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Crypto's Bitcoin Runes Fever

The Halving-tied launch did numbers, but will traders stick around?
Crypto's Bitcoin Runes Fever
David Christopher David Christopher
Apr 22, 2024 • 2 min read
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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. 

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In The Article
Runes Runes Bitcoin Bitcoin Ordinals Ordinals
David Christopher

Written by David Christopher

430 Articles • View all      

David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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