Bitcoin's novel Runes protocohas been active on the blockchain for three weeks following its launch on April 19, coinciding with Bitcoin's latest halving event. Runes' blockbuster launch helped generate record fees for Bitcoin miners as excited investors fought for block space, and over the first week, Runes generated over $135 million in Bitcoin transaction fees.

However, activity since the first week of trading has generally slowed, according to a Dune analytics dashboard compiled by Runes Is. May 10th saw some of the lowest levels activity yet on the Runes protocol, with the fewest number of new mints and fewest new wallets interacting with the protocol since its launch. 

Data from The Block also shows a steady decrease in fees generated by the protocol; while Runes still …