Bitcoin’s blockchain bandwidth usage has reached a record-breaking 90% since the halving event in April, indicating a significant surge in network activity. Despite facing elevated levels of fear, uncertainty, and doubt (FUD), Bitcoin adoption, transactions, and trading activity continue to thrive.
A chart provided by Dune Analytics user Cryptokoryo showcases the pivotal moment on June 20 when Bitcoin’s dominance in transactions reached 91.4%, surpassing Runes at 6.8%, BRC-20 at 1.6%, and Ordinals at 0.2%.
The increase in bandwidth usage following the halving can be largely attributed to the adoption of new token standards, such as Runes and BRC-20. Dune Analytics data reveals a significant rise in transactions involving these token standards, particularly on April 23 when Runes transactions exceeded 750,000.
Bitfinex analysts explained that Runes were designed to establish fungible tokens on the Bitcoin blockchain and gained widespread traction, resulting in a high transaction volume. In combination with the adoption of BRC-20 tokens, this surge in more complex transactions and Bitcoin blockchain interaction has significantly increased the network’s bandwidth load.
The BTC halving event in April, which reduced block rewards for miners by 50%, led to miners prioritizing transactions with higher fees to compensate for the reduced rewards. Bitfinex analysts stated that this pattern resulted in an increased number of processed transactions and fueled the steady surge in Bitcoin’s blockchain bandwidth usage.
Overall, despite the prevailing FUD, Bitcoin’s network activity remains robust, with the adoption of new token standards playing a significant role in driving the increase in bandwidth usage.