On April 20, bitcoin managed a staggering $78.3 million in fees.
In contrast, #binance is a distant second place with $3.2 million.
The massive growth came after the creators of Ordinal launched #binance Rune after the halving event. This protocol allows for the creation of exchangeable tokens based on the underlying blockchains.
IntoTheBlock researcher Lucas Otumuro called the launch of Runes "absolutely insane. " He explained that the daily commission of $80 million is about four times the previous all-time high recorded in December 2017.
During the ordinar, the average transaction fee was $30. However, it has now reached a high of US$BTC In addition, miners are making record earnings despite the recent halving event, although #blockchain fees have fallen by 50%. On Saturday, they managed to earn more than 100 million US dollars. Prior to this, everyone expected miners to experience short-term stress after the halving event, and share prices of leading miners have fallen more than 50% from all-time highs Otumuro believes that traditional financiers were simply unaware of the loons launch.
It's been less than 48 hours since Runes launched and it's already having a historic impact," the analyst concludes.
However, it remains to be seen whether the promotion of Runes will continue. For now, retailers seem to be sitting on the sidelines as the number of retail addresses is at an all-time low. However, despite the conservative community's reaction, Runes could be the solution to Bitcoin's long-standing security problems.
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