Rune

Bitcoin

April

Bitcoin’s blockchain bandwidth usage has exceeded 90% for the first time since the halving event in April, signaling a substantial rise in network activity.
Despite <a href="https://cointelegraph.com/news/bitcoin-weighted-sentiment-indicator-fud-price-sideways-crypto-analysts">facing an “extended level” of fear, uncertainty and doubt (FUD)</a>, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) adoption, transaction and trading activity remain unfettered.&nbsp;
Dune Analytics user Cryptokoryo’s <a href="https://dune.com/cryptokoryo/runes#runes-overview" target="_blank" rel="noopener nofollow">chart</a>&nbsp;portrays the defining moment on June 20, where BTC’s 91.4% dominance superseded 6.8% for Runes, 1.6% for BRC-20 and 0.2% for Ordinals in transactional share.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/49b2fea9-3825-4b7d-a89a-61c9ed486941.png" alt="" title="">
 <figcaption style="text-align: center;">
 Cryptokoryo’s chart depicting the share of transactions across Bitcoin, Ordinals, BRC-20 and Runes in 2024. Source: Dune Analytics
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="always-rune-for-improvement">Always Rune for improvement </h2>
The increase in bandwidth usage after the halving can be primarily attributed to the adoption of new token standards, including Runes and BRC-20.
Dune Analytics data shows a significant rise in transactions involving both token standards, particularly on April 23, when Runes transactions exceeded 750,000.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/9c2ccb7e-6cc7-482d-8215-d01d45d28f71.png" alt="" title="">
 <figcaption style="text-align: center;">
 Cryptokoryo’s chart depicting the number of transactions across Bitcoin, Ordinals, BRC-20 and Runes in 2024. Source: Dune Analytics
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bernstein-analysts-expect-200k-bitcoin-price-by-2025-due-to-spot-btc-etf-flows">Bernstein analysts expect $200K Bitcoin price by 2025 due to spot BTC ETF flows</a>
<h2 id="new-token-standards">New token standards</h2>
Speaking with Cointelegraph, Bitfinex analysts explained that:
<blockquote data-ct-non-breakable="true">
 “New token standards such as BRC-20 and Ordinals have also contributed to more incentivization to build on BTC rather than other chains as Bitcoin ecosystem keeps gaining more mindshare.”
</blockquote>
Runes were designed to establish fungible tokens on the Bitcoin blockchain and gained widespread traction, resulting in high transaction volume.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/b21af41b-7169-4e07-b78c-20f03b3a99b4.png" alt="" title="">
 <figcaption style="text-align: center;">
 Cryptokoryo’s chart depicting the transaction dominance between BRC-20 and Runes in 2024. Source: Dune Analytics
 </figcaption>
</figure>
Paired with the adoption of BRC-20 tokens, this rise of more complex transactions and BTC blockchain interaction significantly increased the chain’s bandwidth load.
Related: <a href="https://cointelegraph.com/news/bitcoin-s-days-below-70k-are-numbered-as-traders-cite-btc-s-swing-low-as-the-bottom">Bitcoin’s days below $70K are numbered as traders cite BTC’s swing low as the bottom</a>
<h2 id="post-halving-impact">Post-halving impact</h2>
The recent April BTC halving event, which reduced block rewards for miners by 50%, led to miners prioritizing transactions with higher fees to compensate the reduction in rewards.
On the topic of the halving event’s impact on the BTC blockchain, Bitfinex analysts told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “After the halving event, there is typically heightened onchain activity. Traders and investors adjust their positions, leading to more transactions being broadcast to the network.&nbsp;
</blockquote>
The typical pattern resulted in an increased number of transactions being processed and gave momentum to the steady surge in BTC’s blockchain bandwidth usage.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-rumors-spark-panic-in-korea-binance-airdrops-for-bnb-hodlers-asia-express/">Crypto rumors spark panic in Korea, Binance airdrops for BNB hodlers: Asia Express</a>

Bitcoin reclaims blockchain dominance post-BTC halving

Съдържание

Cointelegraph

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