Observations & Conclusions

• ETH/BNB Rune is being depreciated and hence users are upgrading their ETH/BNB Rune to native Rune therefore, we see an uptick in the burning of ETH/BNB Rune during June 13th - 20th. Almost $113M worth of Rune (Combined ETH +BNB RUNE) has been upgraded in that period.

• Trends over the last 120 days suggest that burning of ETH/BNB Rune has picked up huge pace over the last 2 weeks. Over June 13th - 20th: About 58M BNB $RUNE and 553k ETH $RUNE have been upgraded.

• Total 4.4k Wallets have burnt their non native RUNE in the last 4 months amounting to $330M.

• Total of 90.2M $RUNE has been upgraded over the last 4 months.

• Comparing ETH vs BNB Rune burnt, we see that about 94% of those upgrades were for BNB Rune and ETH Rune contributed only 5.8% of total RUNE volume.

• ETH RUNE Upgrade Volume: 5.2M $RUNE

• BNB RUNE Upgrade Volume: 85M $RUNE

• Total upgraded: 90.2M RUNE

• The only anomaly we see is that the number of users upgrading their non native $RUNE has decreased over time in the last 4 months.

• Looking at the above charts and figures, we can come to a conclusion that over time, more non native $RUNE volume has been burnt. Specifically, over the week of June 13-20.