Bitcoin Rune Etchings Crash 99%

Unprecedented Drop in Rune Etchings on Bitcoin

Over the past six days, the number of new Runes inscribed on Bitcoin has seen a significant decline, dropping below 250 daily. The most striking drop was observed on Monday, with only 157 Runes etched, representing a massive 99% decrease from the peak in late April. This data is sourced from a Dune Analytics dashboard created by RUNES.IS.

Drastic Decline Post Bitcoin Halving

Runes, a novel token standard, made its debut at the fourth Bitcoin halving block on April 20.
This protocol allows memecoin and non-fungible token enthusiasts to etch their favorite artworks, images, audio, and videos onto the Bitcoin network.

Revenue Boost Turns to Dismay

Initially, the protocol provided an essential revenue boost for Bitcoin miners to counteract the effects of the recent halving.
The block subsidy was halved to 3.125 Bitcoin (BTC), which translates to $196,800 at current prices.

Concerning Stats and Figures

The 157 Runes etched on May 13 contributed a meager $3,835 in transaction fees to Bitcoin miners, a sharp contrast to the earlier substantial amounts.
Since its launch, the total transaction fees paid to Bitcoin miners amount to $4.5 million, averaging about $189,000 daily.
As of now, over 91,200 Runes have been etched on Bitcoin.

Developer Criticisms on Runes

Renowned Bitcoin core developer Luke Dashjr criticized the Runes protocol, indicating a fundamental design flaw within the Bitcoin network.
He noted the distinctive aspects of Ordinal Inscriptions and the Runes protocol in their engagement with the network.

Mixed Reactions and Responses

Dashjr suggested methods to filter out transactions linked to the Runes protocol, proposing the adjustment of settings in the bitcoin.conf file.
Despite this criticism, it appears that miners are not adhering to Dashjr’s recommendations as the popularity of the Runes protocol continues to soar.

Hot Take: What Lies Ahead for Runes on Bitcoin?

The future trajectory of Runes etchings on Bitcoin remains uncertain, with a drastic decline in numbers post-halving peak. Developer criticisms have raised concerns about the sustainability and impact of the protocol on the Bitcoin network. As the debate continues, it is crucial to monitor the developments surrounding Runes and their implications for the broader crypto community.