Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.
Instead, the simultaneous launch of Casey Rodarmor's new Runes protocol – for minting digital tokens on top of the oldest and largest blockchain – has proven so popular that it's caused massive network congestion, sending transaction fees to record levels and showering Bitcoin miners with a windfall like never before., based on coordinated universal time. That's more than seven times the average fee rate on the day before, and roughly double the previous record set three years ago.
"We expect the particular frenzy pushing fees to these levels to die down in the relatively near term, but this episode is the latest indication that concerns about bitcoin’s long-term 'security budget' areBitcoin mining revenue shot to a record $107.8 million on April 20 after the launch of the Runes protocol. can be used to spin up new digital tokens like those common on the Ethereum blockchain but thus far mostly absent from the Bitcoin ecosystem.
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