Average transaction fee on the Bitcoin network (7DMA) exceeded $16. Specialists The Block They explained this by the activity of users waiting for the launch of Runes.
Bitcoin developer and Ordinals creator Casey Rodarmore introduced Runes in September 2023. The protocol will allow the issuance of fungible tokens on the blockchain of the first cryptocurrency, but, unlike BRC-20, using the UTXOwhich will prevent network clogging.
It is assumed that the protocol will start working after the upcoming Bitcoin halving.
In April, experts drew attention to a sharp increase in trading volumes of the PUPS meme token of the BRC-20 standard and NFTs from the project’s collection. The team plans to transfer assets to Runes after its launch.
Some traders believe that the launch of the protocol will cause a boom in altcoins, similar to the hype around meme coins in the Solana and Base ecosystems.
Runes will be the greatest shitcoin casino ever created
On Bitcoin.
It will put every other alt-chain casino out of business
— trevor.btc (@TO) April 11, 2024
Franklin Templeton analysts named Runes, along with Ordinals and BRC-20, as one of the main drivers of the revival of innovation in Bitcoin.
Source: Cryptocurrency
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