NFT
Runes Protocol Dominates Bitcoin Network Amidst Price Slowdown
Saturday. July 13 at 4:30 AM
1 min. readBitcoin, Solana, Ethereum, and Cardano are experiencing a slowdown in prices due to recent sharp contractions. This drop has dampened enthusiasm and on-chain activity. However, amidst the market recovery, the Runes Protocol has emerged as a dominant force on the Bitcoin network. The protocol, introducing a new token minting standard, accounts for 69.1% of all recent transactions. This shift indicates a significant focus on capital movement within the network. Runes leverages Bitcoin's UTXO model to efficiently mint and manage non-fungible token-like inscriptions on-chain. Despite concerns about transaction fees and spam, miners welcome the increase in transactions as it boosts their revenue. The rise of Runes and inscriptions on Bitcoin, post-Halving, signifies a shift in network dynamics and user behavior, with potential implications for the future of on-chain activities.