- Bitcoin Runes processed 15.6 million transactions, resulting in fees of $162.4 million.
- Runes’ daily transaction share surpassed BRC-20 on most days in the previous 4 months.
In its first four months of launch, Bitcoin Runes—a protocol for non-fungible tokens—processed 15.6 million transactions, resulting in fees of $162.4 million.
In the first two months, Runes accounted for the bulk of transactions, with Dune Analytics reporting daily totals reaching 300,000. With almost a million transactions in minting, etching, transfers, and edicts combined, NFT investors used up 81.3% of the entire capacity on the Bitcoin network on April 23.
Striving Hard for Supremacy
On the other hand, the average number of daily Runes transactions has dropped to around 50,000 during the last two months. Since its introduction, the Runes protocol has dominated daily transactions. However, Bitcoin has recently regained its network supremacy, and the Runes protocol is now experiencing a fall.
Ordinals, BRC-20 tokens, and Runes each contribute 10% to the network activity, with Bitcoin consistently accounting for about 90% since July 16.
Introduced as a rival to BRC-20 and a more efficient replacement for Bitcoin Ordinals, the Runes protocol has won over many investors. Runes’ daily transaction share surpassed BRC-20 on most days in the previous four months. The figure shows that BRC-20 fared better than Runes in 13 days.
More than nine million of the 15.6 million Runes transactions include mints; 6.5 million involve edicts, and 91,500 involve etching. Runes may not see its true commercial potential until at least a few months after its release, according to a well-known expert. The Stacks layer-2 network for Bitcoin is also gearing up to provide a trading solution for inscriptions such as Runes, BRC-20s, and Ordinals.
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