Omnity, a groundbreaking omnichain interoperability protocol, has officially announced the integration of Runes.
According to the Omnity team, the integration of Runes, a highly efficient UTXO-based Bitcoin meta-protocol that enables the trading of fungible tokens on the Bitcoin network, marks a significant milestone. This development not only reduces network congestion but also paves the way for the Bitcoin network to expand its economic capabilities.
Upon its launch, Omnity offers essential features for Runes tokens, allowing seamless transfers between different chains. This is made possible through the introduction of a twin token system, ensuring the security and functionality of Runes assets across various chains.
The brainchild behind the Runes protocol is Casey Rodarmor, the visionary who introduced the Ordinals concept in early 2023. By leveraging the Bitcoin UTXO model, Runes provides a more efficient solution for tokenizing networks compared to the traditional BRC20 standard.
Shortly after its debut, the Runes protocol generated an impressive 2,129 BTC in fees, equivalent to $135.6 million. This record-breaking revenue from fees on halving day has sparked speculation that the network may shift towards compensating miners primarily through transactional activities.
Despite this, CoinShares predicts that fees will contribute an average of around 15% to revenue in the upcoming months. Omnity has also mentioned that the fee contribution may reach up to 30% only on peak days.
In addition to this exciting development, the volume of Runes tokens is on the rise, with Bitcoin gaining utility as a meme coin.