As a researcher with a background in blockchain technology and experience following the crypto market closely, I’m keeping a close eye on the recent developments surrounding Runes protocol. The initial buzz around this new way to create tokens on Bitcoin has noticeably died down, based on data from Dune Analytics.
As a researcher studying the cryptocurrency landscape, I’ve noticed that the initial buzz surrounding Runes protocol, a novel method for issuing tokens on Bitcoin, appears to be subsiding. Insights from Dune Analytics reveal a significant decline in activity on this protocol since its first week of trading.
May 10 marked a significant decrease in activity for Runes as very few new tokens were generated, and interaction with wallets was limited. This trend indicates a substantial decline in user engagement. Furthermore, the earnings from transaction fees have notably dwindled. The total fees surpassed $1 million merely twice during the past 12 days, which is a significant decrease compared to the over $135 million in fees generated within the first week.
On April 20, which was also the day of Bitcoin’s most recent halving, Casey Rodarmor, the founder of Ordinals, introduced Runes to the market. This announcement sparked significant interest among investors, resulting in a noticeable surge in Bitcoin transaction fees and exceptional profits for miners. The miner earnings had taken a hit following the halving.
At first, approximately 81% of all Bitcoin network transactions were made using Runes as of April 23rd. Yet, their proportion has been gradually declining since then. Nevertheless, Runes have achieved significant triumphs; certain Rune collections are valued at hundreds of millions of dollars based on Magic Eden’s data.
After the initial excitement has subsided, I, as a crypto investor, am anxiously awaiting Rodarmor’s next move. One intriguing development he hinted at during an Ordinals event in Hong Kong was an art project.
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2024-05-13 02:28