As the Bitcoin halving event approaches, the average fee on the Bitcoin network has surged to $19.48, according to data from BitInfoCharts. This marks a significant increase from the beginning of the month when fees were just under $6.
The spike in fees is believed to be linked to the upcoming launch of the Runes protocol by Casey Rodarmor. The protocol is positioned as a more streamlined alternative to Ordinals, with Rodarmor highlighting the issue of BRC-20 tokens congesting the network.
The Runes protocol aims to address this problem by operating independently of Ordinals, thus enabling more efficient transactions. Several projects, such as the NFT collection PUPS, have already announced plans to release tokens based on this new standard.
PUPS, an experimental BRC-20 token on the Bitcoin blockchain, is set to transition to the Runes protocol following the halving event on April 20. Despite its recent launch in January, the token has seen a remarkable price surge of over 1,200%, reaching a market capitalization of $439 million with a trading volume exceeding $5.4 million.
In recent news, the PUPS token has experienced a 40% drop in value amid growing excitement surrounding BRC-20 and Runes. Stay updated with the latest developments by following us on Google News.