Summary
TLDR: Bitcoin miners expected revenue to decrease after halving, but Runes protocol was introduced to create fungible tokens on Bitcoin and boost on-chain activity.
Key Points
1. Bitcoin miners expected a significant reduction in revenue due to the halving event.
2. The Runes protocol, created by Casey Rodarmor, was designed to create fungible tokens on Bitcoin and went live at the halving.
3. The Runes protocol was seen as a potential solution to the revenue decrease for miners by increasing on-chain activity.