Post-Halving Fee Madness on the Bitcoin Network After the Introduction of Runes

Following the much-anticipated halving, the average fee per Bitcoin transaction hit a record high of $128.45 stemming from Runes. However, data from YCharts revealed that the figure subsequently fell to $34.8 million on April 21.to $81 million, an increase from $7.7 million the previous day. On April 21, the network’s total fees fell to $22.37 million.

The brief rise in fees was primarily propelled by the introduction of the Runes Protocol, a new token standard similar to BRC-20s, leading to an increase in transaction fees as people rushed to create meme coins. For the uninitiated, Runes was launched simultaneously at block 840,000 with the halving to boost on-chain activity. It allows users to create NFT-like inscriptions on the Bitcoin blockchain. This new protocol enables users to easily create tokens on Bitcoin, similar to Solana and Ethereum.

While existing standards like BRC-20 and SRC-20 are based on Ordinals theory, they can lead to UTXO proliferation that could spam the Bitcoin network. To address this issue and create a more sustainable token creation method, Rodarmor announced Runes in September 2023.

On the other hand, ordinal collections like Bitcoin Puppets and NodeMonkes witnessed 15% and 9.5% increases respectively over the same period.Ordinals Activity Ramps Up Before Halving — Alongside Bitcoin FeesAI Will be One of those Areas Where Blockchain has Genuinely Improved: Flare Network’s CEO Hugo Philion One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.

Source: Digital Coin News (digitalcoinnews.net)

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