The Runes protocol, a new standard for creating fungible tokens on the Bitcoin blockchain, experienced a highly successful launch, generating $135 million in fees in its first week following the Bitcoin halving. However, activity on the protocol has declined sharply since then. On May 10 and May 11, Runes saw its lowest activity levels, with a significant drop in new mints and wallet interactions. Data shows that daily activity has plummeted by over 99% from its peak, raising concerns about the protocol's sustainability and long-term viability. Recent data also indicates a significant slowdown in user engagement and transaction volumes.