Crypto:
30188
Bitcoin:
$68.091
% 1.27
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 68.091
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Runes Protocol Having Issues With Transaction Fees

Runes Protocol, Rune, Casey

The launch of Casey Rodamor’s latest product, the Runes Protocol, on the Bitcoin blockchain resulted in an increase in transaction fees as users rushed to mint tokens. Despite widespread expectations regarding the Bitcoin halving, Runes have garnered significant interest, especially among blockchain developers, even among those who generally stay away from meme coins.

Rodamor, registered with the current version Ordinals, which allows the registration of the smallest units of Bitcoin (satoshis), once again drew attention to the interest of Runes. While Ordinals focus on creating non-fungible assets, Runes are designed to operate more like meme coins that have recently gained popularity in crypto markets.

The first project to be minted on runes was Rodamor’s COMMON GOODS, which was announced well before the halving. However, numerous other projects have since joined the platform and are currently in the process of minting tokens.

Within nine blocks after the halving, Runes miners had paid approximately 78.6 BTC in fees (equivalent to approximately 4.95 million) to secure the rare tokens. This shows that Runes, like Ordinals, can contribute significantly to Bitcoin’s fee economy.

The feasibility of a Runes project is subjective; Factors such as early listing and sentiment quality influence buyer impact. Projects like DOG•GO•TO•THE•MOON, available as “Streak Number 3”, are particularly visible to buyers.

Overall, the launch of the Runes Protocol on Bitcoin has generated significant excitement and activity within the blockchain community, highlighting the potential for advanced tokenization projects on the Bitcoin blockchain.


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