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Bitcoin’s weekend halving cut miner profits by reducing BTC issuance, but the Runes protocol launch offset losses with significant fee increases. Runes, developed by Casey Rodarmor, boosted transaction costs to nearly US$128, funnelling a record US$107.8 million into miner wallets. Despite criticism, Runes simplifies token creation on Bitcoin, emphasising efficiency without needing off-chain data or a native token.
The average weekly network fee for Bitcoin transactions has tripled since the start of April, overtaking Ethereum for the first time since January. The increased fees comes on the back of heightened network activity due to the Runes protocol’s impending launch. Runes are set to bring a whole new level of engagement to the Bitcoin ecosystem. Love them or hate them, there’s no denying that the advent of Ordinals (and BRC-20 tokens) has revolutionised the Bitcoin ecosystem.
Bitcoin’s Runes protocol is set to launch this weekend, drawing attention away from the highly-anticipated halving event. Runes are a development on Bitcoin Ordinals, a token standard that allows “inscriptions” in data to essentially support Bitcoin-based NFTs. Runes, a new token standard, will be significantly more efficient and simpler to use than Ordinals, improving development and network activity in the sector. Memecoins are coming to Bitcoin – deal with it.
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