Since its inception on April 20, 2024, Runes has quickly become a dominant force in the blockchain space, according to the latest report from Glassnode. This new protocol has not only introduced innovative transaction types but also effectively sidelined traditional BRC-20 tokens, Ordinals, and Inscriptions.
Currently, transactions related to the Runes protocol constitute 66% of Bitcoin’s daily transaction volume, marking a pivotal shift in user behavior and network activity.
Since the launch of the Runes protocol on April 20, 2024, we’ve observed a significant surge in transactions, largely displacing BRC-20 tokens, Ordinals, and Inscriptions. As of current, Runes-related TXs account for an impressive 66% of total daily TXs. pic.twitter.com/L5SmsJN8Ev
— glassnode (@glassnode) July 12, 2024
Bitcoin’s Market Resilience
In the financial markets, Bitcoin has shown remarkable resilience. Following a sharp decline last week, the premier cryptocurrency has staged a notable recovery. Over the past week, Bitcoin successfully bounced back to reclaim the $57,000 threshold and is nudging the $58,000 mark, with the latest price recorded at $57,920.
This recovery indicates a 0.2% increase in the past 24 hours and a 3.4% rise over the last week. These movements suggest a restored confidence among investors and hint at a possible stabilization in market conditions after recent volatility.
The introduction of the Runes protocol has catalyzed a substantial shift in Bitcoin’s network usage. By capturing a significant portion of daily transactions, Runes has demonstrated its appeal and functionality, contributing to a diversification of the types of transactions that occur on the Bitcoin network.
This shift is indicative of the evolving nature of blockchain technology, where new innovations continue to emerge, challenging traditional models and providing users with enhanced capabilities.
