All indicators of Bitcoin Rune Protocol have dropped by more than 50% in the past two weeks, including fees, new runes and user activity

PANews, May 14. According to CoinDesk, activity on the Bitcoin Runes protocol has slowed down over the past week, showing that it failed to gain significant traction among users despite an excellent start last month. . Runes further optimizes the Ordinals protocol to make transactions cheaper and faster. According to data from Dune Analytics, the protocol issued more than 85,000 tokens in the first 10 days after Bitcoin’s fourth halving on April 20, generating more than $3 million in fees. However, over the past two weeks, all metrics - including fees, new Runes, and user activity - have dropped by more than 50%. Since May 1, only about 5,000 new Runes have been shipped, costing less than $100,000.

Runes dominated the Bitcoin ecosystem’s transactions and fees at its peak, accounting for as much as 80% of network activity, but this is now down to 20%. It’s worth noting that this decline occurred during an overall market downturn, with falling Bitcoin prices and sluggish altcoin growth, likely contributing to a decline in sentiment toward the new technology. Ho Chan Chung, head of marketing at CryptoQuant, said: “The success of the Bitcoin L2 project based on OP_Return is doubtful because UTXO-based blockchain networks are fundamentally different from smart contract networks.” #符文 #Runes符文