Bitcoin Blockchain Becomes a Bulletin Board for Token Data
Bitcoin's blockchain is experiencing a surge in OP_RETURN usage, reaching towards 700,000 codes and approaching all-time highs. This shift is largely driven by protocols like Runes, which embed token data directly onto Bitcoin's base layer.
The increase in OP_RETURN outputs is attributed to two factors: the release of Bitcoin Core v30 on October 10, 2025, which loosened the rules for relay policy limits and allowed multiple OP_RETURN outputs per transaction; and the dominance of Runes protocol in consuming this newly expanded capacity. As a result, daily Bitcoin transaction counts have surpassed 800,000 at peak moments, with approximately 80% consisting of micro-transactions worth less than 0.01 BTC.
While congestion has peaked at 128,000 pending transactions since February 2025, median transaction fees remain subdued due to the low-priority nature of OP_RETURN-heavy transactions. Some mining pools have responded by prioritizing larger OP_RETURN batches, while others propose formalizing rules around blockspace allocation and transaction prioritization through BIP-110.