Due to the adoption of new standards and an increase in trading volume, the throughput of the Bitcoin blockchain has exceeded 90% after the halving.
Data from Dune Analytics highlights a critical moment on June 20, when Bitcoin’s transaction dominance reached 91.4%, compared to 6.8% for Runes, 1.6% for BRC-20, and 0.2% for Ordinals.
The significant increase in traffic after the halving is largely attributed to the adoption of new token standards such as Runes and BRC-20. Data from Dune Analytics revealed a substantial increase in transactions involving these token standards, particularly on April 23, when Runes transactions exceeded 750,000.
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Analysts from Bitfinex commented:
“The new token standards like BRC-20 and Ordinals have stimulated more developments in the BTC blockchain, increasing its overall share in the space.”
Runes were created to establish fungible tokens on the Bitcoin blockchain and have gained widespread adoption, resulting in high transaction volumes.
Impact of the Halving
The recent halving in April prompted miners to prioritize transactions with higher fees to compensate for the reduction in rewards.
Bitfinex analysts also remarked:
“After the halving, increased activity is typically observed on the chain as traders and investors adjust their positions, leading to an increase in the number of transactions.”
