Runes protocol has lost its original momentum three weeks after launching on the Bitcoin blockchain. The novel fungible token standard has dropped in many ways, including network activity, after dominating the cryptocurrency sector shortly after the last Bitcoin halving in April 2024.
The Runes protocol generated $135 million in fees in its first week after the bitcoin halving, but activity has dropped dramatically since then, with May 10 being the lowest day for activity and only two times in the last twelve days generating over $1 million in fees.…
— Wu Blockchain (@WuBlockchain) May 12, 2024
Recallably, Bitcoin fees skyrocketed after Runes launched on the flagship crypto’s blockchain. Users attributed the fee hike to the actions of excited investors fighting for block space. Hence, Runes generated over $135 million in transaction fees in its first week.
Meanwhile, the hype surrounding the novel Bitcoin-based protocol has faded since the first week of trading, with all the main growth metrics dropping significantly. Data from Dunes Analytics, a platform that provides onchain data for blockchain protocols, showed Runes protocol experienced its lowest activity level on May 10.
According to information from the Dunes Analytics Dashboard, Runes protocol experienced the fewest number of new mints and interactions between new wallets on May 10. The analytics platform’s data further shows a decrease in fees generated by Runes. It also revealed that the sum of fees generated by Runes has breached $1 million only twice in the past twelve days, even though the protocol still generates hundreds of dollars in daily transaction fees on the Bitcoin blockchain.
Some analysts consider Runes’ current decline normal, as most platforms struggle with early adoption. However, it is essential to note that the decline does not suggest that Runes may be heading for obscurity. Observedly, several Runes collections have market capitalizations in the hundreds of millions of dollars, according to data from Magic Eden.
It is essential to note that the decline in network activity after the Bitcoin halving is not peculiar to Runes. Various sectors of the crypto ecosystem have experienced a slowdown, including the ETF markets, which have reportedly experienced a significant drop in inflow.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
buy clomid tablets order generic clomiphene online generic clomiphene pill can i purchase clomiphene for sale clomid medication cost where to buy cheap clomid no prescription clomiphene calculator
I couldn’t weather commenting. Warmly written!
More posts like this would add up to the online elbow-room more useful.
order azithromycin generic – order metronidazole 400mg sale cheap metronidazole 400mg
buy rybelsus cheap – rybelsus 14 mg usa buy cyproheptadine online cheap
domperidone without prescription – tetracycline 250mg over the counter buy flexeril pill
order generic augmentin 375mg – atbioinfo buy acillin generic
cheap esomeprazole – https://anexamate.com/ brand esomeprazole
order medex sale – https://coumamide.com/ buy hyzaar generic
order meloxicam 15mg for sale – swelling buy mobic 7.5mg pill
order generic deltasone 40mg – aprep lson order generic prednisone 20mg
can i buy ed pills over the counter – erection pills buy cheap ed pills
cheap amoxil sale – buy amoxicillin generic purchase amoxicillin
buy generic diflucan online – https://gpdifluca.com/# fluconazole medication
order cenforce 100mg pill – site cenforce cost
buy cialis online free shipping – cialis dosage for ed sanofi cialis otc
zantac generic – purchase zantac online cheap buy cheap ranitidine
cialis manufacturer coupon free trial – what does cialis treat cialis tadalafil 20 mg
Facts blog you be undergoing here.. It’s hard to assign elevated quality script like yours these days. I truly appreciate individuals like you! Take care!! este sitio
buy viagra kamagra – strong vpls can you really buy viagra online
More posts like this would make the blogosphere more useful. order azithromycin 250mg for sale
This is the kind of topic I get high on reading. ursxdol.com
More text pieces like this would create the web better. https://prohnrg.com/product/diltiazem-online/
This is the make of delivery I unearth helpful. https://aranitidine.com/fr/sibelium/
Thanks on sharing. It’s outstrip quality. https://ondactone.com/simvastatin/
The thoroughness in this draft is noteworthy.
buy ozobax without a prescription
I am in fact enchant‚e ‘ to coup d’oeil at this blog posts which consists of tons of worthwhile facts, thanks object of providing such data. http://www.zgqsz.com/home.php?mod=space&uid=847619
dapagliflozin 10 mg cheap – https://janozin.com/# buy forxiga 10mg generic