Bitcoin Rune’s Fee Generation Drops Drastically, Weeks After Earning $135 Million
Bitcoin’s Rune protocol has experienced a significant decline in activity, reaching its lowest level on May 11, according to data. The protocol made a splash in the crypto space when it launched on April 19, coinciding with the latest Bitcoin halving event. In its first week, it generated a record $107 million in transaction fees. However, enthusiasm for Runes has waned since then, with key growth metrics showing a noticeable decline. Data from Dune analytics dashboard reveals that the number of Runes etched has dropped since May 1, with only 5,023 etched compared to the 9,639 on April 30. May 11 saw the lowest level of etching activity at 129. The protocol also saw a decline in transaction volumes after dominating the Bitcoin network on April 20 and 23. The decline in Runes activity may be related to the overall slowdown in the Bitcoin ecosystem, where on-chain activity is approaching its lowest levels in nearly a decade. Despite the slowdown, certain Rune collections still hold high market valuations, indicating a resilient niche market within the protocol’s ecosystem. Casey Rodarmor, the creator of Runes, has also hinted at an upcoming audio-reactive generative art project, showcasing the innovative spirit of the Runes ecosystem.
