BTC network is congested after halving, and the gas fee for rune grabbing is thousands of dollars

Original | Odaily Planet Daily

Author | Asher

At 8:10 this morning, BTC completed its fourth block reward halving at block height 840,000 , and the block reward has dropped from 6.25 BTC to 3.125 BTC. Normally, as the BTC mining reward is halved, miners' income will be affected, but due to the "crazy" rune casting by users, the average income of a block was 20 BTC for a while, and the actual income was more than twice that before the halving. For miners, BTC's short-term mining reward has not only not been halved, but doubled...

Actual mining revenue after BTC mining reward halving

Next, Odaily Planet Daily starts with the most popular rune project on the entire network to let everyone feel its popularity.

The urgency before Bitcoin halving: Gearing up for participation in the Rune Project

In April, due to the "big event" of BTC halving, the Bitcoin ecosystem has undoubtedly become the focus of the market. Among them, the hottest topic is the concept of Runes. In the Runes protocol that has not yet been launched on the main network, nearly 20 infrastructure platforms that provide services such as casting and trading have emerged. It is worth noting that UniSat wallet and OKX Web3 wallet will also support the rune market as soon as possible.

Image source: Doggfather

For a time, all the first-level players who participated in the inscription in the whole network were fully preparing for the rune casting. Therefore, rune casting tutorials can be seen everywhere in the community, divided into: "Why do you need to prepare a wallet?", "Which wallets should you prepare?", "Why do you need to prepare utxo?", "How to prepare utxo?", "Tutorials on splitting utxo/split wallets", and other question tutorials. The discussion in the community is getting more and more heated, for fear of missing this rare opportunity to "get rich quickly".

Discuss topics related to runes

Bitcoin halving boom: The whole network is casting rune projects

With the Bitcoin halving, the entire BTC network is participating in various Rune projects, making the Gas cost ridiculously high. Due to the extremely high popularity, many friends immediately withdrew coins from the exchange to the BTC network to participate in the Rune project. Although it takes a while for BTC to be successfully transferred to the BTC network, the amount received is very different from the transfer amount, and it is even only a fraction of the transfer amount. The following figure shows the real feedback of withdrawing coins from the exchange to the BTC network immediately.

Extremely high withdrawal fees

Even though the Bitcoin halving has been going on for several hours, the Gas fee of the BTC network is still very high. Currently, it costs nearly $300 in network fees to withdraw money from OKX to the BTC network (as shown below).

OKX current network fee for transferring coins to BTC

For those who have already prepared "bullets" in their wallets to participate in the Rune project, they also suffered "heavy losses" due to the excessively high Gas on the BTC network.

So, what rune projects are being played on the entire network? Odaily Planet Daily summarizes the popularity of the projects as follows:

• UNCOMMON•GOODS: No pre-mining, deployed by Casey, the founder of Ordinals;

• Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z: 99% pre-mined, deployed by Bitcoin Rollup project FehuLayer ;

• DECENTRALIZED: mined by the project for airdrops, deployed by the NFT project CyberKongz ;

• DOG•GO•TO•THE•MOON: All airdropped to Runestone holders, deployed by Ordinals developer Leonidas ;

• THE•RUNIX•TOKEN: mined by the project team for airdrops, deployed by Bitcoin L2 project BVM ;

• DOG•DOG•DOG•DOG•DOG: The project party has finished mining (the project party is unknown);

• SATOSHI•NAKAMOTO: Pre-mining 20% (unknown to the project owner);

• MEME•ECONOMICS: 20% pre-mining (unknown to the project owner);

• RSIC•GENESIS•RUNE: After the project party mines the reserved space, it will be deployed by Runecoin ;

• LOBO•THE•WOLF•PUP: All airdropped to Runestone and Rune Door holders, deployed by Buoyant Capital .

With the launch of the BTC halving rune, Runestone holders may be the biggest beneficiaries. According to the latest news, 4 of the top 10 rune projects will airdrop to Runestone holders, namely:

• Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z: airdrop to ORDI, Runestone, and RSIC holders (snapshot taken on March 26);

• DOG•GO•TO•THE•MOON: 889,806 DOG tokens airdropped to each Runestone holder;

• LOBO•THE•WOLF•PUP: All airdropped to Runestone and Rune Door holders;

• DECENTRALIZED: 5000 NFTs have been airdropped to Runestone holders.

Currently, the Runestone holder community is bustling with members speculating on "which rune project will be the next to be announced for Runestone holders to airdrop".

Odaily Planet Daily reminds investors participating in the Rune project that since the current BTC network Gas fee is too high, please look at the actual transaction fees and do not participate blindly.