Runes Protocol Experiences Steep Decline in Blockchain Activity

In a marked downturn, the Runes protocol has witnessed a sharp reduction in blockchain interactions and minting activities. Despite accruing substantial daily fees, Runes has only eclipsed the $1 million mark in total fees on two separate occasions within the last twelve days, highlighting a noticeable downtrend.



Initially, Runes catalyzed an investor frenzy following its launch on April 19, which coincided with the most recent Bitcoin halving event. This launch period saw an unprecedented surge in transaction fees, with miners collecting over $135 million in the first week alone. The Runes protocol quickly dominated Bitcoin transactions, reaching a peak transaction share of 81.3% on April 23. However, this dominance was short-lived as activity began to taper off, with significant declines noted particularly on May 10.



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First found on: Cryptonews from Coinatory