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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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