Since its launch during the latest Bitcoin (CRYPTO:BTC) halving, the Runes protocol, facilitating fungible token creation on the Bitcoin blockchain, has experienced a significant decrease in activity.

Initially witnessing a surge in transactions, the protocol's fee revenue has steadily declined, impacting Bitcoin miners' earnings.

Despite this downturn, Runes has still achieved notable success, with several Rune collections boasting market capitalisations in the hundreds of millions of dollars.

While the slowdown raises questions about the protocol's future, its contributions to increased daily transactions on the Bitcoin network remain noteworthy.