Bitcoin typically dominates its blockchain network, but in the ongoing bandwidth competition among Bitcoin standards like Ordinals, BRC-20, and Runes, a clear victor has emerged.
Onchain activity serves as a valuable gauge of market demand and community interest in real-time. Since its introduction on April 20, Runes, a standard for creating fungible tokens on Bitcoin (BTC), has surpassed Ordinals and BRC-20 in terms of transaction volume.
The BRC-20 token standard held more than 50% of the Bitcoin blockchain bandwidth for a week in 2024. In contrast, Runes achieved this milestone within just 10 days, three months after its launch.
Recently, Runes took over the Bitcoin blockchain on June 10 and 11, accounting for 51% and 53% of the network bandwidth, respectively. This surge indicates a high level of investor interest in the ecosystem. Meanwhile, BRC-20 struggled to maintain its position after exceeding the 50% transaction share mark on March 30.
Runes has been a game-changer for Bitcoin mining, generating nearly 2,500 BTC (approximately $170 million) in market value since its inception. The majority of Runes transactions involve minting, resulting in 1,377 BTC in mining fees, 61 BTC for etching, and 1,011 BTC for edicts.
The launch of Bitcoin Runes significantly contributed to a spike in the total number of transactions on the Bitcoin network, with over 1.6 million unique transactions processed between senders and receivers on April 23, setting a new record for confirmed payments.
Looking ahead, Runes and BRC-20 are paving the way for Bitcoin DeFi. As the network continues to evolve, these standards will play a crucial role in shaping the future of decentralized finance.
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