Casey Rodarmor, the same mind behind the Ordinals protocol, developed Bitcoin Runes to improve the BRC-20 standard, which is touted to bootstrap defi on BTC’s network.
Runes allows users to execute more efficient transactions and mint better-optimized tokens on BTC by tapping BTC’s UTXO format. The concept launched during the halving and has become a source of on-chain BTC activity ever since.
Per Bitcoin Wallet Unisat, users have minted nearly 11,000 Runes, a flurry of blockchain participation that skyrocketed BTC gas fees shortly after the halving. However, fees have retraced in the days after Bitcoin’s quadrennial code switch, which cut block mining rewards by 50%.
Analysts: Bitcoin Runes may benefit network long-term
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