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The Runes token protocol was recently introduced to the Bitcoin ecosystem, quickly generating over $135 million in transaction fees from 2129 Bitcoins in its first week. Runes utilizes Bitcoin’s UTXO model and the OP_RETURN transaction code to offer a more efficient tokenization solution than the BRC20 standard based on Ordinals protocols. It generally allows users to create memecoins within the Bitcoin ecosystem.
What’s Happening in the Bitcoin Ecosystem?
The Runes system was introduced by Casey Rodarmor, who conceptualized the Ordinals protocol earlier in 2023. The launch of Runes coincided with the fourth Bitcoin halving event at block height 840,000, quickly becoming a significant contributor to network transactions and fee activities.
According to Cryptokoryo’s Dune dashboard, 45% of Bitcoin transactions on April 25 were related to Runes activities, while ordinary transactions accounted for 51%. Additionally, the network has processed over 3 million transactions involving Runes since its launch.
Data obtained by Unisat for the Runes trade protocol reveals that approximately 11,000 Runes tokens have been introduced to users to date, increasing the demand for network block space and subsequently network fees. According to The Block Data Dashboard, the average transaction fee remained around $40 on April 25, significantly higher than the $5 seen at the beginning of April.
Notable Data for Runes
The launch of Runes also coincided with an increase in Bitcoin’s mining difficulty; this difficulty rose by 2% on April 24, reaching an all-time high. This adjustment marks the first increase in mining difficulty immediately following the halving event, signaling increased miner participation.
According to Magic Eden, among the tokens under the Runes standard, DOG has the highest market value exceeding $400 million. DOG is linked to the Runestone NFT collection by Leonidas, co-founder of the Bitcoin Ordinals explorer Ord.io. Other notable tokens in the Runes ecosystem include RSIC Genesis, Satoshi Nakamoto, Wanko Manko, and Bitcoin Pepe Matrix.
