Bitcoin typically dominates the blockchain network, but a new champion has emerged in the battle between Bitcoin standards — Ordinals, BRC-20, and Runes.
Onchain activity is a key indicator of market demand and community interest. Since its debut on April 20, Runes, a standard for creating fungible tokens on Bitcoin (BTC), has surpassed the long-standing Ordinals and BRC-20 standards in terms of transaction volume.
In 2024, the BRC-20 token standard held over 50% of the Bitcoin blockchain bandwidth for seven days. However, Runes achieved the same milestone in just 10 days within three months of its launch.
Recently, Runes took over the Bitcoin blockchain on June 10 and 11, accounting for 51% and 53% of the network bandwidth, respectively. This surge indicates a strong interest from investors in the ecosystem. On the other hand, BRC-20’s transaction share peaked above 50% on March 30, but it has struggled to compete with BTC and its newer standards.
The rise in network activity benefits Bitcoin miners by ensuring consistent monthly revenues. Since its inception, Runes has generated nearly 2,500 BTC, equivalent to around $170 million in market value. Most Runes transactions involve minting, with the standard generating 1,377 BTC in mining fees, 61 BTC in etching fees, and 1,011 BTC in edicts.
The launch of Bitcoin Runes has played a significant role in the increase in total transactions over the Bitcoin network. On April 23, the network processed over 1.6 million unique transactions, marking the highest number of confirmed payments.
According to experts, Runes and BRC-20s are paving the way for Bitcoin DeFi. The future looks promising, with AI potentially leading us towards biological immortality by 2030.