News summarizing the blockchain & cryptocurrency market – May 13
Activity on Runes Protocol decreased 3 weeks after launch
After 3 weeks of launch, activity on Runes Protocol has decreased significantly on the Bitcoin blockchain network. The Runes Protocol, developed by Casey Rodamor, has generated record transaction fees for Bitcoin miners of more than $135 million. Runes Protocol allows users to issue fungible tokens on the Bitcoin network, similar to ERC-20 tokens on Ethereum. Previously, Runes trading dominated BRC-20 and Ordinals, accounting for 81% of all transactions on the Bitcoin network and raking in 64% of transaction fees. However, after the first week of trading, activity on the protocol slowed down and the number of new token issuances also decreased. Although there are still positive signs, many platforms have difficulty gaining popularity in the early stages. Runes provides a more efficient Bitcoin encryption solution than the BRC20 standard using Bitcoin's UTXO mechanism.
LayerZero CEO: Only 1/10 of the total 6 million wallets are "real" accounts
According to LayerZero's CEO, only about 1/10 of the total 6 million wallets are "real" accounts. According to an article on Wu Blockchain, about 5 million addresses only make 1 or 1-5 transactions, while there are about 4.24 million addresses that only own less than 10 USD. Between 400,000 and 600,000 accounts out of a total of 6 million users are considered real accounts. However, there are only about 30,000 addresses identified as sybils, meaning accounts are considered to be abusing multiple wallet addresses to hunt for airdrops. LayerZero has called on users with sybil behavior to self-admit and report to receive 10% of the airdrop amount. The community has debated whether to "farm" the airdrop or report friends to receive additional rewards. CEO Bryan Pellegrino confirmed that the LayerZero team will not accept airdrops of any kind.
Billionaire Mark Cuban: Crypto voters will impact the 2024 US election
According to billionaire Mark Cuban, voters using cryptocurrency will have an impact on the 2024 US election. He believes that cryptocurrency plays an important role for young and independent voters. He criticized United States Securities and Exchange Commission (SEC) Chairman Gary Gensler for failing to protect investors from fraud and making things difficult for cryptocurrency companies. He warned that cryptocurrency voters will be heard in the election and proposed that Congress introduce legislation and assign responsibility for cryptocurrency regulation to the CFTC. Mark Cuban is a famous businessman and has been involved in the cryptocurrency market since 2021.