In less than a month following its launch on the Bitcoin (BTC) blockchain, the Bitcoin Runes protocol has seen a staggering 99% drop in daily etchings, with numbers plummeting from a peak of 23,061 to just 157.
Launched on April 20 to coincide with Bitcoin’s fourth halving event, the Runes protocol initially had robust activity. However, recent data from Dune Analytics has highlighted a sharp decline, raising concerns about its sustainability and the impact on miners’ revenues.
Launched less than 30 days ago, the Bitcoin Runes has recorded a massive decline in activity. According to data sourced from Dune Analytics, the number of new Runes etched daily has sharply fallen to below 250 for the past six days, culminating in only 157 etchings recorded on Monday.
Daily Runes etched and the Runes Fees. Source:Dune analytics
This marks a significant downturn of 99% from the late April peak when 23,061 Runes were etched in a single day.
The protocol, launched to coincide wit
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