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Author: Amaka NWAOKOCHA, Cointelegraph; Compilation: Tao Zhu, Bit Chain Vision
Since the first week of the transaction, the activity of the rune agreement has been significantly reduced.The event on May 10th declined significantly, and there were very few new coinkers and new wallets interacted with the agreement.
According to the Dune Analytics dashboard, the cost of the protocol has steadily decreased.Although Runes can still earn hundreds of thousands of dollars a day on the Bitcoin blockchain, in the past 12 days, the total cost has only exceeded $ 1 million twice, showing a downward trend.
Runes is a new Bitcoin token standard that allows users to create alternative tokens on the blockchain and be initiated by Casey Rodarmor, the founder of Ordinal.Ordinals enabled the irreplaceable tokens on Bitcoin.
The Runes protocol first appeared on April 20, coincided with the latest Bitcoin halving incident.The launch of Runes has triggered the enthusiasm of investors, led to surge in transaction costs, and brought a record for Bitcoin miners. It only increased the cost of more than $ 135 million in the first week.
Dune Analytics data shows that as of April 24, transactions related to runes have occupied most of the Bitcoin network.On April 23, Runes reached a maximum transaction share of 81.3%, pushing the Bitcoin transaction share to 18.15%, and 0.1%of Ordinals and BRC-20 transactions.
In the next nine days, rune transactions continued to decrease until May 2.Starting from May 3, rune transactions have begun to recover. On May 4 and 5, rune transactions have returned to more than 60%.
The mining industry welcomes rising expenses because their income has fallen sharply after Bitcoin halves.In May, the total revenue of Bitcoin miners fell to less than $ 30 million per day.
Like Ordinals, Runes has launched new token standards on the Bitcoin blockchain.Bitcoin recently handled its 1 billionth transactions.
According to Magic Eden data, runes have achieved huge success, and the market value of multiple rune series has reached hundreds of millions of dollars.
In addition, RODARMOR recently hinted at the Ordinals activity held in Hong Kong that an innovative audio reaction generation art project was further demonstrated, which further demonstrated the platform’s potential.
