Runes, a new token standard on Bitcoin, has witnessed a staggering decline in daily average transactions, plummeting by more than 88% from its peak in June. According to Crypto Koryo on Dune, transactions averaged 37,820 between June 22 and June 28, a sharp drop from the 331,040 recorded from June 9 to June 15.
On June 24, the protocol saw a mere 23,238 transactions, marking its lowest figure since its launch during Bitcoin’s fourth halving event on April 20. Throughout its existence, Runes transactions have comprised only between 4.9% and 11.1% of all Bitcoin transactions in the past week.
The significant decline in Runes transactions has had a pronounced impact on Bitcoin miner fees, exacerbating struggles since the last halving event. Over the past six days, Runes have contributed less than 2 Bitcoin in miner fees, a stark contrast to the record 884 Bitcoin generated on April 24.
Similarly, fees from other protocols like Ordinals inscriptions and BRC-20 tokens have also remained minimal during this period. Initially hailed as potential new revenue sources for miners beyond traditional peer-to-peer Bitcoin transfers, these protocols have failed to deliver sustained volumes.
Post the April 20 halving event, fees from Runes and Ordinals briefly helped offset the 50% reduction in block subsidy, but trading volumes have since become erratic. Additionally, Bitcoin miner reserves dwindled to 1.90 million Bitcoin on June 19, the lowest level in over 14 years in Bitcoin terms.
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