A decline in daily average transaction count of more than 88% has been observed for Runes, a new token standard on the Bitcoin blockchain, this month.
Between June 22-28, the daily average of Runes transactions was 37,820, which is a significant decrease from the 331,040 daily average seen between June 9-15, as per data from Crypto Koryo’s Dune Analytics.
On June 24, there were 23,238 transactions, the lowest since the protocol launched at Bitcoin’s fourth halving event on April 20.
Runes transactions have accounted for only 4.9-11.1% of all Bitcoin transactions over the last week.
This sharp decline in Runes transactions has affected Bitcoin (BTC) miner fees, with Runes contributing less than 2 Bitcoin in miner fees over the last six days, a substantial decrease from the record 884 Bitcoin on April 24.
Fees from Ordinals inscriptions and BRC-20 tokens have also been lower over the same timeframe.
These protocols were initially expected to be a new revenue stream for Bitcoin miners who relied on peer-to-peer Bitcoin transfers for network fees. However, since the April 20 halving event, trading volumes have been largely unpredictable.
Runes, launched on April 20 by Ordinals inventor Casey Rodarmor, was marketed as a more efficient way to create new tokens on the Bitcoin network compared to the BRC-20 token standard and alternate solutions.
The drop in network fees and Bitcoin’s price has caused Bitcoin’s hash price to tumble to nearly its lowest level ever.
Meanwhile, Bitcoin miner reserves reached 1.90 million Bitcoin on June 19, the lowest level in Bitcoin terms in over 14 years. Wolf Of All Streets magazine expresses concerns about a world where Bitcoin hits $1M.
Bitcoins Runes TXs experience a drastic 88 decline in current month