With the upcoming halving of Bitcoin, the market is focusing on the Runes protocol that will be launched after the halving. The pre-launch projects of the Runes protocol have attracted a large amount of funds, such as $PUPS, which has a daily trading volume of millions of dollars. This frenzy has driven up the transaction fees of Bitcoin, with the average fee soaring from $4.11 at the beginning of the month to $12.17, surpassing Ethereum.
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With less than 2 days until the halving of Bitcoin, another focus of the market is the upcoming Bitcoin Runes protocol. The protocol was proposed by Casey Rodarmor, the founder of Ordinals, in September last year. It aims to solve the network congestion and anomalies caused by BRC20, which affect normal transactions. It is an asset issuance protocol based on UTXO and is more lightweight and concise.
Considering the success of BRC-20, many people are betting that Runes has the potential to become the next hundredfold opportunity. Several pre-launch projects (Pre-Runes) have appeared in the market, claiming that investors should hold the corresponding symbols (possibly Ordinals NFT or BRC20) in advance. After the launch of Runes, the project team will airdrop Rune tokens to the holders.
For example, in addition to the largest market cap Runestone, $PUPS (BRC20) and Rune Pups (Ordinals NFT) mentioned multiple times by the influencer Ansem and promoted by the overseas community have also received enthusiastic attention from the market. According to CryptoSlam data, $PUPS has reached a daily trading volume of millions of dollars since April, making it the second highest NFT/BRC20 project in the past 7 days. Its total market value has exceeded $400 million, and its price has increased 13 times in the past two weeks.
The Pre-Runes market is equally active, with a total market value exceeding $1.2 billion according to Runesmarketcap data.
Note: The project team plans to distribute 77% of the Rune tokens to $PUPS holders, while the remaining 23% will be distributed to Rune Pups holders.
Bitcoin network transaction fees surged nearly three times
However, at the same time, the speculation activities surrounding these Runes have also pushed up the transaction fees of Bitcoin. Data from The Block shows that the 7-day moving average of Bitcoin network’s average transaction fee has risen from $4.11 at the beginning of the month to the current $12.17.
Although this figure is still lower compared to the peak during the Ordinals speculation period last year when the average fee exceeded $30, this increase is enough to push the transaction fees of Bitcoin (blue line) higher than those of Ethereum (red line) in the near future.
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Bitcoin network’s average transaction fee surpasses Ethereum in recent times
(Links to related reports)
Ordinals founder boldly claims: Runes protocol’s mainnet launch will not exceed $1 billion in market value in the first month, I will commit seppuku
Bitcoin Runestone floor price exceeds 0.07 BTC! Market value surpasses BAYC to become the second largest NFT
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