Only 157 new Runes were etched on Bitcoin on May 13, which contributed to just $3,835 in transaction fees paid to Bitcoin miners.
The number of new Runes etched on Bitcoin daily has fallen below 250 for the last six days, with 157 Runes etched on Monday marking a 99% fall from its peak in late April. The fall comes after a highly successful streak that came a week after launch, which saw an average of 14,700 new Runes etched each day between April 26-30, including a record 23,061 etched on April 26,that launched at the fourth Bitcoin halving block on April 20. The protocol allows memecoin and nonfungible token enthusiasts to inscribe and etch their favorite artwork, images, audio and videos onto the Bitcoin network.
A total of $4.5 million in transaction fees have been paid to Bitcoin miners since Runes launched on April 20 — coming out at about $189,00 each day.Despite the fall in the number of Runes etched,Runes was launched by Ordinals inventor Casey Rodarmor, which aims to utilize blockspace more efficiently than its main competitor, BRC-20s,
Unlike BRC-20s, Runes are compatible with Bitcoin’s unspent transaction output model where UTXOs can hold balances of arbitrary fungible tokens like Runes.in a recent interview that Runes are not the “future of finance” — but rather something degens can use to have fun on Bitcoin.CPI meets $60K BTC price battle — 5 things to know in Bitcoin this week
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