Runes launches on Bitcoin
Casey Rodarmor's Runes protocol launches at the halving and immediately drives intense demand for Bitcoin block space and unusually high fees.
On April 20, 2024, Runes launches on Bitcoin. Casey Rodarmor's Runes protocol launches at the halving and immediately drives intense demand for Bitcoin block space and unusually high fees.
Runes used Bitcoin's UTXO model and OP_RETURN data to issue and transfer fungible tokens. Its launch at the halving created an immediate rush for block space, producing unusually high fees and a vivid test of Bitcoin's fee market.
The event is historically useful because Bitcoin's development history is built not only from activated consensus changes but also from standards, implementation milestones, security maintenance and proposals that shape later engineering choices.