Quote from: we-btc on July 11, 2024, 09:17:13 PM

Now that Bitcoin fees have come back down, what was the cause of the increase? Was it runes and ordinals?

ordinals is a protocol that allows for nfts to be inscripted into the blockchain this means you can attach arts and whatever media to a satoshi however this kind of protocol requires larger block which in turn drives up the transaction fees

despite this i don’t think this is the main reason why the transaction fees are so high yes they contribute to it but it’s not primarily why

Quote

Has the volume of these derivatives declined to the point that fees are now what they used to be?

the transaction fees lowered as the price did