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Cryptocurrency News Articles
Runes Token Standard Activity on the Bitcoin Blockchain Has Declined Significantly
Jun 30, 2024 at 05:59 pm
Recent data from Dune Analytics has indicated a significant decrease in activity for the Runes token standard on the Bitcoin blockchain.
Recent data from Dune Analytics has indicated a significant decrease in activity for the Runes token standard on the Bitcoin blockchain.
According to the data, daily Runes transactions have fallen by over 88% from their peak in June.
The average daily Runes transactions from June 22-28 were 37,820, down 90% from 331,040 recorded between June 9-15.
On June 24, transactions reached a low of 23,238, the lowest since the protocol’s launch on April 20, 2024.
This decline has also had notable implications for Bitcoin miner fees.
Runes have contributed less than 2 Bitcoin in miner fees over the past six days, a decrease from the 884 Bitcoin recorded on April 24.
The Runes protocol, introduced by Ordinals creator Casey Rodarmor, was designed as an efficient method for creating new tokens on the Bitcoin network.
However, recent data shows Runes transactions accounting for only 4.9% to 11.1% of all Bitcoin transactions in the past week.
The reduction in network fees, combined with Bitcoin’s price decline, has led to a near-record low in Bitcoin’s hash price, a key indicator of miner revenue.
Concurrently, Bitcoin miner reserves have decreased to 1.90 million Bitcoin, the lowest level in over 14 years.
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