比特币减半后交易费用跳水，Runes NFT 价格暴跌

比特币减半后，网络交易费用大幅下降，稳定在 34.80 美元，尽管最初飙升至 128.45 美元。然而，由于 Runes NFT 集合和协议的推出而引发的备受期待的费用上涨并未实现，导致 Runes NFT 底价显着下降。这表明交易费用的预期飙升（本来可以抵消减半导致的比特币矿工收入减少）尚未实现。

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

减半后比特币交易费用暴跌，Runes NFT 价格暴跌

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.

比特币第四次减半后，交易费用大幅下降，这与之前的预期相反。平均交易费用从创纪录的 128.45 美元暴跌至 34.80 美元。

Halving Impact on Transaction Fees

对交易费用的影响减半

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.

减半期间，由于网络活动增加，平均交易费用飙升，并于 2024 年 4 月 20 日达到历史新高。这种飙升归因于 Runes 协议的推出，这是比特币区块链上的一项新创新。

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，在最初的飙升之后，交易费用已经正常化。费用的大幅减少表明，通过符文交易费用的预期增加并未如预期那样实现。

Industry Response to Runes

业界对符文的反应

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 协议的推出预计将刺激链上活动的增加，从而产生更多的交易费用。然而，减半后几天的市场反应却并不理想。

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 系列的底价在过去 24 小时内暴跌近 50%。相比之下，Bitcoin Pullets 和 NodeMonkes 等有序集合却取得了增长，这表明 Runes 尚未被证明是许多人所希望的强劲收入来源。

Financial Health of Public Blockchains

公共区块链的财务健康状况

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

公共区块链的财务健康状况可以使用以下公式进行评估：

Net Profit = Transaction Fees – Security Costs

净利润=交易费用-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.

产生的交易费用高于其安全成本的区块链以财务盈余运行，表明其可持续性。相反，当安全成本超过交易费用时，就会出现赤字，引发人们对可持续性的担忧。

Transaction Fees Comparison

交易费用比较

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 交易费用基于“gas”，它决定了交易所需的计算资源。当前的费用模型包括被烧毁的基本费用和支付给矿工进行优先处理的小费。

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.

比特币现金（BCH）：BCH 的区块大小比比特币更大，使其能够在每个区块处理更多交易，并保持非常低的交易费用，通常低于一美分。

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.

莱特币（LTC）：LTC 根据“销毁币天数”对交易进行优先级排序，允许部分交易免费处理。对于不符合优先级阈值的交易，将收取象征性费用。

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.

狗狗币（DOGE）：DOGE实施了新的费用结构，以降低交易成本并鼓励节点运营商以较低的费用将交易转发给矿工。

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 的费用系统由基本费用和每次签名费用组成。基本费用包括存储费用，而每次签名费用则基于交易中的签名数量。

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 的费用结构涉及 StdTx 模型和 Bor 费用模型，前者允许开发人员构建应用程序，而无需为每次操作产生交易费用，后者适用于某些类型的交易。

Conclusion

结论

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.

比特币减半后交易费用的下降和 Runes NFT 的表现不佳表明，该协议预期的收入激增尚未实现。这引发了人们对严重依赖交易费用来获取财务支持的区块链可持续性的质疑。

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.

随着加密货币市场的发展，符文和其他创新的区块链协议是否能够产生足够的收入流来支持其长期生存还有待观察。