The Runes Token Standard Launches on Bitcoin Network, Generates $135 Million in Transaction Fees in First Week
The launch of the Runes token standard on the Bitcoin network has taken the crypto world by storm, with over 2129 bitcoin ($135 million) in transaction fees generated within its first week. Developed by Casey Rodarmor, the system offers a more efficient tokenization solution than the BRC20 standard, allowing users to mint memecoins on top of Bitcoin.
Since its introduction during the fourth Bitcoin halving, Runes has quickly become a major player in network transaction activity, accounting for 45% of Bitcoin transactions on Thursday. The network has processed over 3 million transactions involving Runes, driving up demand for network blockspace and fees.
The launch of Runes also coincided with an increase in Bitcoin’s mining difficulty, signaling heightened miner engagement. Among the tokens under the Runes standard, DOG stands out with the highest market cap at over $400 million. Other tokens like RSIC Genesis, Satoshi Nakamoto, Wanko Manko, and Bitcoin Pepe Matrix have also gained attention in the Runes ecosystem.
Overall, the introduction of Runes has brought significant changes to the Bitcoin network, with increased transaction activity, higher fees, and a surge in miner engagement. As the crypto world continues to evolve, Runes is poised to play a key role in shaping the future of tokenization on the Bitcoin network.
