Runes Emerges as the Leading Protocol on Bitcoin Blockchain

Bitcoin often holds a prominent position on the blockchain network, yet among the array of competing Bitcoin standards like Ordinals, BRC-20, and Runes, one protocol shines. On-chain activity acts as a reliable gauge of real-time market demand and community interest. Ever since its inception on April 20, Runes, a standardized framework for token creation within the Bitcoin ecosystem, has surpassed the established Ordinals and BRC-20 standards in terms of transaction volume.

Runes Sets New Records

In 2024, the BRC-20 token standard dominated over 50% of the Bitcoin blockchain bandwidth for a week. In a remarkable contrast, Runes achieved a similar feat within merely 10 days, just three months post its launch.

Runes took the lead in the Bitcoin blockchain landscape on June 10 and 11, commanding 51% and 53% of the network bandwidth, respectively. These figures reflect the active interest demonstrated by stakeholders within the ecosystem. Conversely, BRC-20's transaction share exceeded 50% on March 30 but has struggled to maintain pace with Bitcoin and its latest standards.

Bitcoin Ecosystem Insights

The surge in network activity aids Bitcoin miners in sustaining their monthly earnings. Since its introduction, Runes has yielded approximately 2,500 Bitcoin, with a market value of around $170 million.

Most transactions involving Runes pertain to token minting. Cumulatively, Runes has generated 1,377 Bitcoin for mining activities, 61 Bitcoin for transfers, and 1,011 Bitcoin in transaction fees. On April 23, the Bitcoin network recorded an excess of 1.6 million unique transactions between transacting parties, marking the highest volume of validated payments.

The debut of Bitcoin Runes significantly influenced the spike in total transactions on the Bitcoin network, with the tokens released during this phase garnering substantial interest. Furthermore, airdrop initiatives remain a focal point in the Bitcoin ecosystem, fostering active engagement among users.