Market dynamics have shifted speculative trading activity toward other blockchain ecosystems.
The Bitcoin Runes protocol, which had a daily transaction count of over 750,000 on April 23, now struggles to reach 100,000 in December.
Bitflow's automated market maker uses Stacks' Nakamoto upgrade with the aim of addressing some shortcomings inhibiting Runes trading.
The Bitcoin Runes protocol initially dominated daily transactions post-launch but is now seeing a decline, with BTC reclaiming its network dominance.
Runes-related transactions could extend a significant revenue boost for Bitcoin miners, after the 2024 halving.
The creator of the Ordinals and Runes protocols discussed his motivations on stage at Consensus 2024.
Runes launched on April 20, the day of Bitcoin’s fourth halving. Fueled by the hype surrounding the much-anticipated halving, they were introduced to the market with a bang, garnering an incredible amount of attention and activity. Their launch caused quite a stir in the crypto industry, especially in the Bitcoin market, where it sparked a […]
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The Bitfinity EVM is designed to allow developers to Bitcoin-based Solidity smart contracts, allowing them to transfer BTC, Ordinals and Runes.
User activity has plunged after a hyped run-up to the start of the Runes protocol , which was expected by some to mirror Solana’s meme coin ecosystem.
The Bitcoin DApp ecosystem has been reinvigorated by the invention of native protocols such as Ordinals and Inscriptions last year.
Less than 0.5% of the over 20,000 meme coins launched on Bitcoin's new Runes protocol have attracted over 500 holders so far.
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Bitcoin core developer Luke Dashjr has criticized the Runes protocol, suggesting it exploits a fundamental design flaw within the blockchain network. In an April 26 post on X (formerly Twitter), Dashjr delineated the disparity between Ordinal Inscriptions and the Runes protocol in how they interact with the network. He clarified that while Ordinals capitalize on […]
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The startup is one of the first to build tokenized tech for Bitcoin's Runes era.
Launched on the day of the Bitcoin halving, Runes are a form of data embedded directly into Bitcoin transactions. Unlike simple financial transfers, Runes encapsulate additional information within these transactions. Bitcoin Runes operate by utilizing a method known as “transaction augmentation,” which allows users to embed arbitrary data into transaction outputs. Runes can store a […]
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Bitcoin transaction feese initially faced a short-term surge post-halving, but the network's transaction fees have now stabilized.
The post Bitcoin transaction fees stabilize after fourth halving appeared first on Crypto Briefing.
Bitcoin miners have struck a proverbial goldmine, reaping an astonishing $107 million in profits, according to data from Glassnode, a leading analytics platform. This unprecedented windfall, amassed on April 20th, underscores a significant shift in the revenue dynamics of Bitcoin mining operations. Related Reading: Will Celestia (TIA) Hit $130? Analyst Makes Bold Prediction The meteoric rise in transaction fees serves as a bellwether for the evolving economic landscape of Bitcoin mining. As the network adapts to new market demands and technological advancements, transaction fees have emerged as a crucial revenue stream for miners. This trend is particularly noteworthy given the scheduled reductions in block rewards, highlighting the resilience and adaptability of Bitcoin’s economic model. According to glassnode, affected by the Runes minting activity, on April 20, Bitcoin miner revenue reached US$106.7 million, of which 75.444% came from network transaction fees, both reaching record highs. https://t.co/lVSyqn1UaE pic.twitter.com/xjkkTor2I9 — Wu Blockchain (@WuBlockchain) April 21, 2024 Runes-Fueled Minting Spree Boosts Miner Revenue Driving this surge in profitability is a recent minting spree focused on Runes, a pivotal development that has left a tangible mark on the network’s dynamics. Reports indicate that a staggering 75% of the total profits stemmed from transaction fees, marking a new pinnacle in the distribution of revenue among BTC miners. Runes is similar to Ordinals; they both let users permanently store data directly on the Bitcoin blockchain, like an inscription etched in stone. But there’s a key distinction in what they store: Ordinals are one-of-a-kind digital collectibles, similar to fancy trading cards. Runes, on the other hand, are designed to act more like meme coins, those widely tradable and often humorous tokens that have been a recent craze in the crypto world. BTCUSD trading at $66,144 on the weekly chart: TradingView.com This paradigm shift in income composition underscores the growing importance of transaction fees as a vital income source, especially as block rewards face planned reductions in the context of Bitcoin’s halving system. This financial triumph comes amidst ongoing debates surrounding the sustainability and profitability of mining activities. With escalating energy demands and mounting regulatory scrutiny, the viability of mining operations has been called into question. However, the recent data paints a reassuring picture of the economic vitality of Bitcoin mining, demonstrating its resilience in the face of external pressures. Implications For Bitcoin’s Future Beyond the immediate financial gains, the surge in transaction fees holds profound implications for the future trajectory of Bitcoin. The unprecedented collection of fees signifies robust network activity and user engagement, indicating strong demand and utilization of the Bitcoin blockchain. This bodes well for the long-term sustainability and development of Bitcoin as a prominent digital currency, bolstering confidence among stakeholders and enthusiasts alike. Related Reading: Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge? Featured image from VistaCreate, chart from TradingView
As Bitcoin approaches its halving event, the Runes impact could be key to sustaining miner revenues through increased transaction fees.
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BRC-20 tokens saw a sharp decline as investor focus shifted toward Bitcoin Runes, which are also at risk of a major correction.
Several months ago, the halving was expected to take place on April 28; now it's on track to land on April 18. Blame the surge in bitcoin's price, which has attracted more mining power and sped up the network.