According to Glassnode data, Runes transactions generated $117 million in cumulative Bitcoin network fee revenue post-halving, with $62.4 million amassed on the day of the halving itself.

However, this rise proved to be short-lived, recent data reveals that on April 28, Runes transactions only contributed $1.03 million in fees.

Runes Dominates Bitcoin Network Post-Halving

On April 20, the day of the halving, transaction fees within the Bitcoin network saw a notable spike. This surge was primarily linked to the implementation of the Runes protocol, leading to higher mining fees.

Runes transactions accounted for 57.7% share of all Bitcoin network transactions. Financial transactions trailed behind with a 41.5% share, while Ordinals and BRC-20 accounted for 0.5% and 0.2%, respectively.

This dominance persisted over the halving weekend, with Runes maintaining most of the network activity. On April 21, Runes transactions accounted for 51.6% of total transactions.

However, by April 22, this dominance began to decrease, dropping to 42.5%, while Bitcoin financial transactions claimed a larger portion, accounting for 56.5% of total transactions processed that day.

Following the #Bitcoin Halving, Rune Transactions have accrued a total of $117M in revenue fees, with a staggering $62.4M collected on the day of the halving.

However, a stark decline in revenue can be noted with the current Fees from Rune TXs residing at a value of $1.03M. pic.twitter.com/RpDnn4r88n

— glassnode (@glassnode) April 29, 2024

However, the situation has since changed, with transaction fees decreasing. Medium-priority transactions are now priced at approximatel