On April 20, a halving took place on the Bitcoin network, and the Runes protocol was released.
Since then, the blockchain has processed 3.6 million transactions with tokens based on this standard.
In total, the project received $135.6 million in commissions.
The Runes protocol has received 2,129 BTC in fees — $135.6 million since its release, according to Dune. The project was launched immediately after the fourth halving on the Bitcoin network.
Bitcoin halving was successful: what does this change and what to expect in the future?
04/20/2024
16 min
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It is noteworthy that most of the commissions occur in the first days after the halving:
. Источник: Dune. ” class=”wp-image-225852″ srcset=”https://incrypted.com/wp-content/uploads/2024/04/runes-1.png 652w, https://incrypted.com/wp-content/uploads/2024/04/runes-1-300×206.png 300w” sizes=”(max-width: 652px) 100vw, 652px”>Amount of commissions received by the Runes protocol in bitcoins (BTC). Source: Dune.
At the same time, transactions with tokens created on the basis of Runes account for a share of 31% at the time of writing. Immediately after the halving it was up to 81%:
. Источник: Dune. ” class=”wp-image-225853″ srcset=”https://incrypted.com/wp-content/uploads/2024/04/runes-2.png 1313w, https://incrypted.com/wp-content/uploads/2024/04/runes-2-300×102.png 300w, https://incrypted.com/wp-content/uploads/2024/04/runes-2-1024×349.png 1024w, https://incrypted.com/wp-content/uploads/2024/04/runes-2-768×262.png 768w” sizes=”(max-width: 1313px) 100vw, 1313px”>Share of transactions with Runes tokens in the total volume of transactions on the network bitcoin. Source: Dune.
In total, the network processed 3.6 million transactions with Runes tokens. This significantly increased the load on the blockchain.
We previously reported that on the day of halving, the average commission on the Bitcoin network exceeded $100. As of April 25, 2024, it dropped to $12.9:
. Источник: BitInfoCharts.” class=”wp-image-225854″ srcset=”https://incrypted.com/wp-content/uploads/2024/04/fees.png 1307w, https://incrypted.com/wp-content/uploads/2024/04/fees-300×61.png 300w, https://incrypted.com/wp-content/uploads/2024/04/fees-1024×208.png 1024w, https://incrypted.com/wp-content/uploads/2024/04/fees-768×156.png 768w” sizes=”(max-width: 1307px) 100vw, 1307px”>Changes in the average commission in the Bitcoin network. Source: BitInfoCharts.
The jump in fees led to the fact that the income of Bitcoin miners increased instead of the expected fall.
James Whitfield is markets correspondent at BTCNews. He spent eight years on the equity desk at Bloomberg London before moving to digital assets in 2020, and now leads our daily coverage of spot prices, derivatives and ETF flows. James reads order books for breakfast and has been quoted in the Financial Times, CityAM and CoinDesk. He is a CFA Level III candidate and is based in the City of London.
Amount of commissions received by the Runes protocol in bitcoins (BTC). Source: Dune.
Changes in the average commission in the Bitcoin network. Source: BitInfoCharts.