Transactions attributed to the Runes protocol accounted for over 50% of all Bitcoin transactions between April 20 and 24; however, by May 2, this figure had dropped to 11.1%.
The past week in decentralized finance (DeFi) was filled with anticipation for the approval of a United States-based spot Ether exchange-traded fund (ETF), as well as concerns about the regulatory landscape of DeFi. Popular decentralized exchange (DEX) Uniswap vowed to fight the U.S. Securities and Exchange Commission (SEC) in response to a Wells notice issued to the firm by the agency and claimed the SEC’s case is “weak.”
In other news, Bitcoin Runes, which peaked in popularity in April, has seen an 84% decline in transactions since then. Ethereum co-founder Vitalik Buterin called for using zero-knowledge (ZK) likes on the newly launched decentralized social media platform Farcaster to combat preference falsification.
After a bullish week of marketwide price momentum, the total value locked in DeFi protocols jumped $10 billion and rose above $100 billion again.