After the recent Bitcoin (BTC) halving, the cost of sending transactions on the Bitcoin network has seen a significant decline, nearly 10 times lower than the initial spike observed immediately after the event.
According to data from on-chain analytics provider Mempool.space, BTC gas fees have dropped to approximately $9.51 for low-priority transactions and $10.07 for medium-priority actions on the decentralized network. High-priority transactions are now costing around $10.44, a considerable decrease compared to the fees observed shortly after the halving.
Just after the halving, participants had to pay over $146 for medium-priority transactions and more than $170 for high-priority sends, indicating a substantial reduction in transaction costs.
Despite the code change implemented by Satoshi Nakamoto to enhance scarcity and reduce token inflation, the price of BTC has remained relatively stable. In the past seven days, BTC has experienced a modest gain of around 2.4%, trading at approximately $66,000.
Post-halving, one of the primary concerns was the potential decrease in revenue for miners due to the halving of block rewards. To address this, Casey Rodarmor’s Runes protocol was introduced alongside the halving to stimulate on-chain activity.
The Runes protocol allows users to create UTXO-based fungible assets on BTC’s blockchain, offering another avenue to kickstart decentralized finance (DeFi) activities on the network. It builds upon the BRC-2O token standard developed by the pseudonymous developer Domo, with Domo’s idea being an extension of the Ordinal protocol released by Rodarmor.
However, days after the halving, interest in the Runestone NFT collection, which utilizes the Runes protocol, has dwindled. The average cost of a Runestone NFT has dropped significantly, signaling reduced enthusiasm for the concept following the initial hype.
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