The Bitcoin Runes protocol, which had a daily transaction count of over 750,000 on April 23, now struggled to reach 100,000 in December.
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The startup is onboarding Bitcoin miners representing a “sizable amount” of the Bitcoin network’s total hashrate, according to Alex Luce.
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The Bitcoin Runes protocol initially dominated daily transactions post-launch but is now seeing a decline, with BTC reclaiming its network dominance.
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Experts say that the lack of base yield and fragmented liquidity have made Bitcoin DeFi a challenging environment to navigate.
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Although Bitcoin-based decentralized applications (dapps) have been known to replicate or copy Ethereum dApps, Jeff Yin, founder of Merlin Chain, believes there is a growing impetus to build bitcoin dapps that are distinguishable from ether-based dapps. Yin, however, noted that the synchronization between bitcoin-based dapps and the Ethereum Virtual Machine (EVM) dapps still benefits the […]
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Bitcoin’s blockchain bandwidth usage surpasses 90% post-halving, driven by new token standards and increased transaction volume.
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Runes-related transactions could extend a significant revenue boost for Bitcoin miners, after the 2024 halving.
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In a significant milestone for Bitcoin-based non-fungible tokens (NFTs), the combined market capitalization of popular collections such as Ordinals and Runes has surged past $1 billion, according to Coingecko. This growth is underscored by increasing trading volumes and user adoption, signaling a robust expansion within the Web3 sphere. Report Reveals Emerging Dynamics in Bitcoin Ordinals […]
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Since April 2024, Runes have led Bitcoin network activity, outpacing both Ordinals and BRC-20 in transaction share.
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Although it may be undervalued at present, the SRC20 protocol distinguishes itself among protocols operating on the Bitcoin network due to its unmatched data permanence, a new report has claimed. The study also found that the protocol’s impending cost-reduction upgrade renders it an attractive option for long-term projects and investments. SRC20’s Unmatched Data Permanence According […]
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