符文協議咆哮，比特幣減半引發費用狂潮

2024 年 4 月 20 日，比特幣減半，區塊補貼減少至 3.125 BTC。然而，由於符文協議的實施，減半伴隨著異常高的交易費用，符文協議是一種旨在在比特幣上創建可替代代幣的代幣標準。 Jimmy Song 表示，高額費用是戰略「狙擊」和礦工影響力潛力的結果，引發了人們對 Runes 協議的可持續性和影響的擔憂。

Bitcoin's Fourth Halving Triggers Unprecedented Transaction Fee Surge Due to the Emergence of Runes Protocol

比特幣第四次減半，符文協議橫空出世，交易費飆升

On April 20th, 2024, the Bitcoin network underwent its fourth halving, an anticipated event that reduces the block reward by half. While the halving itself proceeded as expected, the subsequent transaction fees witnessed a significant spike, reaching levels not seen before.

2024 年 4 月 20 日，比特幣網路經歷了第四次減半，這一預期事件將使區塊獎勵減少一半。雖然減半本身按預期進行，但隨後的交易費用卻大幅飆升，達到了前所未有的水平。

The Halving and Its Implications

減半及其影響

The Bitcoin halving is an integral part of the network's consensus mechanism, designed to restrict the issuance of new bitcoins and maintain its scarcity. In this recent halving, the block reward was reduced from 6.25 BTC to 3.125 BTC.

比特幣減半是網路共識機制的一個組成部分，旨在限制新比特幣的發行並保持其稀缺性。在最近的減半中，區塊獎勵從 6.25 BTC 減少到 3.125 BTC。

Surging Transaction Fees: A New Norm

交易費用飆漲：新常態

However, the halving event was accompanied by an unexpected surge in transaction fees, with several blocks surpassing the subsidy generated. This phenomenon diverged from previous halving cycles, where such occurrences were uncommon.

然而，減半事件伴隨著交易費用的意外飆升，有幾個區塊超過了產生的補貼。這種現象與之前的減半週期有所不同，以前這種情況並不常見。

Runes Protocol: The Catalyst

符文協議：催化劑

Jimmy Song, a prominent figure in the Bitcoin community, attributed the soaring fees to the emergence of a new protocol named Runes, developed by Casey Rodarmor.

比特幣社群的知名人士 Jimmy Song 將費用飆升歸因於由 Casey Rodarmor 開發的名為 Runes 的新協議的出現。

Understanding the Runes Protocol

了解符文協議

Runes is a token standard designed to facilitate the creation of fungible tokens on the Bitcoin network. Unlike NFTs, which represent unique digital assets, fungible tokens possess identical properties and can be used as cryptocurrencies or community-centric meme coins.

Runes 是一種代幣標準，旨在促進在比特幣網路上創建可替代代幣。與代表獨特數位資產的 NFT 不同，可替代代幣具有相同的屬性，可用作加密貨幣或以社區為中心的迷因幣。

The protocol leverages Bitcoin's UTXO model to embed special data within UTXOs, marking them as Runes and assigning specific properties to them. Runestones, special messages within transactions, provide instructions for creating, minting, or transferring Runes. Pre-minting and Rune IDs ensure the traceability and origin of each Rune.

該協議利用比特幣的 UTXO 模型在 UTXO 中嵌入特殊數據，將它們標記為符文並為其分配特定屬性。符石是交易中的特殊訊息，提供創建、鑄造或轉移符文的說明。預鑄和符文 ID 確保每個符文的可追溯性和來源。

Strategic Game Theory and Fee Sniping

戰略博弈論和費用狙擊

The Runes protocol's simplicity in name registration has inadvertently led to a strategic game among users, known as "sniping." Individuals compete to register asset names first by paying higher fees, hoping to secure potentially valuable names.

Runes 協議在名稱註冊方面的簡單性無意中引發了用戶之間的戰略遊戲，即所謂的「狙擊」。個人透過支付更高的費用競相首先註冊資產名稱，希望獲得具有潛在價值的名稱。

This competitive dynamic has resulted in a frenzy of overbidding, with users employing Replace-By-Fee (RBF) transactions to outsmart others in the asset-naming race, further escalating the fees.

這種競爭動態導致了瘋狂的競價，用戶利用費用替換（RBF）交易在資產命名競賽中智勝其他人，進一步提高了費用。

Miners and Transaction Prioritization

礦工和交易優先級

Miners play a crucial role in determining which transactions are processed first, and the Runes protocol introduces another layer of complexity. Miners can prioritize transactions based on fees offered, potentially favoring high-fee Runes transactions over others.

礦工在確定首先處理哪些交易方面發揮著至關重要的作用，而 Runes 協議又引入了另一層複雜性。礦工可以根據所提供的費用對交易進行優先排序，這可能會比其他交易更青睞高費用的符文交易。

Sustainability Concerns and Long-Term Implications

永續性議題和長期影響

Jimmy Song raised concerns over the protocol's sustainability, considering the exorbitant fees associated with Runes. The fees, often reaching 1000 sats/vbyte, have eclipsed those of nearly every other transaction type on the network. With over $20 million generated in fees in just the first 18 blocks post-halving, the financial impact is substantial.

考慮到與符文相關的高昂費用，吉米·宋對協議的可持續性表示擔憂。這些費用通常達到 1000 sats/vbyte，使網路上幾乎所有其他交易類型的費用都黯然失色。減半後的前 18 個區塊就產生了超過 2000 萬美元的費用，財務影響是巨大的。

Song projected a daily expenditure of $150 million on Runes issuance and a projected weekly spend of around $1 billion, a rate he deemed unsustainable in the long term.

Song 預計符文發行每日支出為 1.5 億美元，每週支出約 10 億美元，他認為這一速度從長遠來看是不可持續的。

Skepticism and Warnings

懷疑和警告

Dylan LeClair, a crypto analyst, echoed Song's concerns, attributing the fee surge to Runes and labeling it as "pure degenerate speculation" due to its perceived lack of utility. He cautioned investors against investing in "memecoins," especially in high fee environments, emphasizing the financial risks associated with such speculative activities.

加密貨幣分析師 Dylan LeClair 回應了宋的擔憂，將費用激增歸因於 Runes，並因其缺乏實用性而將其標記為「純粹墮落的投機」。他警告投資者不要投資“模因幣”，尤其是在高費用環境下，並強調與此類投機活動相關的財務風險。

Conclusion

結論

The Bitcoin halving has triggered an unprecedented surge in transaction fees due to the emergence of the Runes protocol. While the protocol's capabilities offer new possibilities for token creation on Bitcoin, strategic game theory, miner prioritization, and sustainability concerns have arisen. As the network adjusts to this new dynamic, it remains to be seen how these issues will impact the long-term trajectory of Bitcoin's transaction fee landscape.

由於 Runes 協議的出現，比特幣減半引發了交易費用前所未有的飆升。雖然該協議的功能為比特幣創建代幣提供了新的可能性，但戰略博弈論、礦工優先級和可持續性問題已經出現。隨著網路適應這種新動態，這些問題將如何影響比特幣交易費用格局的長期軌跡還有待觀察。