Runes are still captivating the public’s attention, commanding roughly 50% of bitcoin transactions.
We have talked a bit in the newsletter about Runes. As a recap, the Runes token standard launched at the most recent Bitcoin halving in April, and it was initially very popular. At its peak, it accounted for over 80% of transactions on the network and helped push daily Bitcoin transactions and daily transaction fees paid on the network to new heights.
But where does that leave Ordinals and BRC-20, Runes’ predecessors? BRC-20, like Runes, is also a token standard for Bitcoin, but it's based on the principles that spawned Ordinals, attaching metadata to specific satoshis, differentiated by the order in which they were minted. Runes, on the other hand, uses unspent transaction outputs as an attempt to be a cleaner approach to new tokens since BRC-20 caused a lot of junk UTXOs.
Since Runes launched, there have always been at least 150,000 Runes-related transactions on the Bitcoin network. But there’s room for that number to go down as we move further from their hyped-up launch. It is not shocking that Runes would help push BRC-20 to the fringe, given its improvement on the existing standard, but this does signal trouble for some of the biggest BRC-20 tokens. These tokens have faced price crunches both in March as the memecoin rally faded and then again in April as the halving approached and are seeing a continuing decline.
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