DIRECTING THE MATCH? Bitcoin's “halving” every four years was supposed to bring a Sharp cut in income for crypto miners., as their rewards for new data blocks would be reduced by 50%. Instead, the simultaneous launch of Casey Rodarmor's new product rune protocol – to mint digital tokens on the oldest and largest blockchain – proved so popular that it caused massive network congestion, sending transaction fees to record levels and showering Bitcoin miners with a windfall like never before . to the half see party Hosted by Tone Vays, veteran Bitcoin experts expressed their astonishment at transaction fees exceeding $2 million on certain blocks, versus a more typical level of less than $100,000. The main questions now are whether the Rune rush will last and, if so, how Bitcoin will adapt. The BitDigest newsletter circulated a chart (above) showing a sharp drop in fees as the initial post-Runes release subsided. But community discussion immediately turned to whether the additional traffic could prompt developers to accelerate their quest to build and improve. Bitcoin Layer 2 Networks. On Monday, one of the most prominent projects, Stacks, released their long-awaited “Nakamoto“update, intended to dramatically increase speed. “Anything that causes fees to increase will likely lead people to look for other solutions,” Ava Chow, Bitcoin Core developer said in an interview with CoinDesk's Daniel Kuhn. Rodarmor, who created the Ordinal protocol for “Bitcoin NFT” last year, shaking up conservative blockchain culture, he said the Runes protocol was nothing more than a way to launch “sh!tcoins” on Bitcoin, a risky proposition given how anti-altcoin bitcoiners have long time tend to be. There is now speculation that major Ordinals collections could move to airdrop runes, another practice imported from other blockchains. The Bitcoin NFT Runestones project, led by pseudonymous developer LeonidasHe's supposedly air-dropping DOG coins to the holders of their registrations. Meanwhile, some of the newly minted runes are getting amazing ratings as they are obtained. list on various crypto exchanges. Bitcoin.com My dear that a rune called “Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z”, or “Z•FEHU” for short, already has a fully diluted valuation of over $2 billion . (By the way, to write that dot in the middle of the trading ticker, a rune convention, type option-8 on a Mac keyboard. I had to ask our markets editor how to do it. At this rate, it might be something we all need to learn.)
Analyzing the impact of runes as the Bitcoin fee bonanza fades
