Bitcoin’s blockchain usage has surged past 90% for the first time since the halving event in April, indicating a significant increase in network activity. Despite the presence of an ‘extended level’ of Fear, Uncertainty, and Doubt (FUD), Bitcoin adoption, transactions, and trading activities continue to thrive.
A chart from Dune Analytics user Cryptokoryo illustrates the pivotal moment on June 20, with BTC’s dominance at 91.4%, surpassing Runes at 6.8%, BRC-20 at 1.6%, and Ordinals at 0.2% in transactional share.
The spike in bandwidth usage post-halving can be mainly attributed to the adoption of new token standards like Runes and BRC-20. Data from Dune Analytics shows a notable increase in transactions involving these token standards, notably on April 23 when Runes transactions surpassed 750,000.
Runes were created to establish fungible tokens on the BTC blockchain and gained widespread popularity, leading to a high transaction volume. Coupled with the adoption of BRC-20 tokens, this rise in more complex transactions and interaction with the BTC blockchain significantly boosted the chain’s bandwidth load.
Following the April BTC halving event, where block rewards for miners were halved, miners began prioritizing transactions with higher fees to offset the reduced rewards. Bitfinex analysts explained to Cointelegraph that this pattern resulted in an uptick in processed transactions and fueled the steady increase in BTC blockchain bandwidth usage.
In the midst of all this, rumors circulating in the crypto space have sparked panic in Korea, while Binance has announced airdrops for BNB holders in Asia Express.