The Runes protocol launch is causing Bitcoin (BTC) daily fees to soar well beyond a prior all-time high (ATH), according to the crypto analytics firm IntoTheBlock.
Lucas Outumuro, IntoTheBlock’s head of research, says on the social media platform X that Bitcoin transaction fees soared to $80 million on April 20th, 4x the prior ATH from more than six years ago.
Runes is a new protocol developed by Casey Rodarmor, who also developed Ordinals. The project aims to make creating fungible tokens on Bitcoin more efficient.
Says Outumuro,
“The launch of Runes on Bitcoin has been absolutely insane…
Daily fees set an all-time high of over $80 million…
The $80 million in daily fees is approximately 4x larger than the previous ATH set in
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