Satoshi

Rune

Bitcoin

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Runes, a new token standard on Bitcoin, has accounted for over two-thirds of Bitcoin transactions since its launch on April 20.</li>
 <li>Industry experts are divided on whether Runes will provide a sustainable revenue stream for Bitcoin miners.</li>
</ul>
<p>Runes, a recently introduced token standard on <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, has made up a significant proportion of transactions on the network since its inception following the network’s halving event on April 20.</p>
<p>According to data from a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo, more than 2.38 million Runes transactions have been processed. This accounts for 68% of all Bitcoin transactions made since its launch on April 20.</p>
<h2 id="transaction-breakdown">Transaction Breakdown</h2>
<p>The total transaction count included regular Bitcoin peer-to-peer transactions, BRC-20s, Ordinals, and Runes.</p>
<p>The day of April 23 marked the highest activity for Runes with over 750,000 transactions, although this figure fell by more than half the following day to 312,000 transactions. A significant portion of the initial demand at block 840,000 came from enthusiasts of memecoin and nonfungible tokens who were eager to inscribe and etch “rare satoshis” via the Runes protocol.</p>
<p>As a result, Runes transactions made up nearly 70% of miner fees on the halving day. Since then, the daily figure has varied between 33% and 69%.</p>
<h2 id="controversy-and-criticism">Controversy and Criticism</h2>
<p>However, opinions are divided within the industry as to whether Runes will offer a sustainable revenue source for Bitcoin miners. There is already a discrepancy between the number of Rune transactions and the miner fees earned from Runes.</p>
<p>The new protocol, developed by Ordinals inventor Casey Rodarmor, is being promoted as a more efficient method of creating new tokens on the Bitcoin network compared to the BRC-20 token standard, an Ordinals-based method for creating Bitcoin-based tokens.</p>
<p>Despite this, some are dissatisfied with the amount of block space occupied by Runes transactions in recent days. Among these critics is Nikita Zhavoronkov, a lead developer at blockchain search engine Blockchair, who believes Bitcoin has “completely ceased” to function as a peer-to-peer electronic cash system, as initially envisioned by its pseudonymous creator Satoshi Nakamoto.</p>

Since Inception, 68% of Bitcoin Transactions Feature Runes

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