{"id":13437,"date":"2024-05-13T10:22:08","date_gmt":"2024-05-13T07:22:08","guid":{"rendered":"https:\/\/forklog.com\/en\/decline-in-activity-on-runes-protocol-observed\/"},"modified":"2024-05-13T10:22:08","modified_gmt":"2024-05-13T07:22:08","slug":"decline-in-activity-on-runes-protocol-observed","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/decline-in-activity-on-runes-protocol-observed\/","title":{"rendered":"Decline in Activity on Runes Protocol Observed"},"content":{"rendered":"

User activity on the Bitcoin protocol Runes has decreased, along with its share in transaction fees, compared to the first week of trading.<\/p>\n

According to a dashboard on Dune<\/a>, fee amounts have been steadily declining, with only two days in May surpassing $1 million.<\/p>\n

\"Dune2-1\"
Source: Dune.<\/figcaption><\/figure>\n

Since its launch on April 20, coinciding with the halving<\/a>, the protocol has generated 2286 BTC in fee revenue for miners, with 1289 BTC on the first day alone. Amid the excitement surrounding Runes, the average network fee surged to a record $128.45<\/a>.<\/p>\n

\"Dune1-2\"
Source: Dune.<\/figcaption><\/figure>\n

In the initial days following the halving, transaction fees from tokens on the protocol dominated the overall metric. TeraWulf CEO Nazar Khan acknowledged that Runes significantly boosted miners’ revenues<\/a> post-halving.<\/p>\n

However, by May 10, this figure had dropped to 7.2% and has since fluctuated between 10-14%.<\/p>\n

Consequently, the number of transactions on the protocol has also fallen. The number of new users is steadily decreasing: although the cumulative number of interacting wallets approached 1.8 million, only 13,728 addresses connected to the protocol on May 12.<\/p>\n

\"Dune-14\"
Source: Dune.<\/figcaption><\/figure>\n

Bitcoin developer and Ordinals creator Casey Rodarmor introduced Runes in September 2023. The protocol enables the issuance of fungible tokens on the blockchain of the first cryptocurrency. Unlike BRC-20, it employs the UTXO<\/span> model, preventing network congestion.<\/p>\n

Analysts at Franklin Templeton identified<\/a> Runes, alongside Ordinals, L2 solutions, and DeFi primitives, as a key driver of Bitcoin innovation revival.<\/p>\n","protected":false},"excerpt":{"rendered":"

User activity on the Bitcoin protocol Runes has decreased, along with its share in transaction fees, compared to the first week of trading. According to a dashboard on Dune, fee amounts have been steadily declining, with only two days in May surpassing $1 million. Source: Dune. Since its launch on April 20, coinciding with the […]<\/p>\n","protected":false},"author":1,"featured_media":13436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1178,1227,1505],"class_list":["post-13437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-fees","tag-cryptocurrency-transactions","tag-runes"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13437"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13436"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}