Runes Protocol Activity Drops

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Launched on April 19, right alongside Bitcoin’s recent halving, the Runes protocol has been live on the blockchain for three weeks.

Its debut was a smash hit, generating record fees for Bitcoin miners as eager investors competed for block space.

In just the first week, Runes brought in a staggering $135 million in Bitcoin transaction fees.

However, data from a Dune Analytics dashboard compiled by Runes Is suggests a slowdown in activity since that initial surge.

May 10 saw the protocol experience its lowest point yet, with the fewest new users (wallets) interacting and the least number of new mints being created.

This decline extends to fees as well. While Runes still generates hundreds of thousands of dollars daily, it hasn’t surpassed the $1 million mark in fees for the past two weeks.