儘管主導比特幣交易，符文協議仍降溫

Runes 協議於 4 月隨著比特幣減半而推出，現已開始顯示出降溫的跡象。儘管該協議的首次亮相令人印象深刻

The Runes protocol, which was launched in April around the time of Bitcoin’s halving, has shown signs of cooling off.

Runes 協議於 4 月比特幣減半前後推出，目前已顯示出降溫的跡象。

While the protocol had an impressive debut, generating $62.55 million in fees on its first day, the fee share has since declined sharply, falling to 8.37% — a value that is close to the protocol’s all-time low of 2.16%. This drop marks a significant shift from the initial enthusiasm.

雖然該協議的首次亮相令人印象深刻，第一天就產生了 6255 萬美元的費用，但此後費用份額急劇下降，降至 8.37%，該值接近該協議的歷史最低點 2.16%。這種下降標誌著最初熱情的重大轉變。

Despite Runes now accounting for nearly 50% of transactions on the Bitcoin network, contributing nearly 10 million of the 19.51 million transactions conducted in July, this level of activity has not translated into proportional fee revenue.

儘管 Runes 目前佔比特幣網路交易量的近 50%，在 7 月進行的 1,951 萬筆交易中貢獻了近 1,000 萬筆交易，但這一水平的活動並未轉化為相應的費用收入。

The mismatch between high usage and value capture is notable, especially since over 99% of Runes transactions are dedicated to minting, suggesting a limited usage pattern that has failed to generate liquidity in secondary markets.

高使用率和價值捕獲之間的不匹配是值得注意的，特別是因為超過 99% 的符文交易專門用於鑄造，這表明有限的使用模式未能在二級市場產生流動性。

The decline of Runes can be attributed to both general market conditions and the inherent limitations of Bitcoin’s infrastructure. Deficiencies in Bitcoin’s user experience (UX) have affected the protocol’s volume from the get-go, highlighting the difficulties of innovating and developing within such a conservative framework.

符文的衰退可以歸因於整體市場狀況和比特幣基礎設施的固有限制。比特幣用戶體驗（UX）的缺陷從一開始就影響了該協議的交易量，凸顯了在這種保守的框架內進行創新和發展的困難。

Runes offers a valuable case study on the challenges of implementing new technologies within Bitcoin’s ecosystem. The protocol faces the harsh reality of maintaining innovation on a network that is designed for stability. As it struggles to maintain its relevance, its experience will serve as an example of the long-term viability of protocols on Bitcoin’s network and the complex relationship between intensive use and value capture.

Runes 提供了在比特幣生態系統中實施新技術的挑戰的有價值的案例研究。該協議面臨著在旨在穩定的網路上保持創新的嚴酷現實。當它努力保持其相關性時，它的經驗將成為比特幣網路上協議的長期可行性以及密集使用和價值獲取之間複雜關係的一個例子。