The Bitcoin Runes protocol has experienced a decline in activity and fee revenue after its initial surge following the Bitcoin halving. Despite its aim to make transactions cheaper and faster than the Ordinals protocol, Runes has failed to maintain meaningful traction among users. The protocol's momentum has slowed, and its impact on the Bitcoin ecosystem remains uncertain. Runes' activity has slowed over the past week, indicating a lack of significant traction among users despite a strong start last month.