Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
No Result
View All Result

Crypto’s Bitcoin Runes Fever | Bankless

Altszn.com by Altszn.com
April 22, 2024
in Blockchain, Crypto, DeFi, Web3
0
Crypto’s Bitcoin Runes Fever | Bankless
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Runes launch. The launch of Runes, a new protocol for minting fungible tokens on Bitcoin, did live up to the hype, at least initially. Are Runes a short-lived fad, or could they usher in a new future for Bitcoin and its fee volumes?

Arriving with the halving, the launch of Runes brought about a historic shift. For the first time, transaction fees generated by miners in a single day exceeded the block rewards. On release day, miners earned $80.74M from fees alone, significantly overshadowing the $26.28M from block rewards. 

Runes tokens are attached to Bitcoin’s UTXOs (Unspent Transaction Outputs) rather than individual satoshis, allowing them to potentially be integrated with the Lightning Network or other Bitcoin L2s in the future. 

The immediate popularity of Runes largely drove an otherworldly surge in fees. 

Within just two hours after launch, the network saw ~53,000 Runes-related transactions, significantly increasing the network’s usual traffic and pushing average transaction fees to nearly $130 — more than double the previous record set during the peak of the last bull market.

Despite the initial frenzy, Runes transaction volume and fees have normalized. 

Shortly after the launch weekend, Runes transactions dropped to about 30% of all Bitcoin activity, with high-priority transaction fees reducing to around $11. Udi Wertheimer believes that, while the initial success of Runes could potentially elevate other pre-Runes tokens like Runestones, Prometheans, PUPS, and WZRD, which are considered strong candidates for future CEX listings, it may take longer than expected for this momentum to begin.

some thoughts in case you’re trying to make sense of runes rn:

(these are just my opinions, i could be wrong, meow)

1. sorry if this offends anyone but i think the big one is going to be @rune_coin. i feel comfy saying this because at this point there’s no way for anyone to get… pic.twitter.com/2dUq7xi3NM

— Udi Wertheimer (@udiWertheimer) April 20, 2024

Going forward, holding top-tier Ordinals like Bitcoin Puppets, NodeMonkees, and Runestones could be a smart move, as their market status makes them likely to attract future Runes airdrops. While Bitcoin DeFi, NFTs, and L2s will most likely continue to be one of the top narratives of this cycle, the best move now may be to wait and see how Runes, and which Runes, in particular, hold up over the next few weeks before diving in.



[ad_2]

Read More: www.bankless.com

Tags: BanklessBitcoinCryptosDeFifeverRunes
ADVERTISEMENT

Recent

VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

June 15, 2025
Is it the future of finance?

Is it the future of finance?

June 15, 2025
U.S. Lawmakers Unveil CLARITY Act Regulating Digital Assets

U.S. Lawmakers Unveil CLARITY Act Regulating Digital Assets

June 10, 2025

Categories

  • Bitcoin (4,022)
  • Blockchain (9,697)
  • Crypto (7,623)
  • Dark Web (269)
  • DeFi (7,587)
  • Ethereum (3,985)
  • Metaverse (5,645)
  • Monero (154)
  • NFT (502)
  • Solana (4,723)
  • Web3 (18,246)
  • Zcash (406)

Category

Select Category

    Advertise

    Advertise your site, company or product to millions of web3, NFT and cryptocurrency enthusiasts. Learn more

    Useful Links

    Advertise
    DMCA
    Contact Us
    Privacy Policy
    Shipping & Returns
    Terms of Use

    Resources

    Exchanges
    Changelly
    Web3 Jobs

    Recent News

    VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

    VIRTUAL Rallies Ahead of First Ethereum-Based AI Agent Launch

    June 15, 2025
    Is it the future of finance?

    Is it the future of finance?

    June 15, 2025

    © 2022 Altszn.com. All Rights Reserved.

    No Result
    View All Result
    • Home
      • Home – Layout 1
      • Home – Layout 2
      • Home – Layout 3

    © Altszn.com. All Rights Reserved.

    • bitcoinBitcoin (BTC) $ 107,225.00
    • ethereumEthereum (ETH) $ 2,426.89
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.20
    • bnbBNB (BNB) $ 645.95
    • solanaSolana (SOL) $ 146.63
    • usd-coinUSDC (USDC) $ 0.999802
    • tronTRON (TRX) $ 0.275651
    • dogecoinDogecoin (DOGE) $ 0.162028
    • staked-etherLido Staked Ether (STETH) $ 2,425.25
    • cardanoCardano (ADA) $ 0.558581
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 107,150.00
    • hyperliquidHyperliquid (HYPE) $ 36.68
    • wrapped-stethWrapped stETH (WSTETH) $ 2,926.23
    • bitcoin-cashBitcoin Cash (BCH) $ 492.28
    • suiSui (SUI) $ 2.74
    • chainlinkChainlink (LINK) $ 13.14
    • leo-tokenLEO Token (LEO) $ 9.09
    • avalanche-2Avalanche (AVAX) $ 17.64
    • stellarStellar (XLM) $ 0.238038
    • usdsUSDS (USDS) $ 0.999791
    • the-open-networkToncoin (TON) $ 2.84
    • whitebitWhiteBIT Coin (WBT) $ 47.06
    • shiba-inuShiba Inu (SHIB) $ 0.000011
    • wethWETH (WETH) $ 2,427.08
    • litecoinLitecoin (LTC) $ 85.79
    • wrapped-eethWrapped eETH (WEETH) $ 2,596.69
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • hedera-hashgraphHedera (HBAR) $ 0.146395
    • moneroMonero (XMR) $ 306.97
    • bitget-tokenBitget Token (BGB) $ 4.64
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • polkadotPolkadot (DOT) $ 3.35
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 107,198.00
    • uniswapUniswap (UNI) $ 7.04
    • pi-networkPi Network (PI) $ 0.527811
    • pepePepe (PEPE) $ 0.000009
    • aaveAave (AAVE) $ 254.06
    • daiDai (DAI) $ 0.999923
    • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
    • aptosAptos (APT) $ 4.77
    • okbOKB (OKB) $ 50.05
    • bittensorBittensor (TAO) $ 325.64
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • jito-staked-solJito Staked SOL (JITOSOL) $ 177.68
    • nearNEAR Protocol (NEAR) $ 2.10
    • internet-computerInternet Computer (ICP) $ 4.73
    • crypto-com-chainCronos (CRO) $ 0.080951
    • ethereum-classicEthereum Classic (ETC) $ 16.12
    • susdssUSDS (SUSDS) $ 1.06
    • bitcoinBitcoin (BTC) $ 107,225.00
    • ethereumEthereum (ETH) $ 2,426.89
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.20
    • bnbBNB (BNB) $ 645.95
    • solanaSolana (SOL) $ 146.63
    • usd-coinUSDC (USDC) $ 0.999802
    • tronTRON (TRX) $ 0.275651
    • dogecoinDogecoin (DOGE) $ 0.162028
    • staked-etherLido Staked Ether (STETH) $ 2,425.25
    • cardanoCardano (ADA) $ 0.558581
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 107,150.00
    • hyperliquidHyperliquid (HYPE) $ 36.68
    • wrapped-stethWrapped stETH (WSTETH) $ 2,926.23
    • bitcoin-cashBitcoin Cash (BCH) $ 492.28
    • suiSui (SUI) $ 2.74
    • chainlinkChainlink (LINK) $ 13.14
    • leo-tokenLEO Token (LEO) $ 9.09
    • avalanche-2Avalanche (AVAX) $ 17.64
    • stellarStellar (XLM) $ 0.238038
    • usdsUSDS (USDS) $ 0.999791
    • the-open-networkToncoin (TON) $ 2.84
    • whitebitWhiteBIT Coin (WBT) $ 47.06
    • shiba-inuShiba Inu (SHIB) $ 0.000011
    • wethWETH (WETH) $ 2,427.08
    • litecoinLitecoin (LTC) $ 85.79
    • wrapped-eethWrapped eETH (WEETH) $ 2,596.69
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • hedera-hashgraphHedera (HBAR) $ 0.146395
    • moneroMonero (XMR) $ 306.97
    • bitget-tokenBitget Token (BGB) $ 4.64
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • polkadotPolkadot (DOT) $ 3.35
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 107,198.00
    • uniswapUniswap (UNI) $ 7.04
    • pi-networkPi Network (PI) $ 0.527811
    • pepePepe (PEPE) $ 0.000009
    • aaveAave (AAVE) $ 254.06
    • daiDai (DAI) $ 0.999923
    • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
    • aptosAptos (APT) $ 4.77
    • okbOKB (OKB) $ 50.05
    • bittensorBittensor (TAO) $ 325.64
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • jito-staked-solJito Staked SOL (JITOSOL) $ 177.68
    • nearNEAR Protocol (NEAR) $ 2.10
    • internet-computerInternet Computer (ICP) $ 4.73
    • crypto-com-chainCronos (CRO) $ 0.080951
    • ethereum-classicEthereum Classic (ETC) $ 16.12
    • susdssUSDS (SUSDS) $ 1.06