On May 14, according to DuneAnalytics data, the Bitcoin Runes protocol issued more than 85,000 tokens in the first 10 days after Bitcoin's fourth halving on April 20, generating more than $3 million in fees. However, all metrics (including fees, new Runes, and user activity) have dropped by more than 50% in the past two weeks. Since May 1, only about 5,000 new Runes have been issued, with fees of less than $100,000. Runes dominated transactions and fees in the Bitcoin ecosystem at their peak, accounting for as much as 80% of network activity, but are now down to 20%.
It is worth noting that this decline occurred during the overall market downturn, with bitcoin prices falling and counterfeit products growing slowly, which may have contributed to a decrease in sentiment towards the new technology.
The Bitcoin Rune Protocol has seen a drop of more than 50% in all metrics in the past two weeks, including fees, new runes, and user activity
2024-05-14 09:51:25
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