New Daily Runes on Bitcoin have dropped 99% from their post-halving high
The number of new Runes minted daily in Bitcoin has fallen below 250 for the past six days, with 157 Runes minted on Monday, a 99% drop from the peak in late April.
The drop comes after a very successful week after launch, which saw an average of 14,700 new Runes carved each day between April 26-30, including a record 23,061 carved on April 26, according to the Dune Analytics Dashboard created by RUNES.IS.
Runes is a new token standard that launched on April 20 in the fourth Bitcoin halving block. The protocol allows memecoin and nonfungible token enthusiasts to capture and record their favorite artwork, images, audio and videos on the Bitcoin network.
Initially, he proposed a very important revenue reform for Bitcoin miners to reduce the impact of the recent halving, which halved the block subsidy to 3.125 Bitcoin (BTC) – the price at the current price of $ 196,800.
However, the 157 Runes minted on May 13 contributed only $3,835 in transaction fees to Bitcoin miners, which is hundreds of thousands of dollars less than the daily miners received at the end of April.
Since Runes launched on April 20th, a total of $4.5 million in transaction fees have been paid to Bitcoin miners – which comes out to $189,00 per day.
To date, over 91,200 runes have been minted on Bitcoin.
Runes still hold the bulk of the transaction
Despite the drop in the number of Runes etched, Runes transactions continued to account for the majority of transactions in May, mostly on marketplaces such as Magic Eden, OKX, Ordinals Wallet and UniSat.
RELATED: Bitcoin Sets Most Valuable Digital Canvas Ever – Ordinary Artist
Runes was launched by Ordinals creator Casey Rodermore, aiming to use the blockspace more effectively than its main competitor BRC-20s, according to Binance Research.
Unlike BRC-20s, Runes UTXOs are compatible with Bitcoin's Unextracted Transaction Output (UTXO) model, where the Runes can contain arbitrary hash tokens like Runes.
However, Rodermore emphasized in a recent interview that Runes are not the “future of finance” – instead, something that can be used to have fun with Bitcoin.
Big questions: How can Bitcoin payments generate returns?
