The average transaction fee on Bitcoin fell on Sunday after it surged to a record high the day prior, following the network’s fourth halving.

The average fee paid on Bitcoin per transaction dropped to $34.8 on April 21, after logging a record high of $128.45 on the day of halving, according to YCharts data. The average transaction fee measures the average fee in U.S. dollar terms when a bitcoin transaction is processed by a miner.

On April 20, the bitcoin total transaction fees amounted to $81 million, up from $7.7 million the day before, the data showed. The network logged $22.37 million in total fees on April 21.

The spike in fees coincided with the launch of Casey Rodarmor’s Runes protocol, a new token standard similar to BRC-20s. It caused transaction fees to increase as …