Bitcoin

DeFi

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The upcoming Bitcoin halving has sparked interest due to the introduction of Runes, a new protocol by Bitcoin developer Casey Rodarmor.</li> 
 <li>The hype around Runes, especially from the PUPS project, has led to a significant increase in Bitcoin transaction fees.</li> 
</ul>  
<p>The imminent halving of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> has drawn attention not just due to the reduction of Bitcoin’s issuance to 3.125 BTC, but also because of Runes. </p> 
<h2 id="introduction-of-runes">Introduction of Runes</h2> 
<p>Runes is a novel protocol developed by Bitcoin developer Casey Rodarmor, known for his work on Ordinals. The main concept of Ordinals was to introduce non-fungibility to Bitcoin, distinguishing specific satoshis by their minting order. This led to the emergence of the BRC-20 token standard, which facilitated the issuance of fungible tokens to the network. </p> 
<p>Runes shares similarities with BRC-20 as it aims to enable new tokens to be traded on Bitcoin. However, it differs by using a UTXO (unspent transaction output) model. Runes is essentially intended to be a more efficient token issuance system, designed to avoid network congestion. </p> 
<p>Rodarmor announced Runes in September 2023, providing ample time for anticipation to build. Given the success of BRC-20, it’s unsurprising that many are speculating that Runes could be the next big thing. In January, OKX announced it would support Runes in its wallet and marketplace. </p> 
<h2 id="runes-anticipation-market-success">Runes Anticipation Market Success</h2> 
<p>The Runes anticipation market has already seen significant success, most notably with the PUPS token. PUPS, currently a BRC-20, has achieved millions of dollars in daily trading volume this month, according to CryptoSlam. It was the second most traded NFT/BRC-20 collection over the past week. Each BRC-20 PUPS token will have a claim to the PUPS Runes token, which will convert once Runes is launched. </p> 
<p>The PUPS project emphasizes its status as a memecoin on its website, which could be a factor in its popularity, given the current trend for memecoins. The excitement around Runes has led to a rise in Bitcoin transaction fees. The 7-day moving average of the average transaction fee on the network has increased from $4.11 earlier in the month to $12.17 now. </p> 
<p>This increase, although still lower than the peak seen in December during the Ordinals hype, has pushed Bitcoin’s fees above those of <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ethereum</a>. Ethereum’s fees have been decreasing as cheaper layer 1s and scaling networks divert much of the activity that was previously concentrated on the primary DeFi blockchain. </p>

Bitcoin Transaction Fees Skyrocket due to Runes Enthusiasm

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