Mempool Observer Topic

[fillippone]

This leads me to believe the the firestorm of Runes transactions has also stopped, because I no longer hear about it anymore in the news.

I'm not interested in Runes, so I hardly follow what's happening with it. But are there any conclusions about how the speculators who paid abnormal fees fared, was it worth it?

According to Coinglass, runes still account for 40% of transactions:

Since the launch of the Runes protocol on April 20, 2024, we've observed a significant surge in transactions, largely displacing BRC-20 tokens, Ordinals, and Inscriptions. As of current, Runes-related TXs account for an impressive 66% of total daily TXs.

Explore our latest Runes metrics to gain deeper insights into this trend 👇
https://glassno.de/3xTL6oY

Together with the information on the fees, I would have expected this number being so much lower.

Regarding the fees paid to mint the first rune: who knows?

[stompix]

This leads me to believe the the firestorm of Runes transactions has also stopped, because I no longer hear about it anymore in the news.
Let's enjoy 6 sat/vb while we can, as I think that as soon as prices start to go up I believe that the fees will triple it even quadruple.

The activity is still there:
https://ordiscan.com/runes
Besides you can go to mempool.space and see how much is data, then consolidation and the rest, well not so much!
Anyhow, cheaper transactions also makes putting jpgs in the blockchain for cheaper, so it might take a while but we're definitely going lower in fees, not up!

Ps:
https://ordiscan.com/rune/CANTKILLDONALDTRUMP

[FeeBuddy]

     

• fastestFee: 5 sat/vB
• halfHourFee: 5 sat/vB
• hourFee: 5 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[fillippone]

Anyhow, cheaper transactions also makes putting jpgs in the blockchain for cheaper, so it might take a while but we're definitely going lower in fees, not up!

Still, pre-run, there were moments when the mempool was empty. Now we cheer if we can get in the block with 6 vb/byte
We are “internalising” this disruption and getting accustomed to higher-than-necessary fees.

[FeeBuddy]

     

• fastestFee: 10 sat/vB
• halfHourFee: 9 sat/vB
• hourFee: 7 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[Wind_FURY]

This leads me to believe the the firestorm of Runes transactions has also stopped, because I no longer hear about it anymore in the news.

I'm not interested in Runes, so I hardly follow what's happening with it. But are there any conclusions about how the speculators who paid abnormal fees fared, was it worth it?

According to Coinglass, runes still account for 40% of transactions:

Since the launch of the Runes protocol on April 20, 2024, we've observed a significant surge in transactions, largely displacing BRC-20 tokens, Ordinals, and Inscriptions. As of current, Runes-related TXs account for an impressive 66% of total daily TXs.

Explore our latest Runes metrics to gain deeper insights into this trend 👇
https://glassno.de/3xTL6oY

Together with the information on the fees, I would have expected this number being so much lower.

Regarding the fees paid to mint the first rune: who knows?

That's actually very good! Thank Casey Rodarmor for building the Runes protocol because it's based on the UTXO model, because if not, I believe continuous demand for BRC-20 utilization would continue to congest the network/make fees very high because BRC-20 tokens are based on a protocol that attaches the data directly to each Satoshi.

If there's some real utility built with Runes, perhaps a stablecoin for Bitcoiners to trade directly on-chain without dependence on centralized third parties, that would probably change how people interact with Bitcoin.

[FeeBuddy]

     

• fastestFee: 6 sat/vB
• halfHourFee: 6 sat/vB
• hourFee: 6 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 5 sat/vB
• halfHourFee: 5 sat/vB
• hourFee: 5 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 6 sat/vB
• halfHourFee: 6 sat/vB
• hourFee: 6 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 5 sat/vB
• halfHourFee: 5 sat/vB
• hourFee: 5 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 6 sat/vB
• halfHourFee: 6 sat/vB
• hourFee: 6 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 7 sat/vB
• halfHourFee: 6 sat/vB
• hourFee: 6 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 9 sat/vB
• halfHourFee: 8 sat/vB
• hourFee: 7 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 6 sat/vB
• halfHourFee: 6 sat/vB
• hourFee: 6 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[FeeBuddy]

     

• fastestFee: 9 sat/vB
• halfHourFee: 7 sat/vB
• hourFee: 6 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[fillippone]

This morning I woke up and decided to observe the mempool.
I saw something weird in mempool.space:



How comes that the highest fee for the second block is higher than the lowest fee of the first block?
Shouldn’t fees non augmenting going down the queue?
Is it a bug in mempool.space?

[joker_josue]

How comes that the highest fee for the second block is higher than the lowest fee of the first block?
Shouldn’t fees non augmenting going down the queue?
Is it a bug in mempool.space?

I didn't understand what you mean.
The first block had an average rate of 7 and the second 5. Everything was normal.

Furthermore, the rates are dynamic, now I can have a very low rate, and in the next block the rate will be very high.

[FeeBuddy]

     

• fastestFee: 5 sat/vB
• halfHourFee: 5 sat/vB
• hourFee: 5 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB

[fillippone]

How comes that the highest fee for the second block is higher than the lowest fee of the first block?
Shouldn’t fees non augmenting going down the queue?
Is it a bug in mempool.space?

I didn't understand what you mean.
The first block had an average rate of 7 and the second 5. Everything was normal.

Furthermore, the rates are dynamic, now I can have a very low rate, and in the next block the rate will be very high.

Something happened when I took the picture. Actually everything is good in that picture.
Check this one I just took:



The first block has 402-4 fees range
The second block has 5-4 fees range.

How comes transactions with 5 vbyte fees do not make into the first block?
Maybe it has to do with the absolute size of the transaction?

[joker_josue]

How comes transactions with 5 vbyte fees do not make into the first block?
Maybe it has to do with the absolute size of the transaction?

Very likely.
Or else, it's a question of rounding. In other words, the 5 indicated may not actually be 5, it may be 4.6.