As the Bitcoin halving event approaches, the average transaction fee on the Bitcoin network has surged to $19.48, a significant increase from the beginning of the month. This spike in fees coincides with the impending launch of the Runes protocol by Casey Rodarmor, which aims to address the congestion issues caused by BRC-20 tokens on the network.
Rodarmor’s Runes protocol, positioned as a simplified alternative to Ordinals, operates independently and promises more efficient transactions by eliminating the need for Ordinals. This development has garnered attention from projects like the NFT collection PUPS, which have announced plans to adopt the new protocol for their token releases.
PUPS, an experimental BRC-20 token on the Bitcoin blockchain, has gained traction as “the first meme coin on the Bitcoin network.” Following the halving event scheduled for April 20, PUPS developers intend to transition the asset to the Runes protocol. This move comes amidst a remarkable price surge of over 1,200% for the PUPS token over the past week, elevating its market capitalization to $439 million with a trading volume surpassing $5.4 million.
In summary, the impending halving, coupled with the introduction of the Runes protocol and its adoption by projects like PUPS, has led to a notable increase in Bitcoin transaction fees and significant developments within the cryptocurrency ecosystem.