The Runes Protocol Launch: Bitcoin Daily Fees Surge to New Records ๐
The launch of the Runes protocol has caused Bitcoin daily fees to soar well beyond a prior all-time high (ATH), according to insights from the crypto analytics firm, IntoTheBlock.
Bitcoin Fees Spike to $80 Million
Lucas Outumuro, head of research at IntoTheBlock, observed a remarkable surge in Bitcoin transaction fees to $80 million on April 20th, which is four times higher than the previous ATH recorded over six years ago.
- Runes protocol introduction
- Developed by Casey Rodarmor, creator of Ordinals
- Enhancing efficiency in creating fungible tokens on Bitcoin
Expressing his views, Outumuro highlighted the impact of the Runes launch on Bitcoin transaction fees:
โThe launch of Runes on Bitcoin has been absolutely insane. Daily fees reached an all-time high of over $80 million, setting a new record. This amount surpasses the previous ATH set in December 2017 by a factor of four. The average BTC transaction fee peaked at $128 during this frenzy, far exceeding the $30 peak seen during the Ordinals period.โ
Minersโ Rewards and Runes
Outumuro noted that the Runes launch, following Bitcoinโs halving on April 19th, has significantly boosted minersโ revenue through the surge in transaction fees. He highlighted the following point:
- Minersโ increased earnings post-halving
- Miners earned over $100 million on April 20th
- Record revenue due to the spike in transaction fees
Furthermore, Outumuro identified a specific group of market participants driving the surge in Runes-related transactions:
โNew addresses on Bitcoin have dropped to a two-year low, indicating that most of the Runes-related activity is driven by crypto degens. Retail participation is expected to increase over time.โ
The Future of Runes-Related Transactions
As more insights are gathered around the surge in Runes-related transactions and Bitcoin fees, the market anticipates how this trend will evolve over time.
- Market Participants Shaping the Runes Ecosystem
- Increased interest from crypto degens
- Expected retail participation in the future
Closing Thoughts: Embrace the Evolution ๐
The surge in Bitcoin fees following the launch of the Runes protocol signifies a significant shift in the crypto landscape. As innovation continues to drive developments in the industry, adaptability and awareness will be key to thriving in this dynamic environment.
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