The Runes protocol has regained its top spot in the Bitcoin network, surpassing BTC, Ordinals , and BRC-20 in terms of daily transaction volume.
The Runes Protocol was launched on April 20 – coinciding with the fourth Bitcoin halving – to increase efficiency on BRC-20, an experimental standard for fungible Token on the Bitcoin blockchain.
Data from Dune Analytics shows that Rune-related transactions accounted for the majority of transactions on the Bitcoin network through April 24.
Runes accounted for the highest percentage of transactions, 81.3%, on April 23, pushing the BTC transaction ratio down to 18.15%, with Ordinals and BRC-20 trading at 0.1% each. However, Runes trading decreased continuously for the next nine days until May 2.
As shown above, Runes started to recover from May 3. In the following days, on May 4 and 5, Runes regained its trading market share above 60%.
Although the rapidly increasing number of transactions unintentionally increases network fees, it is often beneficial for Bitcoin miners. Runes Protocol collected 2,253 BTC in fees for the mining community in 16 days.
The mining community welcomed the increased fees as their income dropped significantly after the Bitcoin halving. In May, the total revenue of Bitcoin miners fell below $30 million per day.
To maintain profitability, Miners have had to upgrade their current technology with highly efficient mining rigs to reduce operating costs and improve performance and profitability.
