The new daily rune on Bitcoin is down 99% from its post-halving high.
The number of new runes engraved on Bitcoin each day has fallen below 250 over the past six days, with 157 runes engraved on Monday, a 99% decrease from the peak in late April.
According to the Dune Analytics dashboard created by RUNES, an average of 14,700 new runes were etched each day from April 26 to 30, with 23,061 runes etched on April 26. .am.
Loon is a new token standard launched in the fourth Bitcoin halving block on April 20th. This protocol allows memecoin and non-fungible token enthusiasts to engrave and etch their favorite works of art, images, audio, and video onto the Bitcoin network.
Initially, it provided a much-needed revenue boost for Bitcoin miners looking to cushion the impact of the recent halving, which halved the block subsidy to 3.125 Bitcoin (BTC), worth $196,800 at current prices.
However, the 157 runes carved on May 13 only contributed $3,835 in transaction fees to Bitcoin miners. This is far less than the hundreds of thousands of dollars miners were receiving each day at the end of April.
A total of $4.5 million in transaction fees has been paid to Bitcoin miners since Runes launched on April 20, with approximately $189,00 paid out daily.
To date, there are just over 91,200 runes inscribed on Bitcoin.
Runes still make up the bulk of the trade.
Despite the decrease in the number of etched runes, rune transactions continued to account for the majority of transactions in May, primarily occurring on marketplaces such as Magic Eden, OKX, Ordinals Wallet, and UniSat. there is.
Related: Bitcoin is ‘the most valuable digital canvas of all time’ — Ordinals artist
Runes was launched by Casey Rodarmor, the inventor of Ordinals, and according to Binance Research, it aims to utilize block space more efficiently than its main competitor, BRC-20.
Unlike BRC-20, Runes is compatible with Bitcoin’s UTXO (Unspent Transaction Output) model, where UTXOs can hold a balance of arbitrary fungible tokens such as Runes.
However, Rodarmor emphasized in a recent interview that runes are not the “future of finance” but rather something that degens can use to have fun in Bitcoin.
Big questions: How can Bitcoin payments be revived?
