Apr 25, 2024 at 12:21Since its introduction following Bitcoin’s halving event on April 20, Runes, a novel token standard on the Bitcoin blockchain, has accounted for more than 68% of all transactions on the network.
According to data from a Dune Analytics dashboard shared by Crypto Koryo, over 2.38 million Runes transactions have been processed, representing a significant portion of Bitcoin’s overall transaction volume. These transactions encompass a variety of activities, including ordinary peer-to-peer Bitcoin transactions, BRC-20s, Ordinals, and, notably, Runes.
On April 23, Runes experienced its peak activity, with over 750,000 transactions recorded. However, this figure dropped by more than half the following day, reaching 312,000 transactions.
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Initially, the surge in Runes transactions was propelled by the enthusiasm of memecoin and nonfungible token enthusiasts seeking to mint “rare satoshis” using the Runes protocol. As a result, on the halving day, Runes transactions contributed to nearly 70% of total miner fees, marking a significant revenue source for miners.
Despite this initial success, there are debates within the industry regarding the long-term sustainability of Runes as a revenue stream for Bitcoin miners. Already, there is a notable discrepancy between the volume of Rune transactions and the miner fees earned from them.
Created by Casey Rodarmor, the inventor of Ordinals, Runes offers a promising alternative for token creation on the Bitcoin network compared to the BRC-20 token standard. Positioned as a more efficient protocol, Runes has garnered attention for its potential to streamline token creation processes on the Bitcoin blockchain.
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