guarantees, not on promises. The BIP-110 fork is a case study in what happens when promises override cryptographic reality. The proponents promised to enforce a new rule, but they couldn't deliver the hashrate. The chain didn't care about their philosophy. It only cared about the blocks. So where do we go from here? The BIP-110 fork is a tombstone, not a foundation. It tells us that Bitcoin's governance is not a sandbox for social experiments. It's a hardened system designed to resist change unless change is backed by overwhelming economic consensus. The next time someone proposes a UASF, remember this: the chain doesn't care about your ideals. It only cares about the blocks. The ledger doesn't lie. The fork had two blocks. The main chain has millions. That's the only truth that matters.