Runes make up 68% of all Bitcoin transactions since launch

Since its introduction post-Halving event on April 20, Runes – a novel token standard on Bitcoin – accounts for over two-thirds of Bitcoin’s total transactions.

Approximately 2.38 million Rune transactions have been completed, representing around two-thirds (68%) of all Bitcoin transactions that have taken place since its introduction on April 20, based on data from Dune Analytics as presented by Crypto Koryo.

In the tally of all Bitcoin transactions, there were those of the ordinary type, as well as BRC-20s, Ordinals, and Runes. (Or: The counts included Bitcoin transactions of various kinds, such as ordinary ones, BRC-20s, Ordinals, and Runes.)

Runes make up 68% of all Bitcoin transactions since launch

On April 23rd, there were over 750,000 Runes transactions recorded, which represented a significant increase. However, the number of transactions dropped drastically the following day to approximately 312,000.

At block 840,000, a significant portion of the interest was driven by fans of meme coins and NFTs, who were eager to use the Runes protocol to engrave “rare satoshis” as unique mementos.

On the day of the halving event, almost three-quarters (70%) of miner fees originated from Rune transactions. Subsequently, the percentage of daily miner fees from Runes has varied, ranging from a low of 33% to a high of 69%.

Yet, opinions among industry experts differ on Runes’ ability to consistently generate income for Bitcoin miners. A noticeable gap exists between the volume of Rune transactions and the miner compensation derived from them.

Casey Rodarmor, the creator of Ordinals, introduced a new protocol claimed to be more effective in generating new tokens on the Bitcoin network. This is an alternative to the BRC-20 token standard, which is commonly used for creating Bitcoin-linked tokens.

Yet, some people are displeased with the substantial volume of Runes transactions occupying block space in recent times.

Nikita Zhavoronkov, a key figure at blockchain search engine Blockchair and one of Bitcoin’s critics, argues that Bitcoin has strayed significantly from its intended role as a decentralized digital currency for peer-to-peer transactions, as conceived by Satoshi Nakamoto.

Runes make up 68% of all Bitcoin transactions since launch

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2024-04-25 08:52