Even though this is the most anticipated Bitcoin halving ever (at least according to Google’s search history), the announcement of high-profile Bitcoin builder Casey Rodamor’s latest work, “Rune,” has attracted attention even among developers who have long disdained blockchain. Digital tokens that can be minted on the platform.
Rodamor is known for the release of Ordinals, a protocol that allows people to “etch” data into Bitcoin’s smallest units (or satoshis) and create highly valuable assets on Bitcoin. Ordinals is largely credited with inspiring a shake-up of the developer ecosystem in Bitcoin.
Runes is similar to Ordinals in that it allows people to “etch” and mint tokens on-chain. The main difference is that Ordinals are “non-fungible” (i.e. unique), whereas Runes function more like this: Meme coins have recently taken the virtual currency market by storm.
The first rune project to be minted was Rodamor’s own UNCOMMON•GOODS project, which was announced well before the halving, as were many of the projects attempting to imprint themselves on these highly coveted Satoshis. .
But it is impossible to know in advance whether other projects will be able to find space in these rare Satoshis.literally already exists hundreds of rune projects It is currently being minted and is looking for a future buyer.
About 9 blocks after the halving, the runic miners had already paid Fee 78.6BTC (~$4.95 million) To buy the rarest of rares. This suggests that, similar to Ordinals, the Runes protocol could benefit Bitcoin’s burgeoning fee economy.
Whether a Runes project is potentially viable is something of a subjective measure. That means it’s an early project on the list. For example, prestigious projects like DOG・GO・TO・THE・MOON. “Rune number 3” — is one measure. But buyers may also judge projects based on the “quality” of the ticker.
According to , many rune projects had already begun to be minted before the half-life occurred, such as DOG・DOG・DOG・DOG・DOG, MEME・ECONOMICS, SHORT・THE・WORLD, PEPE・WIT・HONKERS. runebtc.xyz.
Before the halved block is mined, future buyers must X Space hosted by Leonidasa well-established ordinal collector, had users and speculators alike debating which runes to mint and ticker names to trade.
Among the names mentioned are Taproot Wizards, the Ordinals project co-created by Bitcoin OG influencers Eric Wall and Udi Wertheimer, and Satoshi Nakamoto, named after Bitcoin’s founder. It included a project called “Fujitsu”, but this project had ended at the time of writing. 5,000 holders Those who minted approximately 19,000 tokens.
It is difficult to determine which projects will actually turn out to have long-term value.
One trader said, “Well, I don’t see any good memes. I mean, I’m just trying to figure it out.” “To be honest, I haven’t made anything yet.”
“I’m trying to understand the entire universe right now,” someone else replied. “These projects are like early runes. Do you think these will actually be the most valuable?”
“I guess it depends on what happens to them,” someone replied.
Another aspect to consider is how many tokens were “pre-mined” or held in reserve by the project creators for possible release to the market later. Ahead of the halving, Leonidas shared guidelines suggesting that projects that pre-mine more than 10% of the token supply are “greedy.”
“I think Premine will win,” said one trader. “Because it’s really hard to come up with good memes when you’re limited to 13 characters,” he said, referring to the hard-coded naming system Rodamor added to Rune to prevent “ticker squatters.”
In time, rune tickers will be listed by their short names. In three years, we might see a Runes project with a three-letter ticker, for example.
However, it is unclear how successful this strategy will be.According to the data source ordiscanOne visionary developer created ZZZZ (which would be the “first four letter runes” to be minted in two years), ZZ and Z (the first two letter runes and one letter rune to be minted in three years). I have already blocked a series of tickers containing . ) and A (the last single-letter runes minted in four years).
In other words, when something is so new, it’s hard to know what to value.
“While everyone is trying to figure out what the hell is going on, I just want to take a moment to say how great it is to be here with you all,” Leonidas told the audience. told. “This is essentially the beginning of a new protocol that started about 30 minutes ago. So let’s see what happens. I think it’s going to be a very chaotic situation.”
