OKX Takes Over 50% Market Share in Bitcoin Runes

OKX, a cryptocurrency exchange, has become the leading platform for trading Bitcoin Runes, accounting for 51.08% of the daily trading volume through its Web3 marketplace. Data from GeniiData, an analytic platform, shows that Runes’ trading activity on other platforms has been steadily declining since April, with a combined market share of 48.83%. The majority of Bitcoin Runes’ trading activity is now concentrated on OKX, UniSat, and MagicEden.

Bitcoin Runes is a protocol for issuing fungible tokens on the Bitcoin network that was launched on April 20, coinciding with the Bitcoin halving. In less than a month, the protocol has generated a significant amount of transaction fees, totaling 2,287 BTC ($143.6 million). It has also become an integral part of the Bitcoin DeFi ecosystem, along with Ordinals and BRC-20 tokens.

Other projects within the Bitcoin DeFi ecosystem are also gaining traction. SolvBTC, an omnichain yield-generating protocol, has accumulated a total value locked of $920.62 million since its launch in April. The protocol allows users to earn yields on their Bitcoin through minted derivatives on platforms like Arbitrum, Merlin, and BNB Smart Chain. It currently has over 12,000 BTC staked by 30,000 participants, offering annual returns of 5% to 10% on BTC deposits. SolvBTC recently announced a partnership with Babylon, a protocol that allows users to self-custody their BTC and earn rewards by verifying transactions on proof-of-stake networks.

MicroVisionChain, a Bitcoin smart contract developer, is planning to incentivize ecosystem developers to build Bitcoin interchain asset bridges, decentralized exchanges, wallets, and support for BRC-20 assets on their protocol. They propose distributing 65% of their native SPACE token to developers based on their contributions. Currently, the project has a diluted market cap of $166 million.

On May 6, the Bitcoin blockchain surpassed 1 billion transactions since its inception. Throughout its 5,603-day existence, Bitcoin has had an average of 178,475 daily transactions. In comparison, Ethereum, Bitcoin’s biggest rival, has processed over two billion transactions since its launch in July 2015.

Pieter Kellerman

Pieter Kellerman

13 thoughts on “OKX Takes Over 50% Market Share in Bitcoin Runes

  1. OKX, UniSat, and MagicEden are dominating the trading activity for Bitcoin Runes. That’s awesome!

  2. Bitcoin, Ethereum, and other cryptocurrencies are revolutionizing the way we handle transactions.

  3. I’m skeptical about the fairness and transparency of OKX’s trading volume.

  4. The success of Bitcoin and Ethereum is a testament to the demand for decentralized financial solutions.

  5. MicroVisionChain’s plan to incentivize developers is a great way to foster growth in the Bitcoin ecosystem.

  6. This article feels biased towards OKX and doesn’t provide a balanced view of the situation.

  7. SolvBTC seems like a promising yield-generating protocol for Bitcoin. Exciting times ahead!

  8. I’m excited to see the partnership between SolvBTC and Babylon. More opportunities for Bitcoin holders!

  9. The competition between Bitcoin and Ethereum only drives innovation and progress in the crypto space.

  10. A diluted market cap of $166 million is quite impressive for MicroVisionChain. Exciting times for them!

  11. It’s frustrating to see the lack of diversification in the Bitcoin Runes market.

Leave a Reply