Runes account for 68% of all Bitcoin transactions since launch
Runes, a new Bitcoin token standard, has accounted for more than two-thirds of Bitcoin transactions since its launch on April 20, following the network’s halving event.
According to the Dune Analytics dashboard shared by blockchain research firm Crypto Koryo, more than 2.38 million Rune transactions have been processed, accounting for 68% of all Bitcoin transactions since its launch on April 20.
Ordinary peer-to-peer transactions for Bitcoin, BRC-20, Ordinals, and Runes are included in the total transaction count.
Bitcoin transaction ratios between various token standards. Source: Dune Analytics
Runes had its biggest day of transactions on April 23, with more than 750,000 transactions, but the number of transactions more than halved to 312,000 the next day.
Much of the initial demand for block 840,000 came from memecoin and non-fungible token enthusiasts who raced to register and burn “rare satoshis” through the Runes protocol.
As a result, Runes transactions contributed nearly 70% of miner fees on the day of the halving. Since then, daily figures have ranged from 33% to 69%.
However, industry experts are also divided on whether Runes can provide a sustainable source of income for Bitcoin miners, with a gap already forming between the number of Runes transactions and the mining fees earned through Runes.
The new protocol launched by Ordinals inventor Casey Rodarmor is being promoted as a more efficient way to create new tokens on the Bitcoin network compared to the BRC-20 token standard, a method of creating Bitcoin tokens based on Ordinals.
Related: Bitcoin Fees Plummet After Record $128 Daily Average on Halving Day
However, not everyone is happy with the amount of block space Runes transactions have taken up in recent days.
Among these critics is Nikita Zhavoronkov, lead developer of blockchain search engine Blockchair, who believes that Bitcoin has "completely stopped" being a peer-to-peer electronic cash system, which is what its pseudonymous creator Satoshi Nakamoto originally envisioned.
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