Bitcoin Runes’ debut stirred controversy with high fees and poor initial returns, but supporters say the tokens upgrade the Bitcoin network.
The Bitcoin halving event is usually a one-token show. But this year, it shared the stage with the much-anticipated debut of Runes, a new fungible token protocol that stole the spotlight.
The Runes launch was accompanied by massive hype around the potential of memecoins on the protocol and, to a lesser extent, a fresh functionality for the Bitcoin network to tap into the growing interest in DeFi.
Despite initial enthusiasm, Runes has received its fair share of criticism due to its role in escalating Bitcoins transaction fees and failure to generate profits for most investors.