Charts of the Month: Runes Make Waves on Bitcoin

Since their launch on April 20th, Runes have generated over US$130M in fees, accounting for about 33% of all fees on the #Bitcoin network. This new token standard, created by Casey Rodarmor, the developer behind #Ordinals, utilizes Bitcoin's UTXO model and OP_RETURN opcode to create, mint, and transfer fungible tokens.

Runes are more efficient than the older BRC-20 tokens, offering a smaller on-chain footprint and better scalability. They also integrate with Bitcoin’s Lightning Network, unlike BRC-20s.

Since the launch, there have been over 3 million Runes transactions, contributing to around 50% of all Bitcoin transactions and over 2,000 BTC in fees.

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