Shortly after the Bitcoin (BTC) halving, Mempool.space, an on-chain analytics provider, revealed BTC gas fees at approximately $9.51 for low-priority transactions and $10.07 for medium-priority actions on the largest decentralized network in cryptocurrency.
At present, high-priority transactions are priced at up to $10.44 per unit of data. These numbers signify a significant decrease compared to fees post last week’s halving. Previously, participants were required to shell out over $146 for medium-priority transactions and more than $170 for high-priority transactions.
CoinMarketCap indicates that the price of BTC remained relatively stable following the long-awaited code adjustment, engineered by Satoshi Nakamoto to enhance scarcity and curb token inflation. Over the past week, BTC has seen a modest gain of approximately 2.4%, hovering around $66,000 in trading value.
Bitcoin Runes meet Mundane Post-halving Results
One of the main worries preceding the BTC halving was the potential decrease in revenue for miners resulting from the halving of block rewards by 50%. Casey Rodarmor’s Runes protocol was hailed as a remedy and was scheduled to debut alongside the halving to stimulate on-chain activity.
Runes, developed by Rodarmor, empowers users to generate UTXO-based fungible assets on BTC’s blockchain, presenting an additional pathway to initiate decentralized finance (DeFi) within the world’s largest blockchain.
Bitcoin Runes purportedly enhances the BRC-2O token standard developed by the pseudonymous developer Domo. Domo’s concept stemmed from the Ordinal protocol initially introduced by Rodarmor.
In the days following the halving, the Runestone NFT collection has seen a nearly 50% decrease in its floor price value. According to MagicEden, the average price of a Runestone, as of the latest data, dropped from 0.073 BTC to 0.035 BTC, indicating waning interest in the concept following the initial excitement.
