July 24, 2024
Bitcoin News

Bitcoin Runes Overtakes Bitcoin Blockchain Standards

Bitcoin Runes, a new standard for creating fungible tokens on Bitcoin, has swiftly taken over the Bitcoin blockchain network. Launched on April 20, Runes has surpassed the long-standing Ordinals and BRC-20 standards in transaction share, reflecting heightened market demand and community interest.

Share of transactions of different Bitcoin standards. Source: Dune Analytics

Impressive Onchain Activity

Onchain activity is a vital indicator of real-time market dynamics. In 2024, BRC-20 took over 50% of Bitcoin blockchain bandwidth for seven days. Remarkably, Runes matched this in just 10 days within three months of its launch. On June 10 and 11, Runes dominated the Bitcoin network, capturing 51% and 53% of the bandwidth, respectively. This consistent dominance underscores a robust investor interest in Runes.

Impact on Bitcoin Miners

The surge in Runes-related transactions has significantly benefited Bitcoin miners, bolstering their monthly revenues. Since its launch, Runes has generated nearly 2,500 BTC, equating to approximately $170 million in market value. Most transactions involve minting, contributing 1,377 BTC in mining fees, 61 BTC for etching, and 1,011 BTC for edicts.

Runes daily transactions distribution. Source: Dune Analytics

Record-Breaking Transactions

On April 23, the Bitcoin network processed over 1.6 million unique transactions between senders and receivers, marking the highest number of confirmed payments in a single day. The introduction of Bitcoin Runes played a crucial role in this spike, highlighting its growing influence on the network’s overall activity.

The total number of confirmed payments per day. Source: Blockchain.com

In conclusion, Runes’ rapid ascent demonstrates the dynamic nature of the Bitcoin ecosystem, where new standards can quickly reshape the landscape and drive significant onchain activity.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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