Wednesday

Bitcoin

Impact

Pepe

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The Runes token standard generated over $135 million in transaction fees in its first week on the Bitcoin network.</li> 
 <li>Runes-related activity accounted for 45% of Bitcoin transactions, with over 3 million transactions involving Runes since its launch.</li> 
</ul> 
<p> The Runes token standard was recently introduced on the <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> network, accumulating over 2129 bitcoin (equivalent to $135 million) in transaction fees within the first week. </p> 
<p>The Runes system leverages Bitcoin’s UTXO model and the OP_RETURN opcode for a more efficient tokenization solution than the BRC20 standard based on the Ordinals protocols. </p> 
<h2 id="runes-system-and-its-impact">Runes System and Its Impact</h2> 
<p>This system, developed by Casey Rodarmor, enables users to mint tokens on top of Bitcoin, typically memecoins. The Runes system was initiated alongside the fourth Bitcoin halving, happening at block height 840,000, and has rapidly become a significant contributor to network transaction and fee activity. </p> 
<p>On Thursday, Runes-related activity made up 45% of Bitcoin transactions, while regular transactions accounted for 51%. Since its inception, the network has processed over 3 million transactions involving Runes. </p> 
<h2 id="runes-trading-and-network-impact">Runes Trading and Network Impact</h2> 
<p>Data from the Runes trading protocol, Unisat, shows approximately 11,000 Runes tokens have been minted to date. This has increased the demand for network blockspace and, consequently, network fees. On April 25, the average transaction fee was around $40, a significant rise from the $5 seen at the start of April. </p> 
<p>The release of Runes also corresponded with a rise in Bitcoin’s mining difficulty, which increased by 2% on Wednesday to reach a new record high. This marks the first increase in mining difficulty immediately after a halving event, indicating increased miner engagement. </p> 
<p>Among the tokens under the Runes standard, DOG is the most notable, boasting the highest market cap among Runes at over $400 million. DOG is linked to the Runestone NFT collection from Bitcoin Ordinals explorer Ord.io co-founder Leonidas. Other tokens that have garnered interest in the Runes ecosystem include RSIC Genesis, Satoshi Nakamoto, Wanko Manko, and Bitcoin Pepe Matrix.</p>

Bitcoin Network Brews $135 Million in Runes Transaction Fees in Debut Week

Table of Contents

crypto.ro global

Other articles published on Apr 26, 2024

Cryptocurrency Bittensor Down More Than 4% Within 24 hours

Solana Price Prediction: SOL Sees A ”Dramatic Increase” In Interest From Big Investors As Analyst...

Bitcoin’s Bold Price Predictions by Strike CEO Jack Mallers

US Senate candidate jumps into Coinbase vs SEC battle

Meme Coins Are 'A Pure Ponzi' And 'Destroying Crypto,' Says Trader Who Thinks Dogecoin Was Different

Market Experts Believe New Viral DeFi Altcoin Retik Finance (RETIK) Will Beat Dogwifhat (WIF) and...

Join our free newsletter for daily crypto updates!