Yes, it’s still running. And yes, it’s now on Steam.
Runes of Magic used to thrive by its slavish copy of World of Warcraft’s format and a free-to-play model before such was common in the west. Nowadays, it’s largely forgotten about due to market saturation in both areas. This situation may be changing, however, thanks to yesterday’s debut on Steam. In fact, Runewaker is anticipating enough of a crowd that it opened up new servers in North America and Europe to handle the demand.
It’s a good time to check out or return to Runes of Magic, as dual summer events are running. There is the Wisdom of the Masters event, which basically is a trio of two-hour buffs that you can apply at the start of your game session, as well as the Summer Treasures event that pays out in extra loot from dungeon boss fights.