Almost 70% of Bitcoin Transactions Are Made by Runes

Following the Bitcoin network’s halving event on April 20, a new token standard called Runes has become dominant, accounting for more than two-thirds of all Bitcoin transactions.

According to data from a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo, over 2.38 million Runes transactions have been processed, making up 68% of all transactions on the Bitcoin blockchain.

This figure includes transactions from ordinary peer-to-peer Bitcoin transactions, BRC-20s, Ordinals, and Runes.

On its peak day of April 23, Runes had over 750,000 transactions, but the numbers decreased to 312,000 the following day.

The demand for Runes initially came from meme and non-fungible token enthusiasts who were eager to etch and inscribe “rare satoshis” using the Runes protocol.