NFT
Bitcoin Runes Protocol Generates $162.4M in Fees
Monday. August 26 at 7:00 PM
1 min. readBitcoin Runes, a protocol for non-fungible tokens, has amassed $162.4 million in fees from 15.6 million transactions within four months of its launch. Initially, Runes saw a surge in transactions, peaking at over 300,000 daily transactions in the first two months. However, daily transactions have since declined to an average of 50,000. Despite this, Bitcoin has maintained its network dominance, accounting for 90% of the activity. Runes, positioned as a successor to Bitcoin Ordinals and a competitor to BRC-20 tokens, has gained favor among investors, surpassing BRC-20 in daily transaction share on most days. With over 15 million transactions, Runes has seen significant activity, particularly in mints, edicts, and etching. The protocol's potential market opportunity is anticipated to grow in the coming months, with plans for a trading solution by the Stacks network.