Bitcoin's OP_CAT proposal could transform the Bitcoin blockchain
The launch of Runes of Bitcoin and the emergence of OP-CAT could redefine the blockchain’s ecosystem as early as 2026.
History is seeded with pivotal moments. Some slip by with barely a notice, only to be dusted off and spotlit by historians decades later, while others roar into existence with all the fanfare of a holiday parade. By the clamor alone, the launch of the Runes token standard would seem to fall in the latter category.
On April 19, the new protocol — designed to facilitate more efficient generation of Bitcoin-native fungible tokens and coincided with Bitcoin’s (BTC) fourth scheduled halving — prompted a flurry of investment activity. Over 7,000 Runes tokens were minted in the first two days post-launch. As of writing, more than 91,000 Runes have been etched on Bitcoin with an associated $4.5 million in transaction fees paid to miners. At the peak of the mid-April furor, demand drove transaction fees to an unprecedented high of $128.45.
At the time, more than a few analysts wondered if we were seeing a repeat of 2021’s “summer” for decentralized finance (DeFi), when the launch of several decentralized apps and tokens led to rampant activity and a sudden flood of liquidity into the Ethereum blockchain. But if so, autumn came rather quickly; in mid-May, the number of Runes etchings free-fell by 99%.
The launch of Runes of Bitcoin and the emergence of OP-CAT could redefine the blockchain’s ecosystem as early as 2026.
History is seeded with pivotal moments. Some slip by with barely a notice, only to be dusted off and spotlit by historians decades later, while others roar into existence with all the fanfare of a holiday parade. By the clamor alone, the launch of the Runes token standard would seem to fall in the latter category. On April 19, the new protocol — designed to facilitate more efficient generation of Bitcoin-native fungible tokens and coincided with Bitcoin’s (BTC) fourth scheduled halving — prompted a flurry of investment activity. Over 7,000 Runes tokens were minted in the first two days post-launch. As of writing, more than 91,000 Runes have been etched on Bitcoin with an associated $4.5 million in transaction fees paid to miners. At the peak of the mid-April furor, demand drove transaction fees to an unprecedented high of $128.45.At the time, more than a few analysts wondered if we were seeing a repeat of 2021’s “summer” for decentralized finance (DeFi), when the launch of several decentralized apps and tokens led to rampant activity and a sudden flood of liquidity into the Ethereum blockchain. But if so, autumn came rather quickly; in mid-May, the number of Runes etchings free-fell by 99%.Read more