tl;dr
According to Glassnode data, Runes transactions generated $117 million in cumulative Bitcoin network fee revenue post-halving, with $62.4 million amassed on the day of the halving itself. However, recent data reveals that on April 28, Runes transactions only contributed $1.03 million in fees. Runes ...
Runes transactions post-halving generated $117 million in Bitcoin network fee revenue
According to Glassnode data, Runes transactions generated $117 million in cumulative Bitcoin network fee revenue post-halving, with $62.4 million amassed on the day of the halving itself. However, recent data reveals that on April 28, Runes transactions only contributed $1.03 million in fees.
Runes dominated Bitcoin network post-halving with 57.7% share of transactions
On April 20, the day of the halving, Runes transactions accounted for 57.7% share of all Bitcoin network transactions. Financial transactions trailed behind with a 41.5% share, while Ordinals and BRC-20 accounted for 0.5% and 0.2%, respectively. However, this dominance decreased over time, dropping to 42.5% by April 22.
Transaction fees from Runes have decreased to $1.03 million
Recent data reveals that on April 28, Runes transactions only contributed $1.03 million in fees. Medium-priority transactions are now priced at approximately $8.48, while high-priority transactions are priced at around $9.321.
Long-term benefits of Runes include attracting more developers to Bitcoin and enhancing token creation and management
Runes enables more efficient transactions and better-optimized tokens on Bitcoin by leveraging its UTXO format. According to Crypto Koryo’s Dune dashboard, on April 25, Runes tokens comprised 45% of all Bitcoin transactions. Analysts anticipate that the pressure on the network will diminish over time and maintain that Runes will continue to attract more developers to Bitcoin.
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