尽管主导比特币交易，但符文协议仍降温

Runes 协议于 4 月份随着比特币减半而推出，现已开始显示出降温的迹象。尽管该协议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 协议于 4 月份比特币减半前后推出，目前已显示出降温的迹象。

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.

尽管该协议的首次亮相令人印象深刻，第一天就产生了 6255 万美元的费用，但此后费用份额急剧下降，降至 8.37%，该值接近该协议的历史最低点 2.16%。这种下降标志着最初热情的重大转变。

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.

尽管 Runes 目前占比特币网络交易量的近 50%，在 7 月份进行的 1,951 万笔交易中贡献了近 1,000 万笔交易，但这一水平的活动并未转化为相应的费用收入。

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.

高使用率和价值捕获之间的不匹配是值得注意的，特别是因为超过 99% 的符文交易专门用于铸造，这表明有限的使用模式未能在二级市场产生流动性。

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.

符文的衰落可以归因于总体市场状况和比特币基础设施的固有局限性。比特币用户体验（UX）的缺陷从一开始就影响了该协议的交易量，凸显了在这种保守的框架内进行创新和发展的困难。

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 提供了关于在比特币生态系统中实施新技术的挑战的有价值的案例研究。该协议面临着在旨在稳定的网络上保持创新的严酷现实。当它努力保持其相关性时，它的经验将成为比特币网络上协议的长期可行性以及密集使用和价值获取之间复杂关系的一个例子。