比特幣經歷“DeFi之夏”，Runes Token標準引發創紀錄的獎勵和費用

由於新的符文代幣標準的引入，比特幣的活動激增，礦工獎勵和交易費用創下了紀錄。與 2020 年以太坊的「DeFi 之夏」類似，比特幣也見證了各種去中心化應用程式和代幣的出現，推動了流動性和手續費收入的成長。費用的上漲主要歸因於圍繞符文的炒作，符文是比特幣的可替代代幣標準。儘管隨著最初的炒作消退，費用略有下降，但分析師預計，未來網路交易費用將繼續佔礦工收入的很大一部分。比特幣礦商股對減半活動反應積極，總算力維持穩定，顯示礦商前景樂觀。

Bitcoin Experiences "DeFi Summer" as Runes Token Standard Sparks Record Rewards and Fees

比特幣經歷“DeFi之夏”，Runes Token標準引發創紀錄的獎勵和費用

Introduction

介紹

Bitcoin, the pioneering cryptocurrency, has entered a period of heightened activity resembling the "DeFi summer" witnessed on Ethereum in 2020. This surge is attributed to the introduction of a new token standard called Runes, which has significantly increased daily miner rewards and transaction fees.

比特幣作為加密貨幣的先驅，已經進入了類似於2020 年以太坊「DeFi 夏天」的活躍期。每日礦工獎勵和交易費用。

Bitcoin's "DeFi Summer"

比特幣的“DeFi之夏”

Analysts at Bernstein Research have observed that Bitcoin is no longer merely a passive asset, with holders simply accumulating and holding ("HODL") their coins. Instead, the introduction of Runes has sparked a wave of decentralized applications (dApps) and token launches, mirroring the DeFi boom on Ethereum.

伯恩斯坦研究公司的分析師觀察到，比特幣不再只是一種被動資產，持有者只是簡單地累積和持有（「HODL」）他們的比特幣。相反，Runes 的引入引發了去中心化應用程式 (dApp) 和代幣發行的浪潮，反映了以太坊上的 DeFi 熱潮。

Halving Impact

影響減半

On April 20, 2022, Bitcoin's fourth halving occurred, reducing miners' block subsidy rewards from 6.25 BTC to 3.125 BTC. Counterintuitively, despite the reduction in rewards, miners' daily revenue surged to $107.75 million on April 20th, a substantial increase from the pre-halving levels of $60-$70 million.

2022 年 4 月 20 日，比特幣第四次減半，礦工的區塊補貼獎勵從 6.25 BTC 減少至 3.125 BTC。與直覺相反，儘管獎勵減少，但 4 月 20 日，礦工的日收入飆升至 1.0775 億美元，較減半前 60-7000 萬美元的水平大幅增長。

Record Transaction Fees

創紀錄的交易費用

Transaction fees have played a pivotal role in this revenue surge. On April 20th, 75% of the daily revenue ($80 million) was attributable to transaction fees alone, marking an all-time high. Furthermore, Bitcoin has experienced a record 104-block run where transaction fees exceeded the block subsidy, further demonstrating the increased demand for blockchain space.

交易費用在收入激增中發揮了關鍵作用。 4 月 20 日，每日收入的 75%（8,000 萬美元）僅來自交易費用，創下歷史新高。此外，比特幣經歷了創紀錄的104個區塊運行，其中交易費用超過了區塊補貼，進一步表明對區塊鏈空間的需求不斷增加。

Runes Hype and Token Proliferation

符文炒作和代幣擴散

Much of the transaction fee activity is attributed to the hype surrounding Runes, a new token standard for Bitcoin. Runes enables the creation of fungible tokens on the Bitcoin blockchain, a more efficient solution compared to previous tokenization methods.

大部分交易費用活動歸因於圍繞符文（比特幣的新代幣標準）的炒作。符文可以在比特幣區塊鏈上創建可替代代幣，與先前的代幣化方法相比，這是更有效的解決方案。

The Runes protocol has attracted retail traders who are minting new tokens, including numerous meme tokens, leading to a surge in demand for block space and consequent increases in transaction fees. Over 7,000 Runes tokens have been minted to date, with "SATOSHI•NAKAMOTO" emerging as the most popular.

Runes 協議吸引了鑄造新代幣（包括大量 Meme 代幣）的散戶交易者，導致對區塊空間的需求激增，從而導致交易費用增加。迄今為止，已鑄造了超過 7,000 個符文代幣，其中「SATOSHI•NAKAMOTO」成為最受歡迎的代幣。

Fees Subside as Hype Wanes

隨著炒作的減弱，費用下降

While Runes generated considerable excitement, average transaction fees have since declined from their record high of $128.45 on the day of halving to around $35 on April 21st. Total daily miner revenue has also decreased to approximately $51 million.

儘管 Runes 引起了相當大的興奮，但平均交易費用已從減半當天的歷史高點 128.45 美元下降至 4 月 21 日的 35 美元左右。礦工每日總收入也下降至約 5,100 萬美元。

Untapped Potential and Miner Impact

未開發的潛力和對礦工的影響

Bernstein's analysts caution against extrapolating the current high fees into the future but acknowledge the significant potential for fungible tokens on Bitcoin. They note that DeFi tokens on Ethereum have a market capitalization exceeding $200 billion, while the market for fungible tokens on Bitcoin remains negligible.

伯恩斯坦的分析師警告不要將當前的高額費用推斷到未來，但承認比特幣上可替代代幣的巨大潛力。他們指出，以太坊上的 DeFi 代幣市值超過 2,000 億美元，而比特幣上的可替代代幣市場仍然微不足道。

In terms of miner revenue, the analysts estimate that 15% will be generated from network transaction fees on a sustainable basis. They also anticipate that miners will continue to enjoy above-normal profits due to the speculative fervor surrounding Runes and potentially other token protocols on Bitcoin.

在礦工收入方面，分析師預計，15%將持續來自網路交易費。他們還預計，由於圍繞符文和比特幣上其他潛在代幣協議的投機熱情，礦工將繼續享受高於正常水平的利潤。

Bitcoin Miner Stocks Rebound

比特幣礦商股票反彈

Prior to the halving, Bitcoin miner stocks had been in a bear market due to concerns about the reduction in block rewards. However, in anticipation of the increased transaction fees, public Bitcoin miner stocks surged on Friday ahead of the halving. Riot Platforms and Marathon Digital closed up around 10%, while CleanSpark gained 6%.

在減半之前，由於擔心區塊獎勵減少，比特幣礦商股票一直處於熊市。然而，由於預期交易費用會增加，比特幣礦商的股票在周五減半之前飆升。 Riot Platforms 和 Marathon Digital 收盤上漲約 10%，而 CleanSpark 則上漲 6%。

Hash Rate Stability Post-Halving

減半後算力穩定性

The Bitcoin network's total hash rate, a measure of computational power, has remained steady post-halving at approximately 620 EH/s. This resilience is attributed to the relatively high Bitcoin price and the windfall profits from transaction fees. The analysts expect a decline in hash rate only if Bitcoin's price significantly weakens.

比特幣網路的總哈希率（計算能力的衡量標準）在減半後保持穩定在約 620 EH/s。這種彈性歸因於相對較高的比特幣價格和交易費用所帶來的暴利。分析師預計，只有當比特幣價格大幅下跌時，算力才會下降。

Bitcoin Price Performance

比特幣價格表現

At the time of writing, Bitcoin is trading at $66,106, representing a 1.8% increase over the last 24 hours. The recent surge in miner rewards and transaction fees has contributed to the positive price momentum.

截至撰寫本文時，比特幣交易價格為 66,106 美元，較過去 24 小時上漲 1.8%。最近礦工獎勵和交易費用的飆升推動了積極的價格勢頭。

Conclusion

結論

Bitcoin's "DeFi summer" is a testament to the evolving nature of the cryptocurrency landscape. The introduction of the Runes token standard has brought increased activity and demand for block space on the Bitcoin blockchain. While transaction fees have subsided from their record highs, the underlying potential for fungible tokens and the continued profitability of mining suggest that this period of heightened activity may continue, driving further growth and innovation within the Bitcoin ecosystem.

比特幣的「DeFi 夏天」證明了加密貨幣格局不斷變化的性質。 Runes 代幣標準的引入帶來了比特幣區塊鏈上區塊空間的活動和需求的增加。雖然交易費用已從歷史高位回落，但可替代代幣的潛在潛力和挖礦的持續盈利能力表明，這段活躍時期可能會持續下去，推動比特幣生態系統內的進一步增長和創新。