- Runes protocol lost momentum three weeks after launching on the Bitcoin blockchain.
- The protocol generated over $135 million in transaction fees in its first week of existence.
- Onchain data shows Rune experienced its lowest level of activity on May 10 2024.
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.
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