In just four months, the Runes protocol, launched in April 2024 on the Bitcoin blockchain for non-fungible tokens (NFTs), has facilitated 15.6 million transactions, generating $162.4 million in fees.
Data from Dune Analytics reveals that most of this activity occurred within the first two months post-launch, with daily transactions averaging over 300,000. On April 23 alone, NFT investors executed over 1 million transactions, accounting for approximately 81.3% of the total throughput on the Bitcoin network.
However, activity on Runes has significantly declined over the past two months, with daily transactions now averaging around 50,000. This reduction has allowed the Bitcoin blockchain to reassert its dominance, with the flagship cryptocurrency handling roughly 90% of network activity since July 16, while the remaining 10% is shared between the Ordinals, BRC-20, and Runes protocols.
Initially touted by its developers as a strong successor to Ordinals and a direct competitor to BRC-20, Runes managed to surpass BRC-20 in daily transaction volume for most of its first four months, except for 13 days when BRC-20 briefly outpaced it. $BTC
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