Bitcoin is buzzing again with the Runes Protocol making a comeback! Imagine a threefold boost in activity since the quiet days of August—it's like the Bitcoin party just got a whole lot louder.
The Runes Protocol, which kicked off during Bitcoin's fourth halving event, has sent transaction fees soaring to record heights. It's like Bitcoin's dance floor is packed, and everyone's eager to join in. With activity ramping up, fees have climbed over 32% in just a week, the highest they've been since the summer. This means Bitcoin miners are having a field day, pocketing a cool $5 million in transaction fees recently.
Alkimiya, the decentralized capital markets protocol, has chimed in, pointing out that Runes transfers have exploded, hogging more than half of the blockchain’s block space. It's as if Runes has taken over the stage, and the crowd is loving it. Transaction fees are in the spotlight, with median fees jumping from 7.944 sat/vB to a whopping 13.111 sat/vB—a 65% leap in just one day! Four distinct spikes in fee rates were noted, reaching as high as 50 sat/vB, all thanks to Runes mints.
Runes made its grand debut at block 840,000 in April during Bitcoin's halving event, designed to jazz up on-chain activity. Created by Casey Rodarmor, the genius behind Ordinals, Runes lets users mint their own tokens on the Bitcoin network. It's an upgrade from the BRC-20 standard, known for its pricey token dealings.
On the day of Bitcoin's halving, Runes raked in over $62 million, pushing daily transaction fees to a staggering $81 million, with average fees per transaction hitting a record-breaking $128. The first week after Runes' launch saw it ruling the Bitcoin network. While activity slowed down afterward, it never quite fizzled out.
By September, Bitcoin Runes hit a milestone with over 50 million inscriptions, achieved in less than five months. It's clear that Runes is back in the spotlight, and the Bitcoin world is all fired up!
