Bitcoin transaction feese initially faced a short-term surge post-halving, but the network's transaction fees have now stabilized.
The post Bitcoin transaction fees stabilize after fourth halving appeared first on Crypto Briefing.
Casey Rodarmor
The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens
While the BRC20 token economy’s market valuation surpasses $2.8 billion, according to one leading market cap aggregation website, tokens derived from the Runes protocol are beginning to experience price discovery following the launch of the new token standard. The following is a look at several popular runes tokens, detailing their supplies and present market values. […]Runes Proliferate on Bitcoin, Sparking New Token Sales on Specific Markets
In the 12 hours following the introduction of the Runes protocol, bitcoin miners have collected substantial fees as the rush to mint runes now dominates block space. Presently, numerous runes exist on the Bitcoin blockchain, with several being offered on marketplaces such as Okx and Magic Eden. The Runes Economy Has Been Born Since their […]Bitcoin fees top Ethereum for 3 days in a row as halving approaches
Transaction fees will play an important role in keeping Bitcoin miners afloat after the halving as the subsidy for mining a block is set to fall from 6.25 BTC to 3.125 BTC.
Fees on Bitcoin have surpassed Ethereum for three consecutive days as miners and traders prepare for the upcoming Bitcoin halving, and, to a lesser extent, the introduction of Runes on Bitcoin.
Bitcoin miners have cashed in $7.47 million in fees on April 17 — about $160,000 more than the $7.31 million paid to Ethereum stakers, according to Crypto Fees.
Bitcoin miners also raked in $9.98 million and $5.91 million across April 15 and 16 — beating out Ethereum stakers by $3.5 million and 1.1 million on those respective days.
Runes Protocol to Debut Alongside Bitcoin Halving, Could Boost BTC Ecosystem
As the halving is set to occur between April 19-20, 2024, a substantial number of crypto enthusiasts are eagerly preparing for the Runes protocol. The concept of Runes was developed by the creator of Ordinals, Casey Rodarmor, and has been met with considerable enthusiasm since its announcement in September 2023. The following is a comprehensive […]Bitcoin Ordinals haven’t wrestled blockspace from money TXs: Glassnode
Inscriptions have been acting more as a "packing filler," stuffed into any remaining space once higher-value monetary transfers are packed into blocks, said the firm.
Despite concerns that Bitcoin Ordinals are clogging the network, there is little evidence to suggest inscriptions are taking blockspace away from higher-value Bitcoin (BTC) monetary transfers.
“There is minimal evidence that inscriptions are displacing monetary transfers,” on-chain analytics firm Glassnode explained in a Sept. 25 report.
The firm explained that this is likely because inscription users tend to set low fee rates, expressing willingness to wait longer periods of time for confirmation.
“Inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers.”
Bitcoin Ordinals were introduced in Feburary 2023, and have since accounted for the lion’s share of network activity when it comes to daily transaction count.
However, this hasn’t necessarily been reflected in its share of mining fees, with inscriptions only attributing to about 20% of Bitcoin transaction fees, Glassnode noted.
More inscriptions means more revenue — but there’s a catch
While inscriptions have strengthened the base-load demand for blockspace and increased fees for miners, Glassnode says Bitcoin’s hashrate has also increased 50% since February.
This has resulted in tougher competition for miners looking to swoop in on revenue fees, says Glassnode:
“With extreme miner competition in play, and the halving event looming, it is likely that miners are on the edge of income stress, with their profitability to be tested unless BTC prices increase in the near term.”
Bitcoin is currently priced at $26,216 but many industry pundits expect some degree of price appreciation in the lead-up to Bitcoin’s halving event scheduled for April 2024.
Related: Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’
Currently, most inscriptions come as a result of BRC-20 tokens, which were introduced one month after Casey Rodamor launched the Ordinals protocol on Bitcoin in February.
On Sept. 25, Rodarmor pitched “Runes” as a potential alternative to BRC-20s, suggesting that a UTXO-based fungible token protocol wouldn’t leave as much “junk” unspent transaction outputs on the Bitcoin network.
Magazine: Blockchain games aren’t really decentralized… but that’s about to change
Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’
Bitcoin Ordinals inventor Casey Rodarmor says a fungible token protocol like Runes wouldn’t leave as much “junk” on the Bitcoin network as that of BRC-20 tokens.
The inventor of Bitcoin Ordinals is proposing a new Bitcoin-based fungible token protocol as a potential alternative to the BRC-20 token standard.
The BRC-20 standard was launched in March by an anonymous developer “Domo.” Within two months, the BRC-20 market cap reached $1 billion, with PEPE and ORDI among the most notable BRC-20 tokens created on Bitcoin.
New terrible idea just dropped: Runes.
— Casey (@rodarmor) September 25, 2023
A worse-is-better fungible token protocol for Bitcoin.https://t.co/TPVrUvWxm8
BRC-20 enables the minting and transfer of fungible tokens via the Ordinals protocol on Bitcoin. But the issue with BRC-20 tokens is that they spam Bitcoin with “junk” Unspent Transaction Outputs or UTXOs, argued Rodarmor.
BRC-20 tokens have the “undesirable consequence of UTXO proliferation,” he explained in a Sept. 25 post, proposing Runes as a UTXO-based alternative.
“Protocols that are UTXO-based fit more naturally into Bitcoin and promote UTXO set minimization by avoiding the creation of "junk" UTXOs.”
TLDR on Runes - A potential fungible token protocol for Bitcoin
— Franken (@ItsFranken) September 25, 2023
ᚱᚢᚾᛖᛊ
- Casey remains skeptical, citing "99.9% are scams and memes," but recognises they don't appear to be going away.
- Employs a UTXO-based system, notably simpler than BRC-20.
- Uses the letter 'R' in the… https://t.co/zYP43f70gh
“If this protocol had a small on-chain footprint and encouraged responsible UTXO management, it might serve as harm reduction compared to existing protocols,” Rodarmor added.
UTXOs represent the amount of cryptocurrency left in a wallet following a completed transaction, where the balance is used in subsequent transactions and is stored in the UTXO database.
Bitcoin’s UTXO model plays a role in making Bitcoin an auditable and transparent ledger by preventing the double spending problem.
Rodarmor said other fungible token protocols on Bitcoin, such as Really Good for Bitcoin, Counterparty and Omni Layer have problems of their own.
While Rodarmor admitted 99.9% of fungible tokens are filled with scams and memes, he believes the right fungible token protocol can add value to the Bitcoin network:
“Creating a good fungible token protocol for Bitcoin might bring significant transaction fee revenue, developer mindshare, and users to Bitcoin.”
Related: Ordinals still make up majority of Bitcoin txs despite price collapse
In a Sept. 25 Twitter Spaces with The Ordinals Show co-host Trevor Owens, Rodarmor said he came up with the Runes idea last week and that he wasn’t sure whether he would pursue it any further.
Shortly after the call, Owens floated offering $100,000 from the Bitcoin Frontier Fund to prospective developers that can create a Rune application up and running as a means to further Rodarmor’s proposal.
Open $100k investment offer in upcoming @BTCFrontierFund accelerator for first team who can get a working (not terrible) Rune indexer, issuance and/or transfer app, up live and running
— trevor.btc (@TO) September 26, 2023
Don't make the tickers required to be unique, will be a shit show
DM me. Serious offer. pic.twitter.com/6W0IwlhB9x
Cointelegraph reached out to Rodarmor for comment but did not receive an immediate response.
Magazine: Blockchain games aren’t really decentralized… but that’s about to change
Bitcoin Ordinals team launch non-profit to grow protocol development
The Open Ordinals Institute aims to bolster the protocol’s future development as Ordinals inscriptions hit a milestone of 21 million.
A non-profit organization dedicated to growing the development of nonfungible tokens (NFTs) on Bitcoin (BTC) has been launched by the team behind the Bitcoin Ordinals protocol.
The California-based nonprofit called the Open Ordinals Institute will bolster the Ordinals protocol by providing funding to the team’s core developers, which includes the project’s pseudonymous lead maintainer Raph.
In total, four team members will serve on the board of the new nonprofit; Raph, Bitcoin-focused podcast host Erin Redwing an anonymous Ordinals developer known as Ordinally and Ordinals creator Casey Rodarmor.
The Ordinals protocol team is proud to announce the launch of the Open Ordinals Institute, a 501(c)(3) non-profit organization to foster the growth and advancement of the Bitcoin Ordinals protocol. Donations can be made at our website: https://t.co/H7ymKSL4VR
— Open Ordinals Institute (@ordinalsorg) August 1, 2023
The Ordinals protocol was launched in January by Rodarmor. It rapidly became one of the most popular crypto trends with users rushing to inscribe assets on the Bitcoin blockchain, including NFTs and Bitcoin-based cryptocurrencies.
On May 28, Rodarmor stepped down as the protocol’s lead maintainer and handed the role over to Raph.
I haven't been able to give ord the attention it deserves, so I am pleased to announce that @raphjaph has agreed to step up as lead maintainer!
— Casey (@rodarmor) May 28, 2023
Raph is an impoverished student, and his work on ord will be entirely funded by donations. If you can, please consider donating!…
As of Aug. 1, 5:30 pm UTC, the total number of Bitcoin Ordinals inscriptions topped 21 million, an auspicious milestone for users of the Bitcoin network.
Related: Bitcoin has entered a civil war — Over ‘art’
The team also launched the official website for the organization, Ordinals.org, allowing users to make donations and view updates to the project’s development.
According to the official website, any donations made to the Institute will be tax-deductible for United States taxpayers following the organization’s approval by the Internal Revenue Service, which it expects to occur sometime later this year.
Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books
‘Scammers dream’ — Yuga’s auction model for Bitcoin NFTs sees criticism
Yuga Labs' first Bitcoin NFT collection saw some backlash from the crypto community over the weekend, pointing to flaws in the way it's conducting the auction.
Nonfungible token (NFT) conglomerate Yuga Labs is facing some criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, over how it plans to auction its new Bitcoin NFT collection.
On Mar. 5, Yuga opened bids for its “TwelveFold” collection which will see 300 NFT-like images inscribed on Satoshis using the Bitcoin-native Ordinals protocol, with 288 from the collection sent to the highest 288 bidders.
The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO
— Yuga Labs (@yugalabs) March 5, 2023
According to a Mar. 5 press release, those participating in the bidding process will be required to send their entire bid amount in BTC to a unique BTC address controlled by Yuga. Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.
Such a plan however has earned the ire of some within the crypto community, with some pointing out that having to manually conduct refunds for unsuccessful bids is like the “stone age.”
so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back
— Giancarlo (@GiancarloChaux) March 5, 2023
likely tens of millions of dollars
we’re still in the stone age
The user behind an Ordinals-focused Twitter account “ordinally” called the auction model a “scammers dream” and added while they doubt Yuga would keep the BTC from failed bids, the way it carried out the auction sets a “REALLY bad precedence.”
Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.
— ordinally (@veryordinally) March 6, 2023
The post even saw a response from Bitcoin Ordinals creator himself Casey Rodarmor, who hotly weighed in on the discussion telling Yuga to “get fucked” and called the conduct of the auction “degenerate bullshit.”
He added if Yuga were to conduct a similar auction he would encourage others to boycott the project.
Dear @yugalabs,@veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner always a shitcoiner.”
— Casey Rodarmor (@rodarmor) March 6, 2023
If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o
Other users pointed out the shortcomings of the auction system, saying it's possible some could overpay for a TwelveFold due to a possible significant price discrepancy between the highest and lowest bids in the top 288.
yuga is going to make a lot of money with twelvefold haha pic.twitter.com/UF7efYmN0k
— frankdegods.eth (@frankdegods) March 5, 2023
Despite the criticism from some, many were happy to see a large project such as Yuga — who rose to prominence due to multiple Ethereum-based NFT collections — bridge across to Bitcoin.
Related: Luxor Mining acquires OrdinalHub amid Bitcoin-based NFTs hype
Ordinally, who earlier criticized the collection, later tweeted appreciation of “the fact Yuga took the effort to attempt [to] go a Bitcoin route when setting up this auction.”
To give credit where credit is due - I really appreciate the fact Yuga took the effort to attempt and go a Bitcoin route when setting up this auction. Somewhat irrationally it pains me even more to see a bitcoin approach setting bad precedent, than an ETH based approach …
— ordinally (@veryordinally) March 6, 2023
An Ordinals-based collection, Ordinal Pizza OG, expressed excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”
The criticisms weren’t enough to stop cashed-up bidders from wanting to try to cement a top spot to nab Yuga’s first BTC collection.
At the time of writing the top bid was 1.11 BTC (around $25,000) according to the TwelveFold website with the lowest bid registered showing as 0.011 BTC, or around $250.
More Than 7,000 Ordinals Inscriptions Have Already Been Included on the Bitcoin Blockchain
Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam among some Bitcoin circles, even though the procedures to issue them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 inscriptions directly to the Bitcoin chain, with some collections already present. Ordinals […]