Published on mei 14, 2024, 4:29 am
Image source: Fox News
```json { "TLDR": "On May 13, only 157 new Runes were added to Bitcoin with $3,835 in transaction fees paid to miners, a significant drop from the record peak in late April. Runes allow users to etch artwork onto the Bitcoin network but fees earned by miners have decreased. Despite adding over 91,200 Runes so far and generating $4.5 million, Runes are not seen as the 'future of finance' according to inventor Casey Rodarmor." } ```
The world of cryptocurrency saw only 157 new Runes etched on Bitcoin on May 13, resulting in a mere $3,835 in transaction fees paid to Bitcoin miners. This marked a significant drop from the peak reached in late April when a record 23,061 Runes were etched on April 26, with an average of 14,700 new Runes added daily between April 26-30. The decline in the number of new Runes comes after a period of high activity following the launch, where there was a consistent stream of new additions.
Runes, a novel token standard launched during the fourth Bitcoin halving block on April 20, offers enthusiasts the opportunity to engrave their favorite artwork, images, audio, and videos onto the Bitcoin network. Initially heralded as a revenue boost for Bitcoin miners affected by the halving that reduced block subsidies to 3.125 Bitcoin (BTC), equivalent to about $196,800 currently, recent numbers show a stark decrease in fees earned by miners from Rune transactions.
Despite the modest sum generated recently from Rune transactions – totaling $4.5 million since its inception – with approximately $189,000 contributed each day, over 91,200 Runes have been carved into Bitcoin up to now. Runes transactions persist as a dominant force in May’s activities and are notably present on various platforms such as Magic Eden, OKX, Ordinals Wallet and UniSat.
Ordinals inventor Casey Rodarmor spearheaded the launch of Runes aiming to enhance blockspace efficiency compared to its main competitor BRC-20s. While BRC-20s operate differently than Runes and have distinct features like compatibility with Bitcoin’s unspent transaction output (UTXO) model where UTXOs can hold balances of various fungible tokens including Runes. However, Rodarmor clarified that despite their innovation and appeal for fun engagement within the crypto community, Runes are not positioned as the “future of finance,” emphasizing their recreational nature.
The ongoing narrative in this space begs important questions about how Bitcoin payments can regain their momentum and relevance amid changing dynamics and evolving trends within the cryptocurrency landscape.
Original article posted by Fox News
