Bitcoin Runes records 15.6M NFT transactions in 4 months
Bitcoin Runes, a prominent NFT protocol launched in April 2024, has made a significant impact in a short period, recording over 15.6 million transactions and generating $162.4 million in fees within just four months. The protocol has quickly established itself as a formidable player in the NFT space, demonstrating the potential for long-term market influence.
According to Dune Analytics, the initial two months saw a surge in activity, with Bitcoin Runes often surpassing 300,000 transactions daily. On April 23 alone, the protocol reached an impressive milestone, with over one million transactions in a single day, accounting for 81.3% of the total Bitcoin network's bandwidth. This massive influx of activity underscored the protocol's initial dominance in the NFT space.
However, transaction volumes have since declined, with the last two months averaging around 50,000 daily transactions. Despite this slowdown, Bitcoin Runes remains a key player, although Bitcoin has gradually reclaimed its dominance over network activity. Since mid-July, Bitcoin has consistently accounted for approximately 90% of network activity, while the remaining 10% is divided among Ordinals, BRC-20 tokens, and Runes.
Bitcoin Runes was introduced as a more efficient successor to Bitcoin Ordinals and has emerged as a strong competitor to BRC-20 tokens. In most days over the past four months, Runes outpaced BRC-20 in daily transaction share, with BRC-20 only outperforming Runes on 13 occasions.
Breaking down the 15.6 million Runes transactions, the majority—over nine million—were minting activities. The protocol also recorded 6.5 million edict transactions and 91,500 etching transactions, showcasing the diverse and active use of the platform by NFT enthusiasts.
Bitcoin Runes’ rapid rise and the substantial transaction volume it generated highlight its potential to shape the NFT landscape, even as it navigates fluctuations in daily activity.
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