as of Wed Oct 2nd - 21:00 UTC
Although the #mempool now frequently clears transactions below ~2 sats/vb, it remains just under 100 blocks deep, with the lower strata largely unchanged for the last several months.
So what's down there? 🧵
here's a snapshot of my entire mempool, color-coded by transaction type.
the top-right square is the next projected block, with subsequent blocks laid out in rows: right to left and top to bottom.
the mempool is dominated by large consolidations of inscription-related dust, highlighted in pink.
the "#BRC20 " token minting craze left behind an huge volume of dust-sized waste outputs.
minters can recoup a small % of their investment by consolidating these at low fee rates.
in blue are "normal" consolidations.
some of these are regular users managing their #UTXOs , but most are exchanges consolidating deposits.
a set of large 6-month-old txs occupying a few blocks to the lower right consolidates dozens of worth of Whirlpool coinjoin fees.
a good chunk of the mempool is still occupied by inscriptions.
the tiny yellow transactions are mostly forgotten token mints, while the larger ones are a mix of new and (very) old media inscriptions.
transactions using op_return are shown in orange.
the raft of small txs near the top of the mempool are "UNCOMMON•GOODS" rune mints.
these are continually replenished, and lurk just below the surface to take advantage of random ebbs in the mempool.
finally, in dark blue we have a handful of "batch payouts" - transactions that split a few inputs into many outputs.
there are a bunch of these related to abandoned token mints in the bottom right of the image, but relatively few other examples.
#bitcoin☀️ $BTC

In recent times, the #Bitcoin ecosystem has witnessed significant developments with the emergence of protocols like #Ordinals , #BRC20 tokens, and the latest proposal, Runes.
Ordinals:
- Introduced earlier, Ordinals brought a novel concept of numbering satoshis (sats) in the order they are mined, initially applied for non-fungible tokens (NFTs) directly on the Bitcoin blockchain.
- The rise of BRC-20 tokens followed, utilizing the Ordinals protocol for fungible tokens on Bitcoin, resulting in a surge of meme tokens. However, this created network congestion due to inefficient processes and exorbitant transaction fees.
BRC-20 Tokens:
- Enabled fungible tokens on Bitcoin but faced criticism for network congestion and spamming via unused UTXOs (Unspent Transaction Outputs), clogging the Bitcoin network.
- Despite issues, BRC-20 tokens attained a market cap of $1 billion in a short span.
Runes Proposal:
- Casey Rodarmor proposed #Runes as a solution to the inefficiencies of BRC-20 tokens, aiming for a simplified and UTXO-based protocol for Bitcoin.
- Runes protocol avoids spamming #UTXOs , focusing on efficient and responsible UTXO management.
- Unlike BRC-20, Runes protocol doesn’t rely on off-chain data, native tokens, or witness-based transactions, presenting a more streamlined approach.
Comparison - Runes vs. BRC-20:
- Runes emphasizes a UTXO-based model, addressing issues of spam and inefficiency faced by BRC-20 tokens.
- BRC-20 tokens faced criticism due to network congestion, high fees, and reliance on inefficient processes, leading to the quest for alternatives like Runes.
Implications and Uncertainties:
- Runes' introduction brings potential benefits such as compatibility with the Lightning Network and improved user experience.
- Uncertainties remain regarding the widespread adoption of Runes, given the entrenched position of BRC-20 and its established network effects among users and developers.
Conclusion:
- While Runes offers a technically robust solution, the established network effects of BRC-20 and uncertainties about Runes' future pose challenges to its widespread adoption.
- Rodarmor’s proposal highlights ongoing exploration for innovative solutions in the Bitcoin ecosystem, demonstrating the importance of efficient, transparent protocols that add value to users.
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