Runes Emerges as Leader on Bitcoin Network, Driving Transaction Surge and Boosting Mining Revenue
Summary:
Runes, a standard for creating exchangeable tokens on Bitcoin (BTC), is gaining dominance over other standards like Ordinals and BRC-20, indicating investor interest. Launched on April 20, Runes quickly surpassed other standards in transaction share. Its activity surge benefits Bitcoin miners by ensuring consistent monthly revenues. As of its introduction, Runes has produced approximately 2,500 BTC, equating to around $170 million. Moreover, nearly 1.6 million unique transactions were processed over the Bitcoin network on April 23, marking the highest number of verified payments, with the emergence of Bitcoin Runes playing a crucial role in this increase.
In the struggle for dominance on the Bitcoin blockchain network, Runes has emerged as a clear victor over other Bitcoin standards like Ordinals and BRC-20. Onchain activities offer valuable insights into genuine market demand and community engagement. Runes, a standard introduced for the creation of exchangeable tokens on Bitcoin on April 20, quickly surpassed the well-established Ordinals and BRC-20 in transaction proportion.
The Bitcoin network saw a significant increase in activity from the BRC-20 token standard in 2024, occupying more than 50% of the blockchain workload for a week. Impressively, Runes achieved a similar milestone in just ten days, within three months of its introduction. On back-to-back days, June 10 and 11, Runes represented 51% and 53% of the network workload, indicating investor enthusiasm in the framework.
Meanwhile, the BRC-20 transaction proportion breached the 50% mark on March 30 but has since struggled to compete against BTC and newly established standards. For more information about Bitcoin Runes and how they contrast to BRC-20 tokens, refer to our Cointelegraph guide.
The surge in network activity ultimately benefits Bitcoin miners by ensuring steady revenues each month. Since its introduction, Runes has generated almost 2,500 BTC, with a market value of roughly $170 million.
Minting largely attributes the majority of Runes transactions. So far, Runes has produced 1,377 BTC in mining fees, 61 BTC for etching, and 1,011 BTC for edicts.
On April 23, over 1.6 million distinct transactions were processed over the Bitcoin network between senders and receivers, marking the highest number of validated transactions. The introduction of Bitcoin Runes was a driving factor in the surge of total transactions across the Bitcoin network.
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Published At
6/12/2024 11:39:05 AM
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