We have talked a bit in the newsletter about Runes. As a recap, the Runes token standard launched at the most recent Bitcoin halving in April, and it was initially very popular. At its peak, it accounted for over 80% of transactions on the network and helped push daily Bitcoin transactions and daily transaction fees paid on the network to new heights. 

Runes still captivate the public’s attention, commanding roughly 50% of Bitcoin transactions. However, the need to pay such high fees has subsided as the initial demand to get in early died down.

But where does that leave Ordinals and BRC-20, Runes’ predecessors? BRC-20, like Runes, is also a token standard for Bitcoin, but it's based on the principles that spawned Ordinals, attaching metadata to specific satoshis, differentiated by …