The use of Bitcoin’s blockchain bandwidth has surged past 90% for the first time since the halving event in April, indicating a significant increase in network activity. Despite heightened levels of Fear, Uncertainty, and Doubt (FUD), the adoption, transactions, and trading activity of Bitcoin remain uninterrupted.
A chart from Dune Analytics user Cryptokoryo highlights the milestone on June 20, showing BTC’s dominance at 91.4%, surpassing Runes at 6.8%, BRC-20 at 1.6%, and Ordinals at 0.2% in terms of transactional share.
The rise in bandwidth usage post-halving can mainly be attributed to the adoption of new token standards like Runes and BRC-20. Data from Dune Analytics indicates a notable increase in transactions involving these token standards, with Runes transactions surpassing 750,000 on April 23.
According to Bitfinex analysts speaking to Cointelegraph, Runes were created to establish fungible tokens on the BTC blockchain and gained widespread popularity, leading to a high transaction volume. Coupled with the adoption of BRC-20 tokens, this increase in complex transactions on the BTC blockchain significantly raised the network’s bandwidth load.
Following the April BTC halving event, where block rewards for miners were halved, miners began prioritizing transactions with higher fees to offset the reduction in rewards. Bitfinex analysts noted that this pattern resulted in more transactions being processed and fueled the continuous rise in Bitcoin’s blockchain bandwidth usage.
In other news, rumors in the crypto space have sparked panic in Korea, while Binance is offering airdrops for BNB hodlers as reported by Asia Express.