- Runes have proliferated on the Bitcoin network.
- The token standard has generated tens of millions in fees since launch.
- Several meme coins have emerged following increased Runes activity.
The Runes token standard has generated tens of millions in transaction fees on the Bitcoin network within its first week of launch, Dune data shows.
Unlike the BRC-20 token standard, Runes leverages Bitcoin’s UTXO model and the OP_RETURN opcode to allow new tokens to be minted or traded on top of Bitcoin. Rune’s launch coincided with the Bitcoin halving at block height 840,000 on April 20.
Runes Generate Over $135M Transaction Fees
According to a cryptokoryo Dune dashboard, the Runes ecosystem has generated over $135 million (2,129 BTC) in transaction fees on the Bitcoin network, with mints, edicts, and etchings accounting for 1,217 BTC, 869 BTC, and 43BTC respectively.
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Cumulatively, Bitcoin has processed 3,648,680 Runes transactions since the token standard debuted on the network, with Thursday’s transactions accounting for 45% of Bitcoin’s transactions as regular transactions claimed 51%.
At the same time, the total number of users on Runes has reached 988,610 after 116,454 new wallets interacted with the protocol for the first time on April 25. The number of daily new users on the protocol has topped 100,000 since April 20, with April 26 already accounting for 46,119 new users as of press time.
The launch of Runes has seen a cohort of new meme coins rise to popularity, including $DOG, which has attained the highest market cap of all at $483,506,250 (7,500 BTC), Magic Eden data shows.
Other popular Runes-based tokens include Satoshi Nakamoto, Wanko Manko, RSIC Genesis, and Bitcoin Pepe Matrix.
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