Bitcoin Generates 24 Time More Fees Compared to Ethereum

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On Apr. 20, Bitcoin managed to generate a staggering $78.3 million worth of fees. 

For comparison, Ethereum comes in a distant second place with $3.2 million. 

After the Bitcoin halving event, Ordinals’ creators introduced a significant surge in activity with the launch of Bitcoin Runes – a new protocol that enables the generation of fungible tokens on the primary blockchain.

Lucas Outumuro, a researcher at IntoTheBlock, characterized the launch of Runes as “remarkably large-scale.” He points out that the $80 million in daily fees is roughly four times greater than the prior record high, which was achieved in December 2017.

During the ordinals, the average transaction fee was $30. However, now, it has peaked at $128.

Additionally, mining earnings have hit new highs since the recent halving event, contrary to expectations that miners would face temporary hardships due to the decrease in block rewards by half. On a Saturday alone, they made over $100 million in revenues. Previously, there was a general belief that miner stocks would plummet following the halving based on traditional finance’s lack of awareness about Runes’ launch. (Outumuro believes this to be the case.)

In just under two days, Runes has left a significant historical mark following its launch, according to the analyst’s assessment.

Despite the current excitement about Runes, it remains to be seen if this trend will continue. The number of retail addresses for Runes has hit a new low, suggesting that the retail sector may be holding back. However, Runes could still become a viable alternative to Bitcoin’s security issues, despite facing resistance within its community.

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2024-04-21 21:47