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Bitcoin network saw a significant transaction increase on April 23, largely influenced by the launch of the Runes protocol built on the Bitcoin network. According to data, during a period of increased Bitcoin network usage, the network facilitated over 1.6 million unique transactions, reaching the highest number of confirmed transactions.
Runes Factor: 81.3%
Data from Blockchain.com and Glassnode show a direct correlation between the launch of Runes, an alternative to the BRC-20 protocol on the Bitcoin Blockchain, and the increase in daily Bitcoin transactions. According to Dune Analytics, Runes accounted for 81.3% of all transactions on the Bitcoin network on April 23, showing a significant presence.
The surge in Runes transactions not only directed Bitcoin’s network activity but also brought significant benefits to the mining sector. Leading mining companies in the USA, such as Stronghold Digital Mining and Marathon, noted the positive financial and functional impact of Runes. Since the fourth Bitcoin block reward halving, Runes transactions have generated 1200 BTC in transaction fees for miners, playing a crucial role in supporting the ecosystem after the block reward was reduced by 50%.
Although the initial hype around Runes seems to be waning, decentralized finance (DeFi) researchers like Ignas are aware of the potential opportunities it offers. Despite comparisons with the NFT hype, Ignas views Runes as a significant development in the Bitcoin DeFi world, introducing a new NFT standard aimed at enhancing Bitcoin’s utility in the emerging BTCFi trend.
Bitcoin, Runes, and BRC-20 Tokens
Experts continue to focus on the interest in Runes and BRC-20 tokens, unlocking new possibilities for DeFi applications and shaping the future of the Bitcoin DeFi world.
Currently, the cryptocurrency market faces general stagnation along with significant fluctuations at times, but protocols like Runes continue to provide a promising foundation for innovation and growth.
