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

Micron MU Stock Price Surges Past 1000 Mark

Micron MU stock has reclaimed the 1000 price level, closing significantly higher amid a sector-wide resurgence.

user avatarEmily Carter

Grayscale's Zcash ETF to Implement 3-for-1 Forward Share Split

Grayscale has announced a 3-for-1 forward share split for its Zcash ETF, ticker ZCSH, to enhance accessibility for retail investors.

user avatarTomas Novak

Growing Interest in BRICS Membership

Many countries are expressing interest in joining the BRICS alliance, according to Russian Foreign Minister Sergey Lavrov.

user avatarKaterina Papadopoulou

XRP's Technical Indicators Point to Potential Bullish Momentum

XRP's technical indicators suggest a possible bullish crossover, despite a bearish death cross setup.

user avatarMaya Lundqvist

Crypto Market Sees Recovery as Bitcoin Surges Above 80,000

Crypto traders are feeling more optimistic today as Bitcoin has climbed back above 80,000 after a tough period marked by a Federal Reserve rate hike and a Senate vote against the Clarity Act.

user avatarLeo van der Veen

US Treasury Targets BitBank in Sanctions Evasion Crackdown

The US Treasury has sanctioned BitBank, an Iranian exchange involved in facilitating Bitcoin payments for shipping companies in the Strait of Hormuz.

user avatarLi Weicheng

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.