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Launched in April, the Bitcoin Runes protocol, designed for the NFT space, managed to generate $162.4 million in fees from 15.6 million transactions over four months. According to Dune Analytics data, Runes recorded most transactions in the first two months, often exceeding 300,000 daily transactions. On April 23 alone, NFT investors conducted over one million transactions, representing 81.3% of the total Bitcoin network bandwidth.
What is Happening in the Bitcoin Ecosystem?
In contrast, daily Runes transactions have decreased in the last two months, averaging around 50,000 daily transactions. Initially, the Runes protocol dominated daily transactions after its launch but is now experiencing a decline as Bitcoin regains network dominance.
Since July 16, Bitcoin network activity has consistently accounted for about 90%, with the remaining 10% shared among Ordinals, BRC-20 tokens, and Runes. The Runes protocol was introduced as an effective successor to Bitcoin Ordinals and a competitor to BRC-20, and many investors preferred it over both.
In the past four months, Runes has surpassed BRC-20 in daily transaction share on most days. As shown in the graph above, BRC-20 only outperformed Runes on 13 days. Among the 15.6 million Runes transactions, over nine million transactions were represented on the platform, with transactions and contract numbers representing 6.5 million and 91,500 transactions, respectively.
Details on the Subject
Decentralized finance researcher Ignas recently noted that the real market opportunity for the Runes front might come a few months after the launch. Ignas stated:
“Runestone, RSIC, and PUPS are already on the rise, promising bright new Rune token airdrop events to their holders, and FOMO topics keep coming. However, the market might soon cool down, similar to the NFT craze after the JPEG process.”
The Bitcoin Layer-2 network Stacks is also preparing to launch a trade solution for Runes, BRC-20s, and Ordinals inscriptions.
