比特币区块链：减半后非比特币交易的繁荣

自4月份减半以来，BTC交易首次再次主导比特币区块链。这是 Dune 上发布的图表得出的结果，该图表显示了比特币区块链上不同类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日减半后，比特币区块链出现非BTC交易的繁荣，并迅速占据多数。

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

这是 Dune 上发布的图表得出的结果，该图表显示了比特币区块链上不同类型交易的每日百分比。

Non-BTC transactions

非比特币交易

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.

随着几年前比特币协议的最新更新，在其区块链上记录不包含 BTC 的交易的可能性已经出现。

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

用户 Cryptokoryo 在 Dune 上发布的图表将其分为四类：BTC、序数、brc-20 和 rune。

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

BTC 交易显然是比特币从一个地址发送到另一个地址的经典交易。

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 是比特币区块链上的一种 NFT，而 BRC-20 是可以在比特币区块链上交易的代币。

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

相反，Rune 是一种新协议，实际上从减半开始就取代了 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.

该图表确实显示了比特币区块链上每天记录的不同类型交易的各种每日百分比。

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 日减半之前，没有 Rune 交易，而在引入该协议之后，Ordinals 和 BRC-20 交易的每日数量暴跌，变得几乎无关紧要。

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，在减半之前的非 BTC 交易是 Ordinals 和 BRC-20 交易的总和，而在减半之后，它们几乎完全是 Rune 的交易。

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

比特币区块链：减半后非比特币交易的繁荣

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

2024 年初，比特币区块链上已经有超过 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.

美国交易所推出现货比特币ETF后，这一比例一度飙升至70%以上，最高时甚至超过75%，但几天后又回到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，除了非常短的时期外，没有出现重大偏差，但在 4 月 20 日减半的 Rune 协议推出后，非 BTC 交易再次增加。

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

有几天，他们的恢复率超过 70%，每日峰值甚至超过 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，如此高的百分比从未连续超过四天出现过，但从 5 月底开始，在减半几周后恢复正常后，又出现了新的激增。

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.

尤其是从5月22日到6月15日，从不足20%慢慢上升到60%以上。这一增长几乎完全归功于符文交易。

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 日以来，情况似乎已恢复正常，即使在今天，比特币区块链上的非 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，这些波动并不是由于BTC交易数量的剧烈变化，而是主要由于非BTC交易数量的剧烈变化。

The fees on the Bitcoin blockchain after the halving

减半后比特币区块链的费用

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

由于这一最新动态，非比特币交易的增加往往伴随着费用的增加。

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$.

除去减半当天的异常峰值（平均每笔交易费用128美元），由于Rune的推出，5月初的费用已基本恢复正常。事实上，在月中之后不久，它们甚至跌破了 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.

然而从5月底开始，它们又开始上涨，并在6月7日达到87美元以上的新高。这一上涨也是近期符文交易的小幅繁荣造成的。

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，价格已经跌破 7 美元，并且连续三天跌破 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，目前每笔交易的平均金额超过 65,000 美元，因此每笔交易的平均费用数据实际上并不具有太大的指导意义。

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，建议以中位数作为参考，而不是平均值，因为每笔交易的中位数金额低于 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.

减半当天的交易费用中位数飙升至 90 美元以上，但随后又跌至 1 美元以下。第二个峰值是 6 月份的峰值，停在 6 美元左右，而在过去两天里又回到了 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.

与其他区块链，尤其是以太坊的第 2 层相比，这些数字仍然要高得多，但另一方面，即使在比特币（闪电网络）的主要第 2 层上，这些数字也要低得多。

The return to normality

回归常态

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

从这个角度来看，正常时期与短暂的小泡沫交替出现，在此期间非比特币交易数量猛增。