Bitcoin's Runes protocol launch by Casey Rodamor led to a surge in transaction fees as users minted tokens.

Bitcoin's Runes protocol, launched by developer Casey Rodamor (creator of Ordinals), caused a surge in transaction fees as users rushed to mint tokens, resembling meme coins. The protocol allows minting assets on Bitcoin's smallest units (satoshi). Runes minters paid 78.6 BTC (around $4.95m) in fees to buy the rarest tokens after the halving, potentially boosting Bitcoin's fee economy.

April 20, 2024
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