The community is rushing to mint rune Meme coins! Bitcoin on-chain transaction fees far exceed block rewards

This site (120BtC.coM): The homogeneous token protocol Runes is officially launched with the Bitcoin halving, and the crypto community is rushing to mint it. The correlation generated by Runes alone The fee has reached as high as 312 BTC, and the on-chain priority transaction fee once exceeded $200.

The community rushed to grab rune tokens, and Bitcoin transaction fees soared past 200U

On April 20, Beijing time, the Bitcoin block height reached 840,000, triggering the fourth block reward reduction Half, the reward has been reduced from the original 6.25 to 3.125.

Data from the block explorer mempool.space shows that, in addition to 840,000 being the first block after the halving, the transaction fee generated by a single block of 37.67 BTC has exceeded the historical record.

The priority transaction fee on the chain once reached 2,000 satoshi/byte, which is more than 200 US dollars.

This is caused by the Rune Protocol (Rune) going online after the halving, and the community competing to mint Rune tokens.

Origin of Runes

Developer Casey Rodarmor launched the Ordinals protocol in 2022, opening the Bitcoin NFT narrative, but the subsequent BRC-20 derivative caused congestion on the Bitcoin network, and the situation It’s so serious that Bitcoin core developer Luke Dashjr threatened to ban BRC-20 and the Ordinals protocol; Casey has also expressed his rejection of BRC-20 many times.

Therefore, in September last year, Casey announced the redevelopment of Runes, trying to serve as a replacement for BRC-20, ARC-20, and Stamps.

Runes has been paying attention to the community before the halving, and is even regarded as similar to the NFT craze in the 2021 bull market. Recently, the Franklin Fund team also wrote a special article to introduce Runes, believing that it will become Bitcoin A true homogeneous token standard, and the market capitalization of Bitcoin illustrates its potential may be very great.

According to official websites such as Runebtc and Runealpha, many Runes projects have been fully minted, and projects named after Satoshi Nakamoto are held by more than 15,000 wallets.

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