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Bitcoin Runes Protocol Sees Traction Waning After Much-Hyped Introduction

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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

The Bitcoin Runes protocol experienced a significant decrease in activity and fee revenue after its initial surge after the Bitcoin halving.

Despite the initial excitement, the protocol's momentum has slowed, and its impact on the Bitcoin ecosystem remains to be seen. In the past two weeks, however, all the metrics – including fees, new Runes and user activity – have dropped more than 50%. Only some 5,000 new Runes have been issued since May 1, generating just under $100,000 in fees.At its peak, Runes led transactions and fees in the broader Bitcoin ecosystem, accounting for as much as 80% of all network activity. Now it's 20%.

 

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