User activity has plunged after a hyped run-up to the introduction of the Runes protocol, which was expected by some to mirror Solana’s meme coin ecosystem.

The seed raise was led by billionaire investor Tim Draper with participation from Binance Labs, Flow Traders, Trust Machines and others.

The much-hyped restaking project initiated its long-awaited though highly controversial plan to distribute EIGEN tokens, by opening a window of time where eligible users can c...