With over 15.6 million transactions, the top NFT protocol, Bitcoin Runes, produced $162.4 million in fees, indicating potential long-term market effect.
In just four months after its April launch, the non-fungible token protocol known as Bitcoin Runes produced $162.4 million in fees from 15.6 million transactions.
The majority of transactions were recorded by Runes in the first two months, frequently surpassing 300,000 transactions daily, according to Dune Analytics. More than a million transactions involving minting, etching, transfers, and edicts were made by NFT investors on April 23 alone. These transactions accounted for 81.3% of the bandwidth the Bitcoin network uses.
The average number of Runes transactions each day, on the other hand, decreased during the previous two months to about 50,000.
After its launch, the Runes protocol dominated daily transactions, but it is currently experiencing a fall as Bitcoin has regained its supremacy in the network.
Since July 16, 90% of network activity has been accounted for by Bitcoin BTC$63,934, with the remaining 10% being divided between Ordinals, BRC-20 tokens, and Runes.
The increase in inscriptions of Bitcoin
Many investors now prefer the Runes protocol over BRC-20, which was once presented as an adequate replacement for Bitcoin Ordinals.
Over the past four months, Bitcoin Runes has, on most days, surpassed BRC-20 in terms of daily transaction share. The graphic below illustrates how BRC-20 performed better than Runes in just 13 days.
Mints account for over nine million of the 15.6 million Runes transactions, while edicts and etching account for 6.5 million and 91,500 transactions, respectively.
The potential market for Bitcoin Runes
A few months after Runes’ introduction, according to pseudonymous decentralized finance researcher Ignas, a genuine market opportunity may present itself. He declared:
“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Layer-2 network for Bitcoin Additionally, Stacks is preparing to introduce a trading platform for inscriptions on Runes, BRC-20s, and Ordinals.
