jakiro
Author: David C, Bankless; Compilation: Baishui, Bitchain Vision
Runes is a new protocol for minting homogeneous tokens on Bitcoin, and its launch really lives up to expectations, at least initially.Are runes a flash in the pan fashion, or can they bring a new future to Bitcoin and its transaction volume?
With the arrival of halving, the launch of runes has brought about a historic transformation.The transaction fees incurred by a miner in a single day exceed the block reward for the first time.On the day of release, miners earned $80.74 million through handling fees alone, significantly exceeding the $26.28 million block reward.
Rune tokens are attached to Bitcoin’s UTXO (unused transaction output) instead of single Satoshi, which makes it possible for them to integrate with Lightning Network or other Bitcoin L2 in the future.
The rapid popularity of runes has greatly driven the rapid growth of expenses.
Within just two hours after it went online, the network had about 53,000 runes-related transactions, significantly increasing the normal traffic of the network and pushing the average transaction fee to nearly $130, the record of the last bull market peak.More than twice the record.
Despite initially being crazy, rune transaction volume and fees have normalized.
Shortly after the release, Runes transaction volume dropped to around 30% of all Bitcoin activity and high priority transaction fees dropped to around $11.Udi Wertheimer believes that while Runes’ initial success may boost the levels of other former Runes tokens such as Runestones, Prometheans, PUPS and WZRD, which are considered strong candidates for future CEX listings, the momentum may need to be more than expected.It takes longer to start.
Looking ahead, it might be wise to hold top Ordinals like Bitcoin Puppets, NodeMonkees and Runestones, as their market position makes it possible for them to attract future rune airdrops.While Bitcoin DeFi, NFT and L2 are likely to continue to be one of the hot topics of this cycle, the best move now may be to wait and see the runes, especially how they perform in the coming weeks.
