Crypto News – After being introduced to the Bitcoin network, the Runes token standard has already brought in over 2129 bitcoin ($135 million) in transaction fees in just one week.
First Week of Runes: Generating $135 Million in Fees
Runes provides a network tokenization method that is more effective than the BRC20 standard by utilizing the UTXO concept and OP_RETURN opcode of Bitcoin. Users can create tokens, which are essentially memecoins, on top of Bitcoin using this tool.
The fourth Bitcoin halving, which happened at block height 840,000, coincided with the debut of Runes. Rapid growth has seen the protocol take center stage in network fee and transaction activities. On Thursday, 51% of Bitcoin transactions were ordinary, while 45% of transactions were tied to Runes, as per a Dune dashboard provided by Cryptokoryo. On top of that, since its launch, the network has handled more over 3 million Rune transactions.
Miner Difficulty Increased by 2% the Day Runes was Launched
About 11,000 Runes tokens have been issued to date, according to data from the Runes trading protocol, Unisat. This has increased demand for network blockspace and, consequently, network fees. The Block’s data dashboard indicates that as of April 25, the average transaction price was still over $40, which is significantly more than the $5 observed at the beginning of the month.
Runes were also introduced at the same time as Bitcoin’s mining difficulty increased by 2% on Wednesday, reaching a record-breaking level. This change signals increased miner engagement, as it is the first mining difficulty boost that occurs right after a halving event.
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