OKX Now Holds More Than 50% of Bitcoin Runes Market

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May 14, 2024 - 12:10
May 14, 2024 - 12:12
OKX Now Holds More Than 50% of Bitcoin Runes Market
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The protocol has become an essential part of the Bitcoin ecosystem alongside Ordinals and BRC-20 tokens. OKX crypto exchange now dominates 51.08% of Bitcoin Runes' daily trading volume via its Web3 marketplace.

Data from Ordinals analytic platform GeniiData reveals that Runes' trading on other platforms like UniSat and MagicEden has declined since April, with a combined 48.83% market share. Most of Runes' trading occurs through these three firms and their platforms.

Bitcoin Runes' trading activity by exchange. (Source: GeniiData)

Runes, a new protocol for issuing fungible tokens on Bitcoin, debuted on April 20 during the Bitcoin halving. Within less than a month, it generated 2,287 BTC ($143.6 million) in transaction fees, now forming a core part of the Bitcoin DeFi ecosystem alongside Ordinals and BRC-20 tokens.

Other protocols like Omnichain's SolvBTC are also gaining momentum. Since its April launch, SolvBTC has amassed $920.62 million in total value locked, with over 12,000 BTC staked and annual returns of 5% to 10% on user deposits.

On April 30, SolvBTC announced plans to introduce re-staking yields for users’ Bitcoin in partnership with Babylon. Babylon allows users to self-custody their idle BTC and earn rewards by using it to validate transactions on proof-of-stake networks, aiming to turn Bitcoin into a “source of dynamic, secure yield” for DeFi, as stated by Babylon's co-founder Fisher Yu.

Babylon explaining the mechanism of its BTC staking protocol. (Source: Babylon)

MicroVisionChain, a Bitcoin smart contract developer, plans to incentivize ecosystem developers through a Proof of Build model, allocating 65% of its native SPACE token to builders based on their contributions. The project currently has a diluted market cap of $166 million.

As of May 6, the Bitcoin blockchain has surpassed 1 billion transactions in its 5,603-day existence, averaging 178,475 daily transactions. Ethereum, Bitcoin's main competitor, has processed over two billion transactions since its launch in July 2015.