Analyst: “BTC Runes Drives Massive Spike in OP_RETURN Usage”

IconCrypto News Terminal23 Apr, 2024

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Analyst: “BTC Runes Drives Massive Spike in OP_RETURN Usage”

BTC Runes is a new type of transaction that allows users to store arbitrary data on the Bitcoin blockchain. According to an analyst at Glassnode, the number of OP_RETURN transactions has spiked in recent months, due in part to the popularity of BTC Runes. OP_RETURN transactions are a type of Bitcoin transaction that allows users to include arbitrary data in the transaction output. This data can be anything from a simple message to a complex data structure. BTC Runes is a new type of OP_RETURN transaction that allows users to store arbitrary data on the Bitcoin blockchain in a more efficient way. The analyst at Glassnode believes that the popularity of BTC Runes is driving the increase in OP_RETURN transactions. BTC Runes are more efficient than traditional OP_RETURN transactions, and they allow users to store more data on the blockchain. This has made them a popular choice for users who want to store data on the blockchain, such as developers who want to store smart contract code. Previously on 23 April 2024, "BTC Runes is a new type of transaction that allows users to store arbitrary data on the Bitcoin blockchain."

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