Since it was introduced after Bitcoin’s halving on April 20, Runes, a new token type on Bitcoin, has become very popular, making up more than two-thirds of all transactions.
According to data from a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo, Runes transactions have surpassed 2.38 million, comprising a significant 68% of all Bitcoin transactions since its inception on April 20.
The transaction count encompasses various types, including ordinary peer-to-peer Bitcoin transactions, BRC-20s, Ordinals, and the newly emergent Runes.
Notably, Runes witnessed its peak activity on April 23, with a staggering 750,000 transactions recorded. However, this figure dipped the following day to 312,000 transactions.
Initial demand for Runes, particularly evident at block 840,000, was primarily fueled by enthusiasts of memecoins and non-fungible tokens (NFTs), vying to embed and immortalize “rare satoshis” using the Runes protocol.
As a consequence, Runes transactions accounted for nearly 70% of miner fees on the halving day. Subsequently, daily contributions to miner fees fluctuated between 33% and 69%.
Despite the surge in Runes transactions, industry experts remain divided on whether this trend will translate into a sustainable revenue stream for Bitcoin miners. There already exists a noticeable disjunction between the volume of Rune transactions and the miner fees accrued from them.
The brainchild of Ordinals inventor Casey Rodarmor, Runes have been promoted as a more efficient means of token creation on the Bitcoin network compared to the BRC-20 token standard, which relies on Ordinals.
