Runes Protocol Dominates Bitcoin Transactions Despite Critics’ Claims

Despite declarations from Ethereum influencers that Runes are dead, recent reports indicate a different story. According to data released yesterday, the Runes Protocol has accounted for 69.1% of all Bitcoin transactions over the past 24 hours.

This marks a significant shift in the landscape of Bitcoin transactions, highlighting the growing influence of the Runes Protocol.

BREAKING: Despite Ethereum influencers declaring that Runes are dead the Runes Protocol has accounted for 69.1% of all Bitcoin transactions over the past 24 hours

— Ord.io (@ord_io) July 12, 2024

Glassnode data reveals that since the launch of the Runes Protocol on April 20, 2024, there has been a remarkable surge in transactions. This surge has largely displaced other popular transaction types, including BRC-20 tokens, Ordinals, and Inscriptions. Currently, Runes-related transactions make up an impressive 66% of total daily transactions.

Since the launch of the Runes protocol on April 20, 2024, we've observed a significant surge in transactions, largely displacing BRC-20 tokens, Ordinals, and Inscriptions. As of current, Runes-related TXs account for an impressive 66% of total daily TXs. pic.twitter.com/L5SmsJN8Ev

— glassnode (@glassnode) July 12, 2024

The Runes Protocol’s rapid adoption indicates its growing importance in the Bitcoin ecosystem. Critics may have prematurely written off the protocol, but the data tells a different story. The significant share of transactions attributed to Runes demonstrates its utility and growing acceptance among Bitcoin users.

This trend suggests a shift in user preference and highlights the dynamic nature of the cryptocurrency space. While other transaction types have seen a decline, Runes have surged ahead, carving out a substantial portion of daily Bitcoin transactions.

The continued dominance of the Runes Protocol in Bitcoin transactions underscores its potential and the increasing confidence of the crypto community in its capabilities. As the landscape evolves, the Runes Protocol seems poised to play a pivotal role in shaping the future of Bitcoin transactions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any stocks.

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