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Bitcoin Runes Surpasses BRC-20 in Onchain Activity

Jun 12, 2024 at 11:31

Since April 2024, Runes have led Bitcoin network activity, surpassing both Ordinals and BRC-20 in transaction share.

Although Bitcoin typically dominates its blockchain network, a standout has emerged in the competition among Bitcoin standards—Ordinals, BRC-20, and Runes.

Onchain activity is a reliable indicator of real-time market demand and community interest. Launched on April 20, Runes, a standard for creating fungible tokens on Bitcoin, has overtaken the long-standing Ordinals and BRC-20 standards in terms of transaction share.

In 2024, the BRC-20 token standard occupied over 50% of the Bitcoin blockchain bandwidth for seven days. Runes achieved the same in just 10 days within three months of its launch.

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Runes recently dominated the Bitcoin blockchain on two consecutive days—June 10 and 11—taking up 51% and 53% of the network bandwidth, respectively. This suggests strong investor interest in the ecosystem.

However, after BRC-20’s transaction share exceeded 50% on March 30, it has struggled to keep up with BTC and its new standards.

For more details on Bitcoin Runes and how they differ from BRC-20 tokens, check out this Cointelegraph guide.

Impact on Bitcoin Mining

The surge in network activity helps Bitcoin miners maintain monthly revenues. Since its launch, Runes has generated nearly 2,500 BTC, approximately $170 million in market value.

Most Runes transactions are linked to minting, contributing 1,377 BTC in mining fees, 61 BTC for etching, and 1,011 BTC for edicts.

On April 23, the Bitcoin network processed over 1.6 million unique transactions between senders and receivers, recording the highest number of confirmed payments.

The launch of Bitcoin Runes has significantly contributed to the increase in total transactions on the Bitcoin network.

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