Solana’s network experienced a surge in economic value, reaching a record high of $11,089,500 on October 24th. This milestone was driven by increased transaction fees and Maximal Extractable Value (MEV) tips, exceeding Ethereum’s performance since October 19th. The rise is largely attributed to the popularity of meme coins on Solana, with the Solana Telegram Bot alone witnessing $211 million in trading volume on October 24th.
Bitcoin Runes, an innovative protocol introduced alongside Bitcoin’s halving event, aims to revolutionize the management of Unspent Transaction Outputs (UTXOs) on the Bitcoin blockchain. Created by Casey Rodarmor, the protocol enables direct utilization of Bitcoin’s native functionalities, eliminating off-chain data and native tokens, resulting in improved user experience, transparency, and integrity in transactions. Runes expands the types of tokens supported by the Bitcoin blockchain, potentially increasing its utility and simplifying NFT creation. Its launch has also contributed to a significant drop in transaction fees, making them more affordable for users.
The recent halving of Bitcoin rewards has spurred a surge in transaction fees, casting doubt on the cryptocurrency’s long-term viability. While the halving aimed to gradually reduce new Bitcoin supply, it has exacerbated the reliance on transaction fees for miners, who verify transactions on the blockchain. Increasing energy costs and competition from artificial intelligence add pressure on miners’ revenue, raising concerns about the network’s ability to maintain its security and trust.
Following Bitcoin’s recent halving event, the cryptocurrency has experienced a modest increase in value. During the halving, the mining reward was reduced from 6.25 Bitcoin to 3.125, triggering a rise in transaction fees to an all-time high of $127. Analysts note that Bitcoin is currently sitting on a key support level, with 1.66 million addresses having purchased it at an average price of $64,800.
