Since the highly anticipated debut during the last Bitcoin cut, activity on the Runes protocol has seen a significant decline. This protocol, which allows users to create exchangeable tokens on the Bitcoin blockchain, initially saw a spike in transactions but has since seen a decline in activity, especially on May 10.
Despite the decline, Runes has achieved notable success, with some Rune collections having market capitalizations in the hundreds of millions of dollars, according to data from Magic Eden. Runes like Ordinals enable different token standards on the Bitcoin blockchain.
The Bitcoin network also recently processed its billionth transaction, reaching a major milestone. This is the result of an increase in daily transactions over the last month, caused by the introduction of new protocols such as Ordinals, Runes, and the BRC-20 token standard.
Meanwhile, developer Casey Rodarmor, who also created Bitcoin Ordinals, recently teased a generative art project that reacts to audio at the Ordinals event in Hong Kong.
What do you think about this decrease in activity? Is this just a temporary phase or the first signs of something bigger? đ€ Let's discuss it in the comments!
