Despite waves of fear, uncertainty and doubt (FUD), interest and investment in Bitcoin continues. This situation is also reflected in the high level of network activity. The chart of the user named Cryptokoryo on the Dune Analytics platform clearly reveals the dominance of Bitcoin. In the chart dated June 20, Bitcoin transactions constitute 91.4% of the network, followed by Runes with 6.8%, BRC-20 with 1.6% and Ordinals tokens with 0.2%, respectively.

So what caused this sudden rise after the halving? Experts say there are two main factors behind the increase: the adoption of new token standards and growth in transaction volume.

A significant part of the increase in Bitcoin blockchain usage is due to the adoption of new token standards such as Runes and BRC-20. Dune Analytics data reveals a significant increase in the number of transactions using these token standards, especially in late April. For example, Runes transactions exceeded 750,000 on April 23.

Bitfinex analysts explain this situation as follows: “New token standards such as BRC-20 and Ordinals encourage investors to build on Bitcoin instead of other blockchain networks as the Bitcoin ecosystem continues to gain more popularity.”

Runes brought smart contract features to the Bitcoin blockchain, allowing the creation of fungible tokens. This innovation gained widespread attention resulting in high transaction volume. With the adoption of BRC-20 tokens, the complexity of transactions taking place on the Bitcoin blockchain has increased. This created a serious load on the bandwidth of the network.

The halving event that took place in April led to a significant change in Bitcoin mining. The halving reduced miners’ block rewards by 50%. This encouraged miners to prioritize transactions that pay higher fees. Thus, an increase in transaction fee averages on the network was observed.

Bitfinex analysts evaluate the impact of the halving on the Bitcoin blockchain with the following words: “After the halving event, activity on the chain usually increases. Investors adjust their positions, which leads to more transactions being broadcast to the network.”

The halving caused investors to reposition their assets and increase their trading activity. This contributed to more transactions loading the network and increasing bandwidth usage.

As a result, the recent bandwidth increase on the Bitcoin blockchain is interpreted as a positive indicator of the health and adoption of the network. The adoption of new token standards and the effects of the halving have led to a significant jump in network activity. However, debates about the scalability of the network continue. At this point, how the Bitcoin network will adapt to future usage scenarios and solve scalability problems are issues that need to be closely monitored.