Since its debut during the last Bitcoin halving, activity on the Runes protocol has decreased significantly. After an initial surge in transactions, activity in the protocol that allows users to create fungible tokens on the Bitcoin blockchain declined, especially on May 10. 📉

Despite the slowdown, Runes has achieved notable success, with several Rune collections having market capitalizations in the hundreds of millions of dollars, according to Magic Eden. Runes, like Ordinals, allows for different token standards on the Bitcoin blockchain.

The Bitcoin network recently processed its billionth transaction, reaching a significant milestone. This was the result of an increase in daily transactions over the past month, driven by the introduction of new protocols such as Ordinals, Runes and the BRC-20 token standard. 🎉