The launch of Bitcoin Runes played a major role in the spike in the total number of transactions across the bitcoin network.
New record of bitcoin transactions
Amid increasing use of bitcoin for everyday purchases, the bitcoin network recorded its highest number of transactions confirmed on April 23. Three days after the start of the new halving cycle on April 20, the bitcoin network processed more than 1.6 million unique transactions between senders and receivers.
An above comparison of data from Blockchain.com and Glassnode shows a direct correlation between the launch of Bitcoin Runes. That is an alternative to Bitcoin Ordinals and the BRC-20 protocol on the bitcoin blockchain, and the spike in daily bitcoin transactions.
According to data from Dune Analytics, Runes represented 81.3% of all bitcoin transactions on April 23.
Bitcoin en Runes
However, BTC eventually reclaimed the lion’s share of transactions over the network. On April 29, BTC represented 77.8% of all bitcoin transactions, while Runes contributed 18.8%. Other transactions on the bitcoin network include ordinals (1.2%) and BRC-20 (2.3%) transactions.
The increase in the number of Bitcoin Runes transactions has worked to the mining industry’s advantage. Two of the largest mining companies operating in the United States, Stronghold Digital Mining and Marathon, highlight the positive impact of Runes from both a financial and functional perspective in correspondence with Cointelegraph.
Rune’s transactions have added more than 1,200 BTC in transaction fees for miners since the bitcoin halving. While the hype surrounding Runes is clearly waning, pseudonymous decentralized finance (DeFi) researcher Ignas sees this as a real market opportunity. Ignas wrote in an April 17 post on X:
1/16 Runes Protocol launches in 2 days: Ready to FOMO in?
Hold up.
There are few reasons to stay bearish for now:
— Ignatius | DeFi Research (@DefiIgnas) April 17, 2024
Runes and BRC-20 tokens are new fungible token standards in a new paradigm known as Bitcoin DeFi, or BTCFi for short.
Source: https://bitcoinmagazine.nl/nieuws/record-bitcoin-netwerk-verwerkt-16-miljoen-transacties-op-een-dag
