比特幣減半後交易費用跳水，Runes NFT 價格暴跌

比特幣減半後，網路交易費用大幅下降，穩定在 34.80 美元，儘管最初飆升至 128.45 美元。然而，由於 Runes NFT 集合和協議的推出而引發的備受期待的費用上漲並未實現，導致 Runes NFT 底價顯著下降。這表明交易費用的預期飆升（本來可以抵消減半導致的比特幣礦工收入減少）尚未實現。

Bitcoin Transaction Fees Plummet Post-Halving, Runes NFT Prices Tumble

減半後比特幣交易費用暴跌，Runes NFT 價格暴跌

In the aftermath of Bitcoin's fourth halving, transaction fees have witnessed a significant decline, contrary to earlier expectations. The average transaction fee has plummeted from a record high of $128.45 to $34.80.

比特幣第四次減半後，交易費用大幅下降，這與先前預期的相反。平均交易費用從創紀錄的 128.45 美元暴跌至 34.80 美元。

Halving Impact on Transaction Fees

對交易費用的影響減半

During the halving, the average transaction fee spiked due to increased network activity, reaching a record high on April 20, 2024. This surge was attributed to the launch of the Runes protocol, a new innovation on the Bitcoin blockchain.

在減半期間，由於網路活動增加，平均交易費用飆升，並於2024 年4 月20 日達到歷史新高。 。

However, following the initial surge, transaction fees have normalized. The significant reduction in fees suggests that the anticipated increase in transaction fees through Runes has not materialized as expected.

然而，在最初的飆升之後，交易費用已經正常化。費用的大幅減少表明，透過符文交易費用的預期增加並未如預期那樣實現。

Industry Response to Runes

業界對符文的反應

The launch of the Runes protocol was anticipated to stimulate increased on-chain activity, thereby generating increased transaction fees. However, the market response in the days following the halving has been underwhelming.

Runes 協議的推出預計將刺激鏈上活動的增加，從而產生更多的交易費用。然而，減半後幾天的市場反應卻不理想。

The floor prices for the Runestone NFT collection have plummeted by nearly 50% in the last 24 hours. In contrast, ordinal collections such as Bitcoin Pullets and NodeMonkes have experienced gains, indicating that Runes has not proven to be the robust revenue source many had hoped for.

Runestone NFT 系列的底價在過去 24 小時內暴跌近 50%。相較之下，Bitcoin Pullets 和 NodeMonkes 等有序集合卻取得了成長，這表明 Runes 尚未被證明是許多人所希望的強勁收入來源。

Financial Health of Public Blockchains

公共區塊鏈的財務健康狀況

The financial health of public blockchains can be evaluated using the following formula:

公共區塊鏈的財務健康狀況可以使用以下公式進行評估：

Net Profit = Transaction Fees – Security Costs

淨利=交易費用-安全成本

A blockchain that generates more transaction fees than its security costs operates at a financial surplus, indicating sustainability. Conversely, a deficit occurs when security costs exceed transaction fees, raising concerns about sustainability.

產生的交易費用高於其安全成本的區塊鏈以財務盈餘運行，顯示其可持續性。相反，當安全成本超過交易費用時，就會出現赤字，引發人們對永續性的擔憂。

Transaction Fees Comparison

交易費用比較

Ethereum (ETH): ETH transaction fees are based on "gas," which determines the computational resources required for transactions. The current fee model involves a base fee, which is burned, and a tip, which is paid to miners for priority processing.

以太坊（ETH）：ETH 交易費用是基於“gas”，它決定了交易所需的計算資源。目前的費用模型包括被燒毀的基本費用和支付給礦工進行優先處理的小費。

Bitcoin Cash (BCH): BCH has a larger block size than Bitcoin, allowing it to process more transactions per block and maintain very low transaction fees, typically less than a penny.

比特幣現金（BCH）：BCH 的區塊大小比比特幣更大，使其能夠在每個區塊處理更多交易，並保持非常低的交易費用，通常低於一美分。

Litecoin (LTC): LTC prioritizes transactions based on "coin days destroyed," allowing some transactions to be processed without fees. A nominal fee applies to transactions that do not meet the priority threshold.

萊特幣（LTC）：LTC 根據「銷毀幣天數」對交易進行優先排序，允許部分交易免費處理。對於不符合優先門檻的交易，將收取像徵性費用。

Dogecoin (DOGE): DOGE has implemented a new fee structure to reduce transaction costs and encourage node operators to relay transactions with lower fees to miners.

狗狗幣（DOGE）：DOGE實施了新的費用結構，以降低交易成本並鼓勵節點營運商以較低的費用將交易轉發給礦工。

Solana (SOL): SOL's fee system consists of a base fee and a per-signature fee. The base fee covers storage costs, while the per-signature fee is based on the number of signatures in a transaction.

Solana (SOL)：SOL 的費用系統由基本費用和每次簽名費用組成。基本費用包括儲存費用，而每次簽名費用則基於交易中的簽名數量。

Polygon (MATIC): Polygon's fee structure involves the StdTx model, which allows developers to build applications without incurring transaction fees for every operation, and the Bor Fee Model, which applies to certain types of transactions.

Polygon (MATIC)：Polygon 的費用結構涉及 StdTx 模型和 Bor 費用模型，前者允許開發人員建立應用程序，而無需為每次操作產生交易費用，後者適用於某些類型的交易。

Conclusion

結論

The post-halving decline in Bitcoin transaction fees and the underwhelming performance of Runes NFTs suggest that the anticipated revenue surge from the protocol has not materialized. This raises questions about the sustainability of blockchains that rely heavily on transaction fees for financial support.

比特幣減半後交易費用的下降和 Runes NFT 的表現不佳表明，該協議預期的收入激增尚未實現。這引發了人們對嚴重依賴交易費用來獲取財務支持的區塊鏈可持續性的質疑。

As the cryptocurrency market evolves, it remains to be seen whether Runes and other innovative blockchain protocols can generate sufficient revenue streams to support their long-term viability.

隨著加密貨幣市場的發展，符文和其他創新的區塊鏈協議是否能夠產生足夠的收入流來支持其長期生存還有待觀察。