符文协议咆哮，比特币减半引发费用狂潮

2024 年 4 月 20 日，比特币减半，区块补贴减少至 3.125 BTC。然而，由于符文协议的实施，减半伴随着异常高的交易费用，符文协议是一种旨在在比特币上创建可替代代币的代币标准。 Jimmy Song 表示，高额费用是战略“狙击”和矿工影响力潜力的结果，引发了人们对 Runes 协议的可持续性和影响的担忧。

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

比特币第四次减半，符文协议横空出世，交易费飙升

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，比特币网络经历了第四次减半，这一预期事件将使区块奖励减少一半。虽然减半本身按预期进行，但随后的交易费用却大幅飙升，达到了前所未有的水平。

The Halving and Its Implications

减半及其影响

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.

比特币减半是网络共识机制的一个组成部分，旨在限制新比特币的发行并保持其稀缺性。在最近的减半中，区块奖励从 6.25 BTC 减少到 3.125 BTC。

Surging Transaction Fees: A New Norm

交易费用飙升：新常态

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，减半事件伴随着交易费用的意外飙升，有几个区块超过了产生的补贴。这种现象与之前的减半周期有所不同，以前这种情况并不常见。

Runes Protocol: The Catalyst

符文协议：催化剂

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.

比特币社区的知名人士 Jimmy Song 将费用飙升归因于由 Casey Rodarmor 开发的名为 Runes 的新协议的出现。

Understanding the Runes Protocol

了解符文协议

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 是一种代币标准，旨在促进在比特币网络上创建可替代代币。与代表独特数字资产的 NFT 不同，可替代代币具有相同的属性，可以用作加密货币或以社区为中心的模因币。

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.

该协议利用比特币的 UTXO 模型在 UTXO 中嵌入特殊数据，将它们标记为符文并为其分配特定属性。符石是交易中的特殊消息，提供创建、铸造或转移符文的说明。预铸和符文 ID 确保每个符文的可追溯性和来源。

Strategic Game Theory and Fee Sniping

战略博弈论和费用狙击

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 协议在名称注册方面的简单性无意中引发了用户之间的战略游戏，即所谓的“狙击”。个人通过支付更高的费用竞相首先注册资产名称，希望获得具有潜在价值的名称。

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.

这种竞争动态导致了疯狂的竞价，用户利用费用替换（RBF）交易在资产命名竞赛中智胜其他人，进一步提高了费用。

Miners and Transaction Prioritization

矿工和交易优先级

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.

矿工在确定首先处理哪些交易方面发挥着至关重要的作用，而 Runes 协议又引入了另一层复杂性。矿工可以根据所提供的费用对交易进行优先级排序，这可能会比其他交易更青睐高费用的符文交易。

Sustainability Concerns and Long-Term Implications

可持续性问题和长期影响

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.

考虑到与符文相关的高昂费用，吉米·宋对该协议的可持续性表示担忧。这些费用通常达到 1000 sats/vbyte，使网络上几乎所有其他交易类型的费用都黯然失色。减半后的前 18 个区块就产生了超过 2000 万美元的费用，财务影响是巨大的。

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 预计符文发行每日支出为 1.5 亿美元，每周支出约为 10 亿美元，他认为这一速度从长远来看是不可持续的。

Skepticism and Warnings

怀疑和警告

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.

加密货币分析师迪伦·勒克莱尔 (Dylan LeClair) 回应了宋的担忧，将费用激增归因于 Runes，并因其缺乏实用性而将其标记为“纯粹堕落的投机”。他警告投资者不要投资“模因币”，尤其是在高费用环境下，并强调与此类投机活动相关的金融风险。

Conclusion

结论

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.

由于 Runes 协议的出现，比特币减半引发了交易费用前所未有的飙升。虽然该协议的功能为比特币创建代币提供了新的可能性，但战略博弈论、矿工优先级和可持续性问题已经出现。随着网络适应这种新动态，这些问题将如何影响比特币交易费用格局的长期轨迹还有待观察。