The Runes protocol has reached a major milestone of over 50 million inscriptions in less than five months since its launch on the Bitcoin network.
Runes Exceed 50M Minted Tokens
Runes is a Bitcoin token standard enabling the creation of fungible tokens on the network. Developed by Ordinals creator Casey Rodarmor, it allows users to create their own tokens on Bitcoin. Creating a rune is called etching and involves setting its properties, which become immutable once complete. After etching the rune, the user can claim it through minting. According to IntoTheBlock, Bitcoin users mint approximately 500,000 Runes daily, contributing to the milestone of 50 million minted tokens.
A Decline in Activity and Revenue
The launch of the Runes protocol during the last Bitcoin halving in April led to a significant increase in transaction fees and record-high earnings for Bitcoin miners. The high activity continued for the first week post-launch but saw a sharp decline in subsequent weeks, leading to a drop in revenue and transaction fees to roughly $1 million.
Current Status and Statistics
Activity on the Runes protocol has remained low since then. Data from Dune Analytics showed that by September 4, Runes accounted for 3.2% of total Bitcoin transactions, in stark contrast to the 81.3% share of transactions observed on April 23.
The Runes protocol has surpassed 50 million inscriptions in less than five months on the Bitcoin network, despite the initial hype fading. However, protocol activity significantly decreased after the first week, resulting in a decline in revenue.
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