Runes have been taking over the bitcoin network. This new token standard that launched with the latest Bitcoin halving has been mentioned before in this newsletter, in the context of pushing the average transaction fee on Bitcoin upwards even before their debut as hype stirred and helping miners combat a lower block subsidy reward as transaction fee revenue reached new highs.
And the total fees paid on Bitcoin have also outstripped Ethereum, with the 7-day moving average of total fees paid on the network climbing to $25.77 million . Regardless of with a moving average or not, the metric hit a new all-time high. It is sort of like looking at the price-to-earnings ratio of a traditional company, which can be calculated by dividing a company’s market cap by its net income. Net income for a blockchain network is basically the total amount of fees it collects since that is the cost that users are paying to interact with it. Looking at one P/E ratio doesn’t really mean much; it is more helpful to make comparisons among peers.
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