OKX has more than 50% market share of Bitcoin Runes
Crypto exchange OKX now accounts for 51.08% of Bitcoin Runes' daily trading volume on the Web3 marketplace.
According to data from Ordinals Analytic Platform GeniiData, Runes' trading activity on other platforms such as UniSat and MagicEden has been gradually decreasing since April, with a combined 48.83% market share. Almost all Bitcoin Runes trading is done by the above mentioned three organizations and their platforms.
Runes is a new protocol for issuing hash tokens on the Bitcoin network that launched on April 20, Bitcoin's halving day. In less than a month since its inception, the protocol has generated an astonishing 2,287 BTC ($143.6 million) in transaction fees, and now forms the basis of the Bitcoin DeFi ecosystem alongside the standard and BRC-20 tokens invented last year.
Bitcoin Runes aren't the only ones gaining traction in the ecosystem.
Since its launch in April, the SolvBTC protocol, which allows users to profit from Bitcoin derivatives generated on the Arbitrum, Merlin and BNB smart chains, has locked up a total of $920.62 million. The protocol currently has more than 12,000 BTC stake among 30,000 participants and earns 5% to 10% annual revenue on users' BTC deposits.
On April 30, the company announced that it will be introducing a bitcoin recycling product to its users in partnership with Babylon. The Babylon Protocol allows users to hold their idle BTC and use the underlying BTC to verify transactions on proof-of-funds networks to earn rewards. Babylon founder Fisher Yu said he hopes Bitcoin will be more than a store of value, but a “flexible, reliable product source” for DeFi.
Similarly, Bitcoin smart contract developer MicroVisionChain plans to release a proof-of-construction model to encourage ecosystem developers to build Bitcoin interchain asset bridges, Bitcoin decentralized exchanges, wallets, and BRC-20 assets on the protocol. According to the proposal, 65% of the site's SPACE token will be distributed to constructions based on their respective contributions. The project currently has a discounted market value of $166 million.
On May 6, Bitcoin blockchain transactions exceeded 1 billion. Bitcoin has averaged 178,475 daily transactions over its 5,603-day lifespan. Meanwhile, Bitcoin's biggest rival Ethereum has processed well over two billion transactions since its launch in July 2015.
Related: El Salvador Launches $360M Bitcoin Treasury Tracking Website
