WhenTaproot?
@WhenTaproot
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A bitcoiner community educating and campaigning for Bech32m adoption: #WhenTaproot?
Joined July 2022
Since last we spoke, Gemini and Relai joined the services that can pay into P2TR outputs. Come on, Binance and Robinhood, Taproot has been active for over 197,000 blocks.
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Alright @binance , @cryptocom, and @Gemini, you’re up. When do you add support for sending to P2TR? #whentaproot
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🥳
📢 Exciting news! We're pleased to announce that Coinbase․com users can now send Bitcoin to Taproot addresses, creating access to more onchain destinations.
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GM, P2TR is cheaper than P2WPKH for almost every user scenario: https://t.co/A9Dso9yb7h Change my mind?
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640 days since Taproot activated. 26% of all outputs in the past week were P2TR. Binance, Bitfinex, Coinbase, Crypto•com, and Gemini, #whentaproot?
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I was debating on having Trident launch taproot only, but lack of support across exchanges sending to bech32m (taproot) addresses makes for a poor UX. It looks like @Strike now supports sending to bech32m, @coinbase does not, and I don't have accounts to verify others.
GM, Taproot 🥕 is active now, but are exchanges ready? Next time you are DCAing, could you try putting a bech32m (P2TR) address as the withdrawal destination? Just check if it gets accepted, don't send to it (or only a small amount). Let us know what happened below (or dm).
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Unpopular take, P2TR send support from exchanges is more important and impactful than lightning withdrawals. It is an several orders of magnitude easier to implement, holds back wallet UX, and stagnates L1 innovation.
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Realistically, if we got @binance, @coinbase and @Gemini to add ~5 lines of code to update their checksum algorithm for Bitcoin spending, we'd have 99% of bitcoin exchanges by liquidity supporting taproot. https://t.co/YvEEcKr5LU
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Yet even 15 months after Taproot activation, a number of the biggest businesses have not yet found the ~two engineer-days to implement support for sending to Bech32m addresses. Coinbase, Binance, Bitfinex, and Fireblocks: #whentaproot?
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Uptake in wallets and libraries is progressing: • BIP327 standardized MuSig2 • LND uses P2TR for on-chain addresses by default • LN implementations are working on Simple Taproot Channels • BitGo has made MuSig2-based outputs available to their hundreds of business customers
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New features take time to get adopted. P2TR picked up heavily this year w/ about 26% of all outputs being P2TR now. Of course a lot of this use stems from inscriptions, but P2TR keypath spends are trending up as well.
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Came across this cool website by @WhenTaproot:
whentaproot.org
Resources and tracking for Bech32m adoption among bitcoin projects.
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I’m hearing second hand that @Bitso added support for sending to bech32m (paying to P2TR outputs). Can anyone confirm that this is the case? #whentaproot
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Looking at the recent mempool, a reminder: P2TR inputs cost 61% less than legacy, 37% less than wrapped segwit, and 15% less than native segwit v0. If you’re on multisig addresses and upgrade to MuSig, the savings are even greater, between 45–80%. #whentaproot
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YO @brian_armstrong @coinbase u guys are killing my vibe SUPPORT SEND TO TAPROOT ADDRESSES NOW
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