Blockchain
Rune Token Transactions on Bitcoin Blockchain Down 88%
Recent data from Dune Analytics has indicated a significant decline in activity for the Runes token standard on the Bitcoin blockchain. According to the data, Runes daily transactions have decreased by more than 88% since their peak in June.
Average daily Rune transactions from June 22-28 were 37,820, down 90% from the 331,040 recorded between June 9-15. On June 24, transactions hit a low of 23,238, the lowest since the protocol launched on April 20, 2024.
Daily Rune Transaction since the protocol launch on April 20 | Source: Dune analysis
This drop also had notable implications for Bitcoin miner fees. Over the past six days, Runes have contributed less than 2 Bitcoin to mining fees, down from 884 Bitcoin recorded on April 24.
The Runes protocol, introduced by Ordinals creator Casey Rodarmor, was designed as an efficient way to create new tokens on the Bitcoin network. However, recent data shows that Runes transactions accounted for only 4.9% to 11.1% of all Bitcoin transactions last week.
The reduction in network fees, combined with the decline in Bitcoin’s price, has led to a near-record low in Bitcoin’s hash rate, a key indicator of miner revenue. At the same time, Bitcoin miner reserves have fallen to 1.90 million Bitcoin, the lowest level in over 14 years.
Read also: BTC Interest Surges With 352,000 Addresses Amid Volatility