An impressive 1.6 million unique Bitcoin transactions were recorded on April 23, three days after the Bitcoin halving event, according to data from Blockchain.com and Glassnode. This notable increase in transactions signals growing interest in using Bitcoin for everyday transactions and expanding its existing role beyond a simple store of value.
Bitcoin Loon Drives Daily Trading
The launch of Bitcoin Runes, an alternative to Bitcoin Ordinals, is directly related to the surge in daily Bitcoin payments, according to Blockchain.com data. As of April 23, Loon accounted for 68% of all Bitcoin transactions, demonstrating rapid adoption within the community.
By April 29, BTC had regained dominance, accounting for 77.8% of Bitcoin transactions, while Runes maintained a strong second place with an 18.8% share. Other protocols including Ordinals and BRC-20 tokens also contributed to network activity.
Impact on Miners and Market Opportunities
The rise of Bitcoin loons resulted in over 1,200 BTC in transaction fees for miners following the Bitcoin halving event, providing significant incentives for miners and highlighting the economic feasibility of this emerging protocol.
However, some experts caution against excessive optimism. On April 17, anonymous DeFi researcher Ignas wrote on
The Rise of Bitcoin DeFi (BTCFi)
BRC-20 and Runes tokens symbolize the emergence of a new standard known as Bitcoin DeFi (BTCFi). These fungible token standards aim to improve the utility of Bitcoin beyond its existing capabilities by paving the way for DeFi applications built on the Bitcoin blockchain.
This evolution is poised to provide new opportunities for Bitcoin holders and foster the growth of the BTCFi ecosystem. As developers explore the potential of BTCFi, investors can expect further innovation and diversification of Bitcoin payments and applications.
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