- Some users are becoming enthused about Runes because of the impending halving of bitcoin.
The halving of Bitcoin is almost here. Although the main reason for this excitement is that it reduces the block reward to 3.125 BTC and slows down the issue of Bitcoin, some individuals are also enthusiastic about it because of Runes.
The creator of Ordinals on Bitcoin, Casey Rodarmor, has created a new system called Runes. The main goal of Ordinals was to make Bitcoin non-fungible by classifying individual satoshis according to the sequence in which they were created.
However, the BRC-20 token standard also developed, which contributed to the introduction of additional fungible token issuance into the network.
In September 2023, Rodarmor revealed Runes, giving fans plenty of time to get enthused. It’s not surprise that a lot of people believe Runes has the potential to be the next big thing, given the success of BRC-20. OKX announced in January that it would allow Runes in both its wallet and marketplace.
The Runes anticipation market has already seen significant success; this month, millions of dollars have been traded daily on the token PUPS, which is presently a BRC-20.
In the last seven days, it was the second-largest NFT/BRC-20 collection. The PUPS Runes token, which will convert over at Runes’ launch, will be claimed by each BRC-20 PUPS token.
On their website, the PUPS project clearly states that they are merely a meme coin, which may help to explain why they are garnering so much interest considering how well-liked meme coins are at the moment.
The excitement around Runes has inevitably led to an increase in Bitcoin transaction costs. The average transaction charge on the network has increased from $4.11 earlier in the month to $12.17 as indicated by the 7-day moving average.
Even if this is still below the peak that we witnessed in December amid the fervor around Ordinals, the increase has been significant enough to propel Bitcoin fees over those of Ethereum.
Since less expensive tier 1s and scaling networks draw a lot of activity away from what was once the de facto DeFi blockchain, Ethereum costs have been declining.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
