Runes protocol sees significant decline in activity
Despite generating hundreds of thousands of dollars in daily fees, Runes has only surpassed $1 million in total fees twice in the last twelve days, signaling a notable decline.
The Runes protocol’s activity has decreased significantly since its first week of trading. On May 10th specifically, there was a notable decline in activity, with very few new mints and new wallets interacting with the protocol compared to previous periods.
According to a Dune analytics dashboard compiled by Runes Is, the protocol’s fee revenue has been declining steadily. Although Runes still earns hundreds of thousands of dollars daily in fees on the Bitcoin blockchain, the total fees have only surpassed $1 million on two occasions in the last twelve days, indicating a significant downward trend.
Runes is a new Bitcoin (BTC) token standard that allows users to create fungible tokens on the blockchain. They were created by Casey Rodarmor, the creator of Ordinals, which enabled Bitcoin nonfungible tokens.
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Author: Amaka Nwaokocha
