Bitcoin volume hits an 8-month low as 31 core developers resist low-fee transaction filtering measures.

On June 9, it was reported that the seven-day average transaction volume on the Bitcoin network dropped to 317,000 transactions last Friday, marking a new low since October 2023. Data shows that on June 1, the number of confirmed transactions in a single day was only 256,000, while on-chain there were multiple transactions with fees below the 1 sat/vB standard rate that were bundled by miners, including a transaction submitted by Mempool founder Mononaut with an ultra-low fee of 0.1 sat/vB (total fee of about $0.01). This transaction was processed by mining company MARA through a dedicated channel Slipstream after being stuck in the memory pool for a month.

On June 6th, 31 Bitcoin core developers signed an open letter opposing node filtering of low-fee or non-standard transactions, emphasizing the essential characteristic of Bitcoin as a censorship-resistant system. The developers pointed out that forcing users to use private channels like Slipstream would undermine decentralization. This position was opposed by individuals such as Samson Mow, founder of Jan3, who believes that the core developers are removing protective mechanisms for spam transactions.