TechFlow news: The new token standard Runes on Bitcoin, launched after the halving event on April 20, has processed over 2.38 million transactions to date, accounting for 68% of Bitcoin's total transaction volume.
Runes' busiest day was April 23, when it processed more than 750,000 transactions, though the volume halved the next day to 312,000.
However, industry participants are divided on whether Runes will provide sustainable income for Bitcoin miners, and there remains a gap between Rune transaction volume and miner fees.
Runes was introduced by Casey Rodarmor, the creator of Ordinals, and is promoted as a more efficient way to create new tokens on the Bitcoin network. However, critics argue that Runes transactions consume excessive block space.
Nikita Zhavoronkov, chief developer at Blockchair, believes Bitcoin has already "completely ceased" to function as the peer-to-peer electronic cash system originally envisioned by Satoshi Nakamoto.
