The Bitcoin Runes protocol has encountered challenges in maintaining a share of Bitcoin transactions. Since its launch on April 20, Runes transactions have dominated Bitcoin blockchain traffic on eight separate days, mostly on weekends.
The launch of Runes, which coincided with the fourth Bitcoin halving, set off a craze that drove a surge in Bitcoin blockchain trading volume, with miners earning more than $100 million for the first time. On April 23, Runes trading share peaked at 81.3%, but fell to 11.1% by May 2. Runes trading picked up again over the weekend of May 4-6, but was on a downward trend overall. As of May 22, Runes trading accounted for 12.7%, much higher than Bitcoin Ordinals (0.7%) and BRC-20 (1.5%). Runes trading volume has declined by more than 84% since its all-time high.
Since its all-time high, Runes trading volume has declined by more than 84%
2024-05-23 08:29:55
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