Runes Protocol Surpasses 50 Million Inscriptions in Less Than Five Months

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Runes Exceed 50M Minted Tokens
  2. A Decline in Activity and Revenue
  3. Current Status and Statistics


    4. 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Crypto-Linked Companies Remain Potential Participants in Tokenization Market

Despite traditional corporations rejecting tokenization, several crypto-linked companies remain potential participants in the market.

user avatarTando Nkube

Apple and Meta Join Growing List of Companies Rejecting Tokenization Plans

Apple and Meta have recently joined a growing list of companies rejecting plans to tokenize their shares through a new venture backed by OKX and ICE.

user avatarKofi Adjeman

Retail Investors to Face Restrictions in New Crypto Market

Retail investors will face significant restrictions in the new crypto market launching on December 1, including a purchase limit of 300,000 rubles annually and mandatory risk awareness testing.

user avatarSatoshi Nakamura

Moscow Exchange to Launch Digital Asset Market on December 1

Moscow Exchange is set to launch a regulated digital asset market on December 1, allowing trading of Bitcoin, Ethereum, and Tether.

user avatarJesper Sørensen

US Sanctions Challenge Moscow Exchange's Crypto Initiative

The launch of Moscow Exchange's new digital asset market faces significant challenges due to international sanctions imposed on the exchange and its clearing subsidiary.

user avatarNguyen Van Long

US Treasury Takes Action Against MEXC Global for Illicit Transactions

The US Treasury has prohibited financial institutions from processing transfers involving MEXC Global due to alleged illicit transactions linked to sanctions evasion.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.