Bitcoin Gas Rates Drop Nearly 10x After Halving

The cost of sending transactions in bitcoin decreased almost 10 times after an initial spike following the btc halving last week.

Days after the bitcoin (btc) halving, on-chain analytics provider Mempool.space reported btc gas fees of around $9.51 for low-priority transactions and $10.07 for medium-priority actions on the largest decentralized network in crypto.

High priority transactions cost up to $10.44 per data viewed at press time. The figures represented a massive drop compared to rates after last week's halving. At the time, participants had to pay more than $146 for medium-priority transactions and more than $170 for high-priority shipments.

According to CoinMarketCap, the price of btc remained relatively unchanged following the asset's long-awaited code change designed by Satoshi Nakamoto to reinforce token scarcity and inflation. In the last seven days, btc gained around 2.4% to trade at around $66,000.

bitcoin runes see mediocre results after halving

One of the main concerns during the btc halving was the reduction in miners' income due to block rewards being reduced by 50%. Casey Rodarmor's Runes protocol was touted as a solution and was scheduled to launch simultaneously with the halving to kick off on-chain activity.

Rodarmor's Runes allows users to create UTXO-based fungible assets on the btc blockchain, promising another avenue to power decentralized finance (defi) on the world's largest blockchain.

bitcoin Runes is said to improve upon the BRC-2O token standard designed by pseudonymous developer Domo. Domo's idea was a branch of the Ordinal protocol published by Rodarmor.

Days after the halving, the Runestone nft collection is at almost 50% of its minimum price value. By Magical EdenRunestole's average call cost fell from 0.073 btc to 0.035 at the time of writing, indicating less interest in the concept after the initial hype.

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