比特幣 DeFi 革命爆發，符文引發交易費飆升

比特幣最近的復甦反映了以太坊在2020 年經歷的爆炸性DeFi 熱潮。 。在圍繞符文的炒作的推動下，新的山寨幣湧入，導致交易費用大幅增加，礦工收入創紀錄。

Bitcoin's DeFi Revolution: Runes Unleashes a Surge in Transaction Fees

比特幣的 DeFi 革命：符文引發交易費用激增

Once dismissed as a mere store of value, Bitcoin is undergoing a transformative evolution, characterized by a burgeoning DeFi ecosystem that rivals the Ethereum's DeFi summer of 2020. This surge in activity is largely attributed to the launch of Runes, a groundbreaking token protocol that enables the creation of fungible tokens directly on the Bitcoin blockchain.

比特幣一度被認為只是一種價值儲存手段，但現在正在經歷一場變革性的演變，其特點是蓬勃發展的DeFi 生態系統，可與以太坊2020 年夏季的DeFi 相媲美。很大程度上歸因於Runes 的推出，這是一種突破性的代幣協議，它使直接在比特幣區塊鏈上創建可替代代幣。

Bitcoin's DeFi Summer Begins with the Halving

比特幣的 DeFi 夏季從減半開始

The Bitcoin halving on April 20th sparked the current wave of enthusiasm. This event, which reduces miner rewards every four years, typically leads to a decline in miner revenue. However, this time around, an unexpected surge in transaction fees defied expectations, outpacing the decline in block rewards and propelling total daily miner revenue to a record-breaking $107.75 million. Notably, over 75% of this revenue stemmed from transaction fees alone, indicating a surge in network activity.

4月20日的比特幣減半引發了當前的熱潮。該事件每四年減少一次礦工獎勵，通常會導致礦工收入下降。然而，這一次，交易費用的意外飆升超出了預期，超過了區塊獎勵的下降速度，推動礦工每日總收入達到創紀錄的 1.0775 億美元。值得注意的是，超過 75% 的收入僅來自交易費用，這表明網路活動激增。

Runes: A Catalyst for Altcoin Boom

符文：山寨幣繁榮的催化劑

Analysts at Bernstein attribute this surge to the excitement surrounding Runes. This innovative protocol offers a more efficient alternative to existing solutions, enabling the creation of fungible tokens on the Bitcoin blockchain. The prospect of minting new tokens, including the popular "meme tokens," has ignited a wave of retail investor interest. As these users flock to join the movement, block space has become a hot commodity, pushing transaction fees to unprecedented levels.

伯恩斯坦的分析師將這種激增歸因於圍繞符文的興奮。這種創新協議為現有解決方案提供了更有效的替代方案，可以在比特幣區塊鏈上創建可替代代幣。鑄造新代幣（包括流行的「迷因代幣」）的前景引發了散戶投資者的興趣。隨著這些用戶紛紛加入這項運動，區塊空間已成為熱門商品，將交易費用推至前所未有的水平。

Runes' Impact on the Bitcoin Market

符文對比特幣市場的影響

The emergence of Runes underscores the growing developer interest in the Bitcoin network. The ability to create fungible tokens opens up a vast array of possibilities, potentially mirroring the success of DeFi (Decentralized Finance) on Ethereum. While the initial focus has been on meme tokens, analysts anticipate the development of more utility-oriented altcoins that will further expand Bitcoin's functionality.

符文的出現凸顯了開發者對比特幣網路日益增長的興趣。創建可替代代幣的能力開啟了廣泛的可能性，可能反映以太坊上 DeFi（去中心化金融）的成功。雖然最初的重點是迷因代幣，但分析師預計更多實用型山寨幣的開發將進一步擴展比特幣的功能。

Moderate Fee Environment and Miner Optimism

適度的費用環境和礦工的樂觀情緒

Despite the initial fervor surrounding Runes, transaction fees have since cooled down. However, analysts remain optimistic about the future of Bitcoin transaction fees. Bernstein analysts predict that fees will consistently account for 15% of miner revenues, providing a more sustainable revenue stream. Additionally, the untapped potential of exchangeable tokens on Bitcoin could lead to a surge in network activity over time.

儘管最初對符文的熱情很高，但交易費用此後已降溫。不過，分析師對比特幣交易費用的未來仍持樂觀態度。 Bernstein 分析師預測，費用將持續佔礦工收入的 15%，從而提供更永續的收入來源。此外，隨著時間的推移，比特幣上可交換代幣的未開發潛力可能會導致網路活動激增。

Positive Outlook for Bitcoin Mining Stocks

比特幣礦業股前景樂觀

Recent developments have also buoyed publicly traded Bitcoin miner stocks. These stocks rallied on expectations of increased activity after facing headwinds in the lead-up to the halving. Before the halving, companies like Riot Platforms, Marathon Digital, and CleanSpark experienced significant gains. The future of Bitcoin mining looks promising. Bitcoin's robust price above $64,000, coupled with the windfall from transaction fees, has stabilized the total hash rate, a measure of network computing power. Analysts believe that a significant decline in the hash rate is unlikely unless the price of Bitcoin experiences a substantial drop.

最近的事態發展也提振了公開交易的比特幣礦商股票。這些股票在減半前面臨阻力後，因市場活動增加的預期而上漲。在減半前，Riot Platforms、Marathon Digital 和 CleanSpark 等公司都取得了顯著的收益。比特幣挖礦的未來看起來充滿希望。比特幣價格突破 64,000 美元，加上交易費用帶來的意外收益，穩定了總哈希率（衡量網路運算能力的指標）。分析師認為，除非比特幣價格大幅下跌，否則算力不太可能大幅下降。

Conclusion

結論

Bitcoin's DeFi revolution is well underway, spearheaded by the launch of the Runes protocol. The surge in transaction fees and the growing developer interest highlight the expanding functionality and potential of the Bitcoin network. While the fee environment has moderated slightly, analysts remain optimistic about the long-term prospects for Bitcoin transaction fees and miner revenue. The positive outlook for Bitcoin miner stocks further underscores the bullish sentiment surrounding the future of Bitcoin mining. As the ecosystem continues to evolve and new innovations emerge, it is evident that Bitcoin's transformation from a simple store of value to a vibrant DeFi hub is well underway.

以 Runes 協議的推出為引領，比特幣的 DeFi 革命正在順利進行中。交易費用的飆升和開發者興趣的成長凸顯了比特幣網路不斷擴展的功能和潛力。儘管費用環境略有緩和，但分析師仍對比特幣交易費用和礦工收入的長期前景持樂觀態度。比特幣礦業股的正面前景進一步凸顯了圍繞比特幣礦業未來的看漲情緒。隨著生態系統的不斷發展和新創新的出現，比特幣從簡單的價值存儲向充滿活力的 DeFi 中心的轉變顯然正在順利進行。