It's been 29 days since the halving and the launch of the Runes protocol, but since May 1, activity on the Runes protocol has been disappointing, not meeting earlier expectations. Similarly, the trend of Ordinals inscriptions has significantly decreased over the past month.

Initial Excitement for Runes Protocol Fades Amid Lower Activity

Before the halving, the Runes protocol generated significant buzz, with many expecting it to be a major development. At the halving at block height 840,000, it seemed Runes would have a substantial impact on the network as transaction fees soared to over $240 per transfer.

However, the peak period for Runes mints and activity was April 26, with thousands of etchings over four days. Since then, the activity has sharply declined. On April 30, 2024, there were 86,047 etchings on the Bitcoin blockchain, but only 6,122 etchings have occurred over the past 18 days.

Bitcoin's Runes Protocol Hype Falls Short: Significant Drop in Activity and Fees

Since April 20, 2024, Runes protocol activity has dwindled. The lowest activity day was May 12, with only 120 Runes minted, while the highest was May 3, with 1,203 Runes etched. On May 17, only 143 etchings were recorded. Concurrently, the fees for producing Runes have decreased along with the activity.

To date, Bitcoin (BTC) miners have earned $4.56 million in fees from Runes, with most of this collected during the etching period between April 19 and April 30. Additionally, data from Dune Analytics indicates a significant slowdown in Ordinal inscriptions since April 20.

Since then, fewer than 35,000 inscriptions have been processed daily. While initial enthusiasm for Runes and Ordinals inscriptions was strong, current data shows a notable decrease in activity following the Bitcoin halving and the launch of the Runes protocol.

What are your thoughts on the decrease in Runes and Ordinals activity? Share your opinions in the comments It's been 29 days since the halving and the launch of the Runes protocol, but since May 1, activity on the Runes protocol has been disappointing, not meeting earlier expectations. Similarly, the trend of Ordinals inscriptions has significantly decreased over the past month.

Initial Excitement for Runes Protocol Fades Amid Lower Activity

Before the halving, the Runes protocol generated significant buzz, with many expecting it to be a major development. At the halving at block height 840,000, it seemed Runes would have a substantial impact on the network as transaction fees soared to over $240 per transfer.

However, the peak period for Runes mints and activity was April 26, with thousands of etchings over four days. Since then, the activity has sharply declined. On April 30, 2024, there were 86,047 etchings on the Bitcoin blockchain, but only 6,122 etchings have occurred over the past 18 days.

Bitcoin's Runes Protocol Hype Falls Short: Significant Drop in Activity and Fees

Since April 20, 2024, Runes protocol activity has dwindled. The lowest activity day was May 12, with only 120 Runes minted, while the highest was May 3, with 1,203 Runes etched. On May 17, only 143 etchings were recorded. Concurrently, the fees for producing Runes have decreased along with the activity.

To date, Bitcoin (BTC) miners have earned $4.56 million in fees from Runes, with most of this collected during the etching period between April 19 and April 30. Additionally, data from Dune Analytics indicates a significant slowdown in Ordinal inscriptions since April 20.

Since then, fewer than 35,000 inscriptions have been processed daily. While initial enthusiasm for Runes and Ordinals inscriptions was strong, current data shows a notable decrease in activity following the Bitcoin halving and the launch of the Runes protocol.

What are your thoughts on the decrease in Runes and Ordinals activity? Share your opinions in the comments section below.section below.