Runes Protocol is live, fees explode

Bitcoin Halving fees have skyrocketed. As a result, users of the recently launched Runes Protocol have to dig deep.

The fourth Bitcoin Halving also marks the launch of the previously announced Runes Protocol.

Bitcoin Runes are part of a new protocol on the Bitcoin blockchain that enables the efficient use of fungible tokens. Like the ERC-20 tokens on Ethereum, Runes extend Bitcoin's functionality by also enabling new forms of digital assets and applications directly on the world's most secure blockchain.

The higher fees during halving - the block of 840,000 included a total of $2.4 million in fees - also made hitting Runes expensive. At the peak last weekend, fees were nearly $130 per transaction.

Just nine blocks after the halving, Runes-Minter paid US$4.95 million to secure the new tokens.