Bitcoin Network Records New High with 927,000 Daily Transactions

According to CryptoPotato, the Bitcoin network has achieved a new milestone with its daily transactions peaking at 927,000. This surpasses the previous record of 724,000 set in December 2023. The surge in transactions is attributed to the launch of Runes, a new token standard on the Bitcoin blockchain. Since its introduction following the halving on April 20, Runes has accounted for over two-thirds of all Bitcoin transactions, with more than 2.38 million transactions processed, making up 68% of the total. The data, sourced from a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo, shows the significant adoption and usage of Runes alongside traditional Bitcoin transactions. These include ordinary peer-to-peer transactions, BRC-20s, and Ordinals. Runes experienced its highest activity on April 23, surpassing 750,000 transactions. However, the following day saw a significant decrease, with the transaction count dropping to 312,000, less than half of the previous day’s total. The new protocol, introduced by Ordinals Creator Casey Rodarmor, is promoted as a more efficient way to generate tokens on the Bitcoin network compared to BRC-20. However, some industry experts have expressed concerns. Nikita Zhavoronkov from Blockchair, for instance, criticized the amount of block space Runes transactions are occupying, suggesting that Bitcoin has deviated from Satoshi Nakamoto’s original vision as a peer-to-peer electronic cash system. The industry appears to be divided on whether Runes will offer a sustainable revenue source for Bitcoin miners.