Perspectives and insights into the Bitcoin mainnet ecosystem from a data standpoint:
Rune currently dominates the Bitcoin network, with Rune's share of on-chain activities exceeding 50% in the past month (see Figure 1). On the other hand, the share of activities related to "Inscription" has dropped to below 10%, indicating that the Inscription market is in dire straits and may be abandoned. Rune has become the dominant standard for the issuance of homogeneous tokens.
Contrary to the on-chain activity indicators, the total market value of Rune is only $650 million, while Inscription, particularly the leading ORDI+SATS, has a market value of over $1.3 billion. Considering Rune's dominant trend, it is evident that Rune's leading position offers great value for investment.
The main trading markets for Rune are Magic Eden (44%), OKX (23%), and unisat (20%). In terms of individual trading volume, OKX is the dominant market for Rune trading, while Magic Eden is the dominant market for small picture (序数小图片) trading. This means that for buying and selling Rune, OKX provides better liquidity, while for small picture transactions, Magic Eden is the preferred platform (see Figure 2).
Currently, the total number of wallets holding Inscription assets exceeds 2.89 million, with less than 20,000 wallets being active on a daily basis. On the other hand, there are 850,000 wallets holding Rune, with over 650,000 wallets participating in minting, and over 370,000 Rune transfers occurring within 24 hours. However, the number of trades is only slightly over 3,000, indicating that Rune's main activity is minting rather than trading. Rune requires better infrastructure to facilitate trading (see Figure 3).
What else do you see in these data? Please leave a comment in the comment section.
For related data, please refer to the Rune dashboard: Rune Dashboard
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