The much-anticipated halving of Bitcoin is getting closer, and BitInfoCharts data shows that the average transaction fee on the Bitcoin network has seen a huge rise, hitting $19.48.
Significantly higher fees are happening while creator Casey Rodarmor’s Runes protocol is about to go live. Rodarmor says that the main problem with BRC-20 tokens is that they tend to slow down the network. BRC-20 tokens are meant to be a simpler option for Ordinals.
Bitcoin’s Runes Protocol Enhancing Efficiency and Autonomy
The Runes protocol tries to solve this problem by working independently, so there is no need for Ordinals. This makes transfers faster and easier. Many projects, such as the NFT collection PUPS, have already said they will release tokens that follow this new standard.
The PUPS token, an experimental BRC-20 token on the BTC blockchain, will switch to the Runes protocol after April 20, when it will be cut in half. The token, which calls itself “the first meme coin on the Bitcoin network,” has skyrocketed by over 1,200% in the past week.
Launched in January of this year, the PUPS token currently has a market value of $439 million. The PUPS meme coin has also been traded for more than $5.4 million, which shows how popular and exciting this new growth on the Bitcoin network is becoming.
