According to "The Block" report, in addition to discussions about the Bitcoin halving itself, the Bitcoin community is also looking forward to the launch of the Runes Protocol (expected to be launched at the same time as the Bitcoin halving). Data shows that the recent market hype for BRC-20 has also pushed up transaction fees on the Bitcoin chain.
The Rune Protocol is a new type of token protocol proposed by software engineer Casey Rodarmor. Prior to this, Rodarmor created the Bitcoin Ordinals protocol in January 2023. The main concept behind Ordinals is to distinguish specific Satoshis according to the order of minting. (satoshis, the smallest unit of Bitcoin) to bring non-fungibility to Bitcoin. The BRC-20 token standard emerged shortly after the release of Ordinals to facilitate the issuance of new fungible tokens on the Bitcoin network.
Runes are similar to BRC-20 to some extent in that their goal is to enable new tokens to be traded on the Bitcoin chain. Unlike BRC-20, Runes will use unspent transaction outputs (UTXO). )Model. Essentially, Runes aims to be a more efficient implementation of token issuance, designed with network congestion in mind. Given the success of the BRC-20, many believe Runes has the potential to be the next big breakthrough.
Related articles: "Ordinals founder Cesay comprehensively introduces Runes: a homogeneous token protocol based on Bitcoin UTXO"
PUPS, the BRC20-based Puppet Monkey meme coin, has seen millions of dollars in trading volume almost every day this month and is the second-most traded NFT/BRC-20 collectible in the past seven days, according to CryptoSlam data. Each BRC-20 standard PUPS token will have ownership rights to PUPS runes, and these tokens can all be exchanged for PUPS runes once Runes is launched.
Pups is memecoin on the largest blockchain in the world, Bitcoin.Pups is migrating to Runes with a BRC20 and Ordinal pre-rune as mint/burn:BRC20 Pups – 77%Rune Puppets – 23%Note: Pups is also available on Solana which is a 1:1 bridged token.Marketplace:BTC – UniSat:…
— Pups (@PupsToken) April 13, 2024
Hype activity around these runes has naturally pushed up Bitcoin transaction fees, with the seven-day moving average of the network's average transaction fees climbing from $4.11 at the beginning of the month to $12.17 now. While the value is still low compared to the highs seen during the Ordinals hype in December, the jump was enough to put Bitcoin’s fees above those of Ethereum.
Source: The Block
This article Rune Protocol is about to be released, and market speculation is pushing up Bitcoin transaction fees. It appeared first on Zombit.
