The Runes token standard was recently launched on the Bitcoin BTC
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network and has generated over 2129 bitcoin ($135 million) in transaction fees within the first week.
Runes uses Bitcoin’s UTXO model and the OP_RETURN opcode to provide a more efficient network tokenization solution than the BRC20 standard (based on the Ordinals protocols). It allows users to mint tokens on top of Bitcoin, which are generally memecoins.
The Runes System was invented by a developer named Casey Rodarmor, who also conceptualized the Ordinals Protocol in early 2023.
The launch of Runes came with the fourth Bitcoin halve, occurring at block height 840,000. The protocol has quickly become a major contributor to network transactions and reimbursement activities. According to a Dune dashboard According to cryptokoryo, Runes-related activity made up 45% of Bitcoin transactions on Thursday, while regular transactions accounted for 51%. Furthermore, the network has processed more than 3 million transactions involving Runes since its introduction.
Data from the Runes trading protocol Unisat shows that 11,000 Rune Tokens have been minted so far, driving demand for network block space and subsequently network costs. As of April 25, average transaction fees remained around $40, up significantly from $5 in early April, according to The Block’s data dashboard.
The launch of Runes also coincided with an increase in Bitcoin mining woes, which rose 2% on Wednesday to hit a new all-time high. This adjustment marks the first increase in mining difficulty immediately following a halving event, indicating increased miner engagement.
Among the tokens under the Runes standard, the most notable is DOG, which has the highest market cap among Runes at over $400 million, according to Magic Eden. facts. DOG is related to the Runestone NFT collection of Leonidas, co-founder of Bitcoin Ordinals, explorer Ord.io. Other tokens that have attracted attention in the Runes ecosystem include RSIC Genesis, Satoshi Nakamoto, Wanko Manko, and Bitcoin Pepe Matrix.
