比特币经历“DeFi之夏”，Runes Token标准引发创纪录的奖励和费用

由于新的符文代币标准的引入，比特币的活动激增，矿工奖励和交易费用创下了纪录。与 2020 年以太坊的“DeFi 之夏”类似，比特币也见证了各种去中心化应用和代币的出现，推动了流动性和手续费收入的增长。费用的上涨主要归因于围绕符文的炒作，符文是比特币的可替代代币标准。尽管随着最初的炒作消退，费用略有下降，但分析师预计，未来网络交易费用将继续占矿工收入的很大一部分。比特币矿商股对减半活动反应积极，总算力保持稳定，表明矿商前景乐观。

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

比特币经历“DeFi之夏”，Runes Token标准引发创纪录的奖励和费用

Introduction

介绍

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.

比特币作为加密货币的先驱，已经进入了类似于 2020 年以太坊“DeFi 夏天”的活跃期。这种激增归因于一种名为 Runes 的新代币标准的引入，该标准显着增加了每日矿工奖励和交易费用。

Bitcoin's "DeFi Summer"

比特币的“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师观察到，比特币不再仅仅是一种被动资产，持有者只是简单地积累和持有（“HODL”）他们的比特币。相反，Runes 的引入引发了去中心化应用程序 (dApp) 和代币发行的浪潮，反映了以太坊上的 DeFi 热潮。

Halving Impact

影响减半

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，比特币第四次减半，矿工的区块补贴奖励从 6.25 BTC 减少至 3.125 BTC。与直觉相反，尽管奖励减少，但 4 月 20 日，矿工的日收入飙升至 1.0775 亿美元，较减半前 60-7000 万美元的水平大幅增长。

Record Transaction Fees

创纪录的交易费用

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.

交易费用在收入激增中发挥了关键作用。 4 月 20 日，每日收入的 75%（8000 万美元）仅来自交易费用，创下历史新高。此外，比特币经历了创纪录的104个区块运行，其中交易费用超过了区块补贴，进一步表明对区块链空间的需求不断增加。

Runes Hype and Token Proliferation

符文炒作和代币扩散

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.

大部分交易费用活动归因于围绕符文（比特币的新代币标准）的炒作。符文可以在比特币区块链上创建可替代代币，与之前的代币化方法相比，这是一种更有效的解决方案。

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 协议吸引了铸造新代币（包括大量 Meme 代币）的散户交易者，导致对区块空间的需求激增，从而导致交易费用增加。迄今为止，已铸造了超过 7,000 个符文代币，其中“SATOSHI•NAKAMOTO”成为最受欢迎的代币。

Fees Subside as Hype Wanes

随着炒作的减弱，费用下降

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.

尽管 Runes 引起了相当大的兴奋，但平均交易费用已从减半当天的历史高点 128.45 美元下降至 4 月 21 日的 35 美元左右。矿工每日总收入也下降至约 5100 万美元。

Untapped Potential and Miner Impact

未开发的潜力和对矿工的影响

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.

伯恩斯坦的分析师警告不要将当前的高额费用推断到未来，但承认比特币上可替代代币的巨大潜力。他们指出，以太坊上的 DeFi 代币市值超过 2000 亿美元，而比特币上的可替代代币市场仍然微不足道。

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.

在矿工收入方面，分析师预计，15%将持续来自网络交易费。他们还预计，由于围绕符文和比特币上其他潜在代币协议的投机热情，矿工将继续享受高于正常水平的利润。

Bitcoin Miner Stocks Rebound

比特币矿商股票反弹

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%.

在减半之前，由于担心区块奖励减少，比特币矿商股票一直处于熊市。然而，由于预期交易费用会增加，比特币矿商的股票在周五减半之前飙升。 Riot Platforms 和 Marathon Digital 收盘上涨约 10%，而 CleanSpark 上涨 6%。

Hash Rate Stability Post-Halving

减半后算力稳定性

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.

比特币网络的总哈希率（计算能力的衡量标准）在减半后保持稳定在约 620 EH/s。这种弹性归因于相对较高的比特币价格和交易费用带来的暴利。分析师预计，只有当比特币价格大幅下跌时，算力才会下降。

Bitcoin Price Performance

比特币价格表现

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.

截至撰写本文时，比特币交易价格为 66,106 美元，较过去 24 小时上涨 1.8%。最近矿工奖励和交易费用的飙升推动了积极的价格势头。

Conclusion

结论

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.

比特币的“DeFi 夏天”证明了加密货币格局不断变化的性质。 Runes 代币标准的引入带来了比特币区块链上区块空间的活动和需求的增加。虽然交易费用已从历史高位回落，但可替代代币的潜在潜力和挖矿的持续盈利能力表明，这一活跃时期可能会持续下去，推动比特币生态系统内的进一步增长和创新。