比特幣區塊鏈：減半後非比特幣交易的繁榮

自4月減半以來，BTC交易首次再次主導比特幣區塊鏈。這是 Dune 上發布的圖表得出的結果，該圖表顯示了比特幣區塊鏈上不同類型交易的每日百分比。

After the halving on April 20, Bitcoin blockchain has seen a boom in non-BTC transactions, which have quickly become the majority.

4月20日減半後，比特幣區塊鏈出現非BTC交易的繁榮，並迅速佔多數。

This is what emerges from a chart published on Dune that shows the daily percentages of different types of transactions on the Bitcoin blockchain.

這是 Dune 上發布的圖表得出的結果，該圖表顯示了比特幣區塊鏈上不同類型交易的每日百分比。

Non-BTC transactions

非比特幣交易

With the latest update of the Bitcoin protocol, which took place a few years ago, the possibility of recording on its blockchain also transactions that do not contain BTC has opened up.

隨著幾年前比特幣協議的最新更新，在其區塊鏈上記錄不包含 BTC 的交易的可能性已經出現。

The chart published by the user cryptokoryo on Dune divides them into four categories: BTC, ordinals, brc-20 and rune.

使用者 Cryptokoryo 在 Dune 上發布的圖表將其分為四類：BTC、序數、brc-20 和 rune。

The BTC transactions are obviously the classic transactions in which Bitcoin are sent from one address to another.

BTC 交易顯然是比特幣從一個地址發送到另一個地址的經典交易。

The Ordinals are a kind of NFT on the Bitcoin blockchain, while the BRC-20 are tokens that can be traded on the Bitcoin blockchain.

Ordinals 是比特幣區塊鏈上的一種 NFT，而 BRC-20 是可以在比特幣區塊鏈上交易的代幣。

Rune instead is a new protocol that in fact replaces Ordinals and BRC-20 starting from the halving.

相反，Rune 是一種新協議，實際上從減半開始就取代了 Ordinals 和 BRC-20。

The chart indeed shows the various daily percentages of the different types of transactions that are recorded every day on the blockchain of Bitcoin.

該圖表確實顯示了比特幣區塊鏈上每天記錄的不同類型交易的各種每日百分比。

Before the halving on April 20, there were no Rune transactions, while after the introduction of this protocol, the daily number of Ordinals and BRC-20 transactions collapsed, becoming practically irrelevant.

在 4 月 20 日減半之前，沒有 Rune 交易，而在引入該協議之後，Ordinals 和 BRC-20 交易的每日數量暴跌，變得幾乎無關緊要。

So the non-BTC transactions until the halving were the sum of those of Ordinals and BRC-20, while after the halving they are almost exclusively those of Rune.

因此，在減半之前的非 BTC 交易是 Ordinals 和 BRC-20 交易的總和，而在減半之後，它們幾乎完全是 Rune 的交易。

Bitcoin Blockchain: The boom of non-BTC transactions post halving

比特幣區塊鏈：減半後非比特幣交易的繁榮

At the beginning of 2024, there were already more than 20% of daily non-BTC transactions on the Bitcoin blockchain.

2024 年初，比特幣區塊鏈上已經有超過 20% 的日常非 BTC 交易。

After the launch of spot Bitcoin ETFs on the US exchanges, this percentage for a brief moment skyrocketed above 70%, with a peak even above 75%, only to return to 30% a few days later.

美國交易所推出現貨比特幣ETF後，比例一度飆升至70%以上，最高時甚至超過75%，但幾天後又回到30%。

In February and March there were no significant deviations, except for very short periods, but after the introduction of the Rune protocol with the halving on April 20, non-BTC transactions increased again.

2 月和 3 月，除了非常短的時期外，沒有出現重大偏差，但在 4 月 20 日減半的 Rune 協議推出後，非 BTC 交易再次增加。

For a few days they returned above 70%, with a daily peak even above 80%.

有幾天，他們的恢復率超過 70%，每日高峰甚至超過 80%。

However, these high percentages have never been recorded for more than four consecutive days, but starting from the end of May there was a new surge, after a return to normality a few weeks after the halving.

然而，如此高的百分比從未連續超過四天出現過，但從 5 月底開始，在減半幾週後恢復正常後，又出現了新的激增。

In particular, from May 22 to June 15, they slowly increased from less than 20% to more than 60%. This rise is almost exclusively due to Rune transactions.

尤其是5月22日到6月15日，從少於20%慢慢上升到60%以上。這一增長幾乎完全歸功於符文交易。

Since June 16, however, the situation seems to have returned to normal, with even today a percentage of non-BTC transactions on the Bitcoin blockchain falling back below 10%.

然而，自 6 月 16 日以來，情況似乎已恢復正常，即使在今天，比特幣區塊鏈上的非 BTC 交易比例也回落至 10% 以下。

It should be noted that these fluctuations are not due to strong variations in the number of BTC transactions, but mainly to strong variations in the number of non-BTC transactions.

值得注意的是，這些波動並不是由於BTC交易數量的劇烈變化，而是主要由於非BTC交易數量的劇烈變化。

The fees on the Bitcoin blockchain after the halving

減半後比特幣區塊鏈的費用

Due to this latest dynamic, an increase in non-BTC transactions is often followed by an increase in fees.

由於這一最新動態，非比特幣交易的增加往往伴隨著費用的增加。

Excluding the anomalous peak on the day of the halving (128$ average fee per transaction), due to the launch of Rune, the fees at the beginning of May had returned more or less to normal. In fact, shortly after the middle of the month, they had even dropped below 2$.

除去減半當天的異常高峰（平均每筆交易費用128美元），由於Rune的推出，5月初的費用已基本恢復正常。事實上，在月中之後不久，它們甚至跌破了 2 美元。

Starting from the end of May, however, they started to rise again, with a new peak on June 7th above 87$. This rise was also caused by the recent small boom in Rune transactions.

然而從5月底開始，它們又開始上漲，並在6月7日達到87美元以上的新高。這一上漲也是近期符文交易小幅繁榮造成的。

Already on June 9, however, they had fallen below $7, and for three days they have also been below $4.

然而，到了 6 月 9 日，價格已經跌破 7 美元，並且連續三天跌破 4 美元。

It should be noted, however, that the average amount per transaction is currently over $65,000, so the average fee data per transaction is actually not very indicative.

但值得注意的是，目前每筆交易的平均金額超過 65,000 美元，因此每筆交易的平均費用數據實際上並不具有太大的指導意義。

It is instead advisable to take the median as a reference, and not the average, also because the median amount per transaction is less than 200$.

相反，建議以中位數作為參考，而不是平均值，因為每筆交易的中位數金額低於 200 美元。

The median of the transaction fees on the day of the halving had skyrocketed above $90, but then it had dropped below $1. The second peak, the one in June, stopped at around $6, while in the last two days it has returned below $2.

減半當天的交易費用中位數飆升至 90 美元以上，但隨後又跌至 1 美元以下。第二個峰值是 6 月的峰值，停在 6 美元左右，而在過去兩天裡又回到了 2 美元以下。

These numbers are still much higher compared to those of other blockchains, and especially to those of the layer-2 of Ethereum, but on the other hand, even on the main layer-2 of Bitcoin (Lightning Network) these numbers are far lower.

與其他區塊鏈，尤其是以太坊的第2 層相比，這些數字仍然要高得多，但另一方面，即使在比特幣（閃電網路）的主要第2 層上，這些數字也要低得多。

The return to normality

回歸常態

From this point of view, periods of normality alternate with brief mini-bubbles, during which the number of non-BTC transactions skyrockets.

從這個角度來看，正常時期與短暫的小泡沫交替出現，在此期間非比特幣交易數量激增。