After the Bitcoin halving on April 20, which marked the Runes token’s debut, its usage has significantly increased, accounting for approximately two-thirds (68%) of all Bitcoin transactions.
Based on data from Crypto Koryo’s Dune Analytics platform, approximately 2.38 million Runes transactions have been completed. The most transactions occurred on April 23, with a total of 750,000. However, there was a significant decrease in transactions the following day, with only 312,000 recorded.
At first, transactions involving memes and NFTs using Runes accounted for almost three-quarters of miner fees on the day of halving. Subsequently, this figure varied between 33% and 69%. Nevertheless, there are doubts about the longevity of Runes for miners due to observed disparities between transaction volumes and mining rewards.
Although Runes have gained popularity quickly, there are still unanswered concerns about their effects on Bitcoin’s environment in the long run. Specifically, there is debate over how they influence miner rewards and Bitcoin’s capacity to handle larger transactions volumes.
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2024-04-25 10:29