Alkanes Dominates 61% of Bitcoin Transactions Amid Asian User Surge

Over the past 90 days, ending in September, Bitcoin transactions have been driven by Alkanes, an Asian-based metaprotocol. According to SUBFROST data, Alkanes accounted for 61.1% of all Bitcoin transactions between June 23 and September 20. This period covered blocks 954,917 through 967,918, or approximately 59.9 million transactions.

Alkanes utilized 40.3% of block space by weight, 94.2% of OP_RETURN bytes, and 13.4% of transaction-fee revenue during this time frame. The Alkanes community is predominantly based in the Asia Pacific region, revealing a large user base that may be overlooked by Western markets.

SUBFROST publishes daily files with data under an MIT license, available on their website subfrost.io/metrics. This data shows that almost all UNCOMMON•GOODS Runes mints were also DIESEL mints in the given window. The emission function on Alkanes' genesis contract is responsible for this activity.