Bitcoin Runes protocol caused an initial surge in Bitcoin transactions, exceeding 50% at its peak. Did the hype clog clear out?
The Bitcoin Runes protocol is struggling to maintain its share of Bitcoin transactions. Since its launch on April 20, Runes transactions have dominated Bitcoin blockchain traffic on eight different days, mostly during the weekends.
The Bitcoin Runes launch coincided with the fourth Bitcoin halving. The resultant hype saw transaction volume shoot up on the Bitcoin blockchain. Revenue from Bitcoin (BTC) mining exceeded the $100 million mark for the first time, recording an all-time high daily earnings of $107.7 million.
Transactions attributed to the Runes protocol accounted for over 50% of all Bitcoin transactions until April 24. The peak occurred on April 23, when these transactions represented 81.3% of the bandwidth. However, by May 2, this figure had dropped to 11.1%.
