The protocol is now an integral part of the Bitcoin ecosystem alongside Ordinals and BRC-20 tokens.
Crypto exchange OKX now accounts for 51.08% of Bitcoin Runes’ daily trading volume through its Web3 marketplace.
According to data from Ordinals analytic platform GeniiData, Runes’ trading activity on other platforms, such as UniSat and MagicEden, has steadily declined since April, holding a combined 48.83% market share. Almost all Bitcoin Runes’ trading activity is conducted through the three aforementioned firms and their platforms.
Runes is a new protocol for issuing fungible tokens on the Bitcoin network that launched on April 20, the day of the Bitcoin halving. Less than one month after its inception, the protocol has generated a staggering 2,287 BTC ($143.6 million) in transaction fees and now forms the basis of the Bitcoin DeFi ecosystem along with Ordinals and BRC-20 tokens, which were invented last year.
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Author: Zhiyuan Sun
