As the Bitcoin halving event approaches, network fees have surged, reaching an average of $19.48, according to data from BitInfoCharts. This significant increase, nearly $14 higher than at the beginning of the month, coincides with the imminent launch of the Runes protocol by Casey Rodarmor.
Rodarmor’s Runes protocol offers a simplified alternative to Ordinals, aiming to address the congestion issues caused by BRC-20 tokens on the Bitcoin network. By operating autonomously and facilitating more efficient transactions, the protocol seeks to alleviate network clogging.
Several projects, such as the NFT collection PUPS, have already announced plans to adopt the Runes protocol, transitioning from BRC-20 tokens. PUPS, described as the “first meme coin on the Bitcoin network,” has seen a remarkable surge in price, experiencing a staggering increase of over 1,200% in the past week alone.
Since its launch in January, PUPS has amassed a capitalization of $439 million, with its trading volume surpassing $5.4 million. With the upcoming halving scheduled for April 20, developers anticipate transferring PUPS assets to the Runes protocol, further contributing to the evolving landscape of the Bitcoin network.
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