Bitcoin Runes has accumulated an impressive 2,513 Bitcoin (BTC) in transaction fees in less than two months, highlighting the growth of Bitcoin-native decentralized finance (DeFi).
A revolutionary protocol for creating fungible tokens on the Bitcoin network, Runes has managed to generate total fees amounting to over $163 million since its launch, as reported by Dune data. This significant achievement occurred just two months after the protocol’s initiation during the 2024 Bitcoin halving in April, showcasing the sustained interest in Bitcoin-native DeFi, also known as BTCFi.
The additional transaction fees from protocols like Runes could potentially provide crucial support for Bitcoin miners post-halving, following the reduction of Bitcoin block rewards from 6.25 BTC to 3.125 BTC per successfully mined block.
Compared to BRC-20 tokens and Ordinals, Bitcoin Runes has emerged as the leading standard for issuing fungible tokens on the pioneering blockchain network. Analysis of transaction distribution reveals that Runes-related transactions represented 12.2% of the total, while BRC-20 transactions accounted for 5% and Ordinals inscriptions for 0.6%. Regular BTC transactions remained the majority at 82% as of June 17, according to Dune data.
In terms of daily transaction volume, Runes boasted 9,567 transactions, surpassing BRC-20 transactions at 3,938 and Ordinals-related transactions at 474. Regular Bitcoin transactions remained the most prevalent at 64,620.
Since its launch in April 2024, Runes has consistently outperformed BRC-20 tokens in terms of on-chain activity, establishing itself as a dominant force in the Bitcoin ecosystem.
The surge in transaction fees from Bitcoin Runes is proving to be a crucial support system for Bitcoin miners, as mentioned by Nazar Khan, the co-founder and COO of TeraWulf. Khan emphasized in an exclusive interview with Cointelegraph that as the remainder of the Bitcoin block reward remains fixed, transaction fees serve as a vital variable for Bitcoin miners.
The remarkable success of Bitcoin Runes in accumulating transaction fees underscores its pivotal role in sustaining the Bitcoin mining community, amidst a backdrop of evolving market dynamics.