Summary
TLDR: The increase in complex products on the network led to higher transaction fees, with fees accounting for 43% of income per block during the Ordinals craze in May 2023. Later in the year, transaction fees spiked to $37 due to increased demand for Ordinals.
Key Points
1. The introduction of more complex products on the network led to an increase in block space usage, resulting in higher transaction fees.
2. During the peak of the Ordinals craze in May 2023, transaction fees made up 43% of total income per block.
3. In late 2023, demand for Ordinals surged once again, causing individual transaction fees to spike as high as $37, a level not reached in over two years.