The Runes protocol has generated over $134 million in transaction fees on the Bitcoin network within its first week.
The Runes token standard was recently launched on the Bitcoin network and has generated over 2129 bitcoin in transaction fees within its first week.
The Runes system was invented by a developer named Casey Rodarmor, who also conceptualized the Ordinals protocol in early 2023. Data from the Runes trading protocol, Unisat, reveals that around 11,000 Runes tokens have been minted to date, which has driven the demand for network blockspace and, subsequently, network fees. On April 25, the average transaction fee remained around $40, markedly higher than the $5 seen at the start of April, according to The Block's data dashboard.
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