Crypto News
Bitcoin’s grand-anticipated halving unfolded on April 20, drawing significant consideration and praise from the crypto market.
On the assorted hand, the highlight became once shared with the debut of the Runes protocol, which stirred controversy by congesting the network with high prices and meme cash.
Runes Make Bitcoin Network Congestion Worse
Runes ignited fervor internal the crypto community, presenting itself as a scheme to infuse the meme cash into the Bitcoin blockchain. This protocol diverges from the BRC-20 token fashioned by leveraging an Unspent Transaction Output (UTXO) model. It enables the introduction of altcoins through an “etching” course of straight on the network.
Casey Rodarmor, the protocol’s creator, described Runes as designed for degens and meme cash whereas emphasizing its simplicity, effectivity, and security.
“It is a sound competitor to Taproot Sources and RGB. The protocol is self-contained and has no dependencies on ordinals or inscriptions, making it extremely easy… I’m highly skeptical of “serious” tokens, however runes is surely a “serious” token protocol,” Rodarmor added.
Runes’ introduction triggered a surge in Bitcoin network exercise, resulting in congestion and heightened prices. Indeed, a minimum transaction rate now exceeds 840 sat/vB, identical to approximately $76. It furthermore bolstered block income, averaging 21.74 BTC per block put up-halving.
Jameson Lopp, the co-founding father of Casa, pointed out that these high prices dangle allowed Bitcoin miners to surpass their all-time high day-to-day transaction prices of $24 million. Miners dangle mute 860.20 BTC, approximately $54 million in transaction prices by myself, internal the main 60 blocks of the put up-halving.
Read more: Bitcoin Halving History: All the issues You Need To Know
Runes proponents see this spike in network exercise as sure as it will increase miners’ rewards, which the halving had diminished.
“In the final 5 BTC blocks, the prices dangle surpassed the Coinbase reward! The Runes degens dangle single-handedly offset the descend in miner rewards from the halving. Runes are drastically rising Bitcoin’s security budget,” Leonidas explained.
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