In the aftermath of April’s halving, Bitcoin has reclaimed its dominion over blockchain bandwidth, reaching an unprecedented usage level surpassing 90%. This surge in network activity marks a significant milestone.

Amidst enduring waves of Fear, Uncertainty, and Doubt (FUD), Bitcoin’s adoption, transactional fervor, and trading vigor remain undeterred.

Dune Analytics’ aficionado, Cryptokoryo, illustrated a pivotal moment on June 20. Bitcoin’s dominance soared to 91.4%, eclipsing Runes at 6.8%, BRC-20 at 1.6%, and Ordinals at 0.2% in transactional proportions.

Continuous Evolution with Runes

The resurgence in bandwidth utilization post-halving can be chiefly ascribed to the advent and assimilation of novel token standards such as Runes and BRC-20.

Data from Dune Analytics reveals a pronounced uptick in transactions involving these token standards, especially on April 23, when Rune transactions peaked above 750,000.

Emergent Token Standards

Bitfinex analysts elucidated:

“Emerging token standards like BRC-20 and Ordinals have galvanized further innovation on the BTC blockchain. This burgeoning ecosystem continues to captivate substantial mindshare.”

Runes, engineered to instantiate fungible tokens on the BTC blockchain, garnered widespread acceptance, catalyzing voluminous transactions.

The proliferation of BRC-20 tokens, coupled with intricate transactional operations, markedly amplified the blockchain’s bandwidth burden.

Repercussions of the Halving

The April BTC halving, which slashed miners’ block rewards by 50%, impelled miners to prioritize higher-fee transactions to offset the reduced incentives.

Discussing the halving’s repercussions on the BTC blockchain, Bitfinex analysts said:

“Post-halving, there is generally a spike in on-chain activity. Traders and investors realign their portfolios, engendering an influx of transactions to the network. This conventional trend precipitated a surge in processed transactions, thereby propelling the steady ascent in BTC’s blockchain bandwidth utilization.”