Ki Young Ju, CEO of CryptoQuant, revealed that transaction fees from Bitcoin-based apps now make up over 7% of miners’ revenue, a significant jump from 1% two years ago, thanks to the surge in dApp activity on the Bitcoin network. This increase follows the fourth Bitcoin halving event, which halved miners’ rewards, potentially threatening their profitability. Innovations like Ordinals and Runes protocols have elevated Bitcoin’s utility, driving transaction volumes and fees. Despite the halving’s impact, a single day’s transaction fees post-halving soared to over $80 million, showcasing the critical role these applications play in sustaining miners’ income amidst reducing block rewards.
This shift marks a pivotal adaptation in the Bitcoin ecosystem, underscoring the strategic importance of dApp development for the network’s long-term fundamentals and miner sustainability. Read more
