🔥Transaction fee explosion after halving: A record in Bitcoin history! Here are the first tokens issued!💰

Much more transaction fees than usual were paid from the 840,000th block where the halving took place. The fees paid in the blocks following the halving block reached millions of dollars. In less than 24 hours, a total of $54 million was spent on transaction fees. The previous daily record was $24 million.

So, why was the total transaction fee paid in the previous block 1 $BTC so high in the halving block?

The answer is in the Runes protocol that comes out with the halving.

#Runes A new protocol created by Casey Rodarmor, the developer of the Ordinals protocol, which allows creating NFTs by writing data to satoshis, the smallest unit equivalent to one hundred millionth of Bitcoin. Runes, which provides the opportunity to issue fungible tokens on Bitcoin for the first time, introduces a new token standard that is proposed as a better and simpler alternative to the BRC-20 standard in Bitcoin.

Bitcoin developer Jimmy Song states that this record transaction fee seen after the halving is caused by the race to be one of the first teams to issue tokens in the Runes protocol (high marketing value) and to grab the best name (also high marketing value). Because Runes does not allow the existence of another token with the same name to avoid confusion.

As it is known, miners generally rank transactions according to the fees paid. Transactions with high fees are brought forward. This, combined with the race to be the first team to issue tokens on the Bitcoin blockchain and to grab the best name, caused the total fee paid to grow like an avalanche.

💡As a result, over $54 million in transaction fees were paid in the first 60 blocks after the halving. The majority of this was spent on extracting #Bitcoin runes. The first tokens issued were named such as Uncommon Goods, Decentralized, Satoshi Nakamoto, The Runix Token, Dog Go To The Moon, Meme Economics.