On May 12th this year, the committee of transactions on the Bitcoin Network (BTC) has experienced a recent increase in time and is once again facilitated by using ordering and rune protocols.
According to data extracted from mempool.space Block Explorer, processing of recent block transactions has reached a significant cost. Block 896.422, discovered at Antpur Mining Pool 29 minutes ago, recorded 4,701 transactions with an average rate of 52 SAT/VB. That’s about $14. Furthermore, in the same block, Antpool gave a total of 0.559 BTC, which was over $57,000 at the time.
Regarding the current rates of Bitcoin transactions, according to the same explorer, for those without prioritization, it ranges from two SAT/VB ($0.29) for people with no prioritization, and from high priority 45 SAT/VB, reflecting an increase in demand for an average of 33 SAT/VB ($4.76), an average of 34 SAT/VB ($5.7), and a high priority 45 SAT/VB.
Increased use of these protocols is not an isolated event, as it can generate high fees. In 2023, Bitcoin faced a similar situation when ordinal and rune rises resulted in transaction rates at levels of 30-40 to $.
ordinal is a protocol that allows Register your data directly with Bitcoinassigns a unique identifier in Satosh (the smallest unit of Bitcoin) such as images or text. In that part, runes and ordinals facilitate the creation of furniture tokens in Bitcoin.
Both protocols created by Casey Rodamor use space intensively within the block. Create competition for that space And as a result, the increase in fees users must pay is The transaction is processed Quick.
Again load order and runes?
As issued by the team behind the ordinarys, the use of registrations for this protocol has increased by almost a percentage 30%, 40%Y 60%as seen in the following image:
On the other hand, for the Runes protocol, it recorded an increase of up to 80% over the past 24 hours, and from the order X account that reported an increase on May 9th last year.
A fierce debate at the heart of the Bitconner scene
This phenomenon occurs at a moment of intense debate within the Bitcoin ecosystem. At the heart of the discussion is to eliminate the 80-byte limit on transactions used by OP_Return. This is a technical mechanism included in the core client that allows additional data in a transaction.
ordinarys does not use op_return directly (as it is based on Secwit witnesses). Runes, on the other hand, uses Op_return to store information from transactions related to Fungible Tokens, as explained by Cryptopedia. That is, while the main rune (the instruction of the token) is encoded within op_return, the control of the status of the token (its properties, quantity, etc.) depends on the cost of normal UTXE, not op_return. op_return acts as metadata or instructions, not as custody.
For example, in block 896,423 mined by Antpool, one of the people who recently paid one of the committees (0.552 BTC or nearly $57,000) included five Op_return operations through Antpool.
Some developers and users advocate for eliminating the top, while others warn that it can further promote more intensive use of the network for non-payment purposes, away from the original purpose of Bitcoin as an electronic money system.
The specifics from the perspective of discussion about op_returno are as notified by encryption, The final response to that strong argument is More decentralizationas long as the proposed dissidents can operate other software for nodes such as Bitcoin Knot, among other things.