Community Competes to Create Rune Meme Currency, Bitcoin Transaction Fees Far Exceed Block Rewards
As the Bitcoin halving officially launched, the crypto community rushed to mint homogeneous token protocol Runes. The associated costs generated by Runes alone have reached 312 BTC, and on-chain priority transaction fees have exceeded $200 at one point.
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Crazy Rush for Rune Tokens, Bitcoin Transaction Fees Soar Over 200 U
Origin of Rune Protocol (Runes)
Crazy Rush for Rune Tokens, Bitcoin Transaction Fees Soar Over 200 U
On April 20th, at Taiwan time, when the Bitcoin block reached a height of 840,000, triggering the fourth block reward halving, the reward has been reduced from 6.25 to 3.125.
And according to the block explorer mempool.space, data shows that 840,000, besides being the first block after the halving, has generated a transaction fee of 37.67 BTC in a single block, breaking historical records.
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On-chain priority transaction fees have reached 2,000 satoshis per byte, exceeding $200. This is due to the launch of the Rune protocol (Runes) after the halving, and the rush of the community to mint Rune tokens.
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Apart from inscriptions, how does the Rune protocol (Runes) drive market speculation again?
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Developer Casey Rodarmor introduced the Ordinals protocol in 2022, opening up Bitcoin NFT narratives. However, the subsequent creation of BRC-20 caused congestion in the Bitcoin network, to the point where Bitcoin core developer Luke Dashjr threatened to ban BRC-20 and Ordinals protocol. Casey also expressed his opposition to BRC-20 multiple times.
Therefore, in September last year, Casey announced the redevelopment of the Rune protocol (Runes), attempting to serve as an alternative to BRC-20, ARC-20, and Stamps.
Runes has been under the community’s attention even before the halving, and it has even been seen as similar to the NFT craze in the 2021 bull market. Recently, the Franklin Fund team also wrote a special report introducing Runes, believing that it will become the true standard for homogeneous tokens in Bitcoin, and its potential may be very significant, as indicated by Bitcoin’s market value.
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Franklin Rune Report: Rune Issuance Will Become the Homogeneous Token Standard for Bitcoin Ecology
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According to the official websites of Runebtc and Runealpha, many Rune projects have already been fully minted, with one project named after Satoshi Nakamoto being held by over 15,000 wallets.
Runes
Bitcoin
Further Reading:
Bitcoin’s Fourth Halving Complete, Block Reward Officially Reduced to 3.125BTC
Has the Halving Market Already Been Priced In? Deutsche Bank, JPMorgan, and Goldman Sachs All Bearish on Bitcoin Halving
