After the halving of Bitcoin (BTC), the Runes token standard was released concurrently with an explosive gas cost, which caused transaction fees on the network to rise. Julio Moreno, an analyst at CryptoQuant, has revealed a startling development: transaction costs are drastically declining.
In spite of the enormous volume of Runes activity that was recorded on April 20, the transaction fees fell, according to his study. Runes’ influence peaked when a trader paid more than $500,000 in transaction fees, as was previously reported. Although the Bitcoin blockchain is not affected by this, typical users may find it difficult to make transactions on the network because to the higher-than-usual gas.
https://x.com/jjcmoreno/status/1781885920628633744
Even with Runes’ widespread adoption, Moreno claims that Bitcoin’s daily average transaction cost was less than it was in late 2017 and early 2018. Although this is an excellent statistic, there is still a headwind because the network’s balance may go badly in the future.
There is a history behind the current happenings on the Bitcoin blockchain. The creation of the BRC-20 token standard earlier in the year caused a surge in network transactions, which is now beginning to decline.
Unique twists in Bitcoin transactions
With miners positioned to profit from the significant traffic produced, the Runes standard generates excellent traction and positions Bitcoin in a favourable position. Given that the cost of transactions has decreased overall due to the Bitcoin halving, the surge in Runes transactions will help miners maintain their profitability by offering the necessary buffer.
Bitcoin does not intend to improve the blockchain in order to lower transaction costs, in contrast to Ethereum. With the recently released Dencun update, Ethereum achieved that. The Ethereum Layer-2 protocols were reconfigured as a result of this update, and their fees were drastically decreased.
The core developers of Bitcoin are not presently considering making changes to lower fees, even if activity on the platform is increasing.
