The average fee on the Bitcoin network jumped to $19.48 as the halving approaches.
Based on BitInfoCharts’ data, Bitcoin network fees have surged with the upcoming launch of the Runes protocol. The average fee amounted to $19.48 on April 18, marking a nearly $14 increase since the start of the month.
It’s believed that the rise in this metric can be attributed to the introduction of the Runes protocol by Casey Rodarmor. marketed as a more straightforward choice than Ordinals. Rodarmor argued that one major issue with BRC-20 tokens is their tendency to congest the network.
New terrible idea just dropped: Runes.
A worse-is-better fungible token protocol for Bitcoin.
— Casey (@rodarmor) September 25, 2023
The Runes protocol is designed to address this issue by operating independently of Ordinals and facilitating smoother transactions. Certain initiatives, such as the NFT collection called PUPS, have already preannounced the debut of their tokens using this innovative standard.
PUPS is an experimental BRC-20 token on the BTC blockchain. After the halving scheduled for April 20, developers plan to transfer the asset to the Runes protocol. Over the past week, positioning itself as “the first meme coin on the Bitcoin network,” the PUPS token has experienced an explosive price increase of over 1,200%.
The asset’s capitalization, launched in January of this year, and currently stands at $439 million. Meanwhile, the trading volume of the PUPS meme coin exceeds $5.4 million.
Read More
Sorry. No data so far.
2024-04-18 20:49