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“Runes” launched on the day of Bitcoin halving surged in the short term due to new expectations brought by the founder of Ordinals.It can be said that the Bitcoin chain was very lively that day, and Bitcoin handling fees soared, with transactions of hundreds or thousands of dollars abounding, which not only caused congestion on the Bitcoin network, but also made Kuang’s daily income exceed 100 million US dollars.Set a record high.
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“Runes” launched on the day of Bitcoin halving surged in the short term due to new expectations brought by the founder of Ordinals.It can be said that the Bitcoin chain was very lively that day, and Bitcoin handling fees soared, with transactions of hundreds or thousands of dollars abounding, which not only caused congestion on the Bitcoin network, but also made Kuang’s daily income exceed 100 million US dollars.Set a record high.
Since its launch after the halving, it has accounted for more than two-thirds of Bitcoin’s transaction volume. In addition, many mainstream platforms such as UniSat, OKX, and MagicEden have also successively supported the rune market.As this period of time fermentes, let’s briefly learn about some of the current progress of the Rune Track:
01. What exactly is a rune?
Runes, as the new Bitcoin Token protocol, was proposed by Casey, the founder of the Ordinals protocol.Its goal is to solve problems related to BRC-20Token,Especially due to a large amount of junk UTXO (no transaction output spent) that lead to Bitcoin network congestion and poor user experience.
Advantages of runes:
1) Simplifies the process of creating alternative tokens on the Bitcoin blockchain and reduces the use of on-chain resources.
2) Compared with other solutions, such as BRC-20, RGB and Taproot, Bitcoin runes provide users with an easier way to create and manage tokens, which can improve the usability and exchangeability of tokens while avoiding the creation of a large number of uselessness.UTXO.
3) Runes use the OP_RETURN model. Compared with the case where the BRC-20 Token takes up a lot of space, the storage method of runes saves Bitcoin network resources more.
4) Since Runes inherits Bitcoin’s UTXO model and is highly compatible with the Bitcoin blockchain, it can integrate seamlessly with the Bitcoin ecosystem, Runes Token can enjoy the security and stability of the Bitcoin network.
It can be said that the Rune protocol is simpler, more efficient, and more developer-friendly than the BRC-20 protocol.
Some people think that the current rune name is too long and not enough compared to the four-character BRC-20 inscription. The reason is that Casey designed this purpose to prevent name squatting.Before the naming length is 1-26 characters, but at the beginning, only more than 13 characters can be etched. With every 17,500 blocks, the minimum naming autonomic number will be reduced by one character. In almost four years, all names can be used, thus creating a dynamic named environment.
02. Several major platforms that support runes
At present, the platforms that support casting runes are mainly concentrated in UniSat, OKX, and MagicEden. Each company has its own advantages and disadvantages, and generally these three companies are enough.
The proportion of transactions in each market, source: https://geniidata.com/user/poshi/runes-market-overview
Unisat and MagicEden have batch shopping functions, which are better in depth than OKX in all aspects. The reason for this is that overseas users prefer to use Unisat, and the current popularity of runes is higher overseas than domestic ones.Individuals generally use Unisat and MagicEden to compare, while OKX is used to purchase new products.
You can see from Gas on the Bitcoin chain that the overall popularity of runes is not high at present.Recently, there have been gradually sounds of FUD (fear, uncertainty, doubt) and most KOLs complain about the new rune agreement system, high gas roll casting, and roll the floor after casting, and because of the handling fee, most of them have stopped.The buyer who swept the order (when the gas is high, it may be halved if it is bought), resulting in only selling but not buying, and finally adding the roll on the floor, which will only be cheaper.
As for whether the runes can develop in the future, it is still unknown. After all, it took several months from the time the BRC-20 came out to the point where it became hot.
03. High-quality rune characteristics
The current rune gameplay is actually similar to Meme, and the main reason is that traffic is the king.Several judgment criteria are for reference:
1) Is there any well-known KOLs with their own traffic:Celebrities such as well-known artists, such as Casey, and KOLs related to various top-notch projects.
2) Special meaning:Like SATOSHI•NAKAMOTO, or those who are related to some top-tier projects.
3) Top project parties or community public support:Top-notch Bitcoin NFTs like SHIB or Node Monkey and Puppet Monkey have begun to support runes.
4) Number of Holder addresses:The number of addresses is generally related to popularity, and how many people are involved.
5) Is there any pre-mining:Generally speaking, unless there is a particularly good concept, pre-digging runes are more pitiful.
All kinds of new things come out and change, and often comprehensive judgment is required.
04. Rune classification
The current runes are mainly divided into three categories:
1) Airdrop type, led by the project party:
Projects issued by Ordinals OG (Original gangster, meaning veterans), such as Runestone and RSIC, directly snapshot to NFT holders. Generally, NFT will plummet after the snapshot;
ETH or other well-known projects, such as Prometheans.
2) KOL shout order, artist
Influential KOLs like Casey and LEO need to know something about KOLs here. Some people shout new ones every few days, and no one can stand it.
3) Specific special significance categories
Like the rune No. 0 UNCOMMON•GOODS, it takes four years to finish it. It is similar to the Sats of BRC-20, and the time period is long. SATOSHI•NAKAMOTO (Satoshi Nakamoto), and Satoshi Nakamoto concepts, and you all know it.
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0–9 runes
Rune No. 0 UNCOMMON•GOODS:Deployed by Casey, founder of Ordinals, there is no pre-digging, no upper limit for mining, and anyone can participate. It is a bit similar to the sats in BRC-20. It has a large total volume and a long time. You can consider the layout of the bear market.
Rune No. 1 is Z•Z•Z•Z•FEHU•Z•Z•Z•Z, the total volume is 100 million, 99.99% pre-digging. A few days ago, retail investors bet on the project to destroy pre-digging., but the project party then tweeted that it would airdrop the pre-mining part.
Rune No. 2 is DECENTRALIZED, which belongs to Ethereum NFT old blue chip cyberkongz, 100% pre-mined, and some Airdrops are given to Prometheans NFT holders, and the price of Prometheans is also rising.
Rune No. 3 DOG•GO•TO•THE•MOON, belongs to runestone, 100% pre-mining, currently Airdrop has been given to runestone holders, with an overall market value of about US$400 million. It is currently the leader in runes. The founder is extremely active on Twitter and has been promoting DOG.
Rune No. 4 THE•RUNIX•TOKEN, the L2 project of RuneChain, a project under BVM, is 100% pre-mined, and its NFT Runer holder can dig kuang to obtain runes.
Rune No. 5 DOG•DOG•DOG•DOG, anonymous team, 100% pre-digging, no details at present.
Rune No. 6 SATOSHI•NAKAMOTO (Satoshi Nakamoto), 20% pre-digging, which is relatively popular. Some small firms have been launched at present. The only point of complaint is that the project party’s pre-digging account is too high.
Rune No. 7 MEME•ECONOMICS, anonymous team, pre-digging 20%, and the chips are too concentrated.
Rune No. 8 RSIC•GENESIS•RUNE, belongs to RSIC, 100% pre-mining, Airdrop has already used previous RSIC users to mine based on the proportion of points. The project party has bargaining chips. It was launched yesterday.
Rune No. 9 LOBO•THE•WOLF•PUP, Buoyant Capital deployment, 100% pre-mining, Airdrop has been given to Runestone and Rune Doors holders, leaving a small portion for project operations.
It can be seen that runes 0-9 are dominated by the project party, and most of them pass 100% pre-mining and then Airdrop gives them to their own project holders.
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Meme theme
WANKO•MANKO•RUNES:Casey concept, after the rune was finished, Casey commented and tweeted to appreciate the rune.In addition, Casey has also reposted tweets related to the rune many times.
ANARCHO•CATBUS:Casey concept, Casey mentioned related concepts many times on Twitter, and the Twitter introduction has always been labeled, which means that the relevant rune Casey has never been breastfeeded.(“Milk Project” is crypto slang, a high-risk investment project in the cryptocurrency field that lacks real value support and only relies on the continuous introduction of new investor funds to pay returns.)
SEPPUKU•IN•MAY•AND•GO•AWAY:Casey concept, on the day the rune was deployed, Ordinals founder Casey posted a message on social media platform saying that he was concerned about the rune, and the rune was rolled up in less than a few hours.The meme comes from Casey’s previous tweet that if the market value of Rune Ecosystem is less than US$1 billion in the first month of its launch, he is preparing to commit suicide by separatism.
Here are some of the Casey mentioned, and the founder of Runestone Leo has also had several breastfeedings., such as ORDINALS•ARE•DEAD, CASEYS•MOM•HAS•GOT•IT•GOING•ON, etc., those who are interested can turn it over by themselves.However, because these people have too many runes, most of them perform mediocrely. Here is just a direction to find runes.
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Community Leadership
BITCOIN•PEPE•MATRIX: PEPE concept, runes use magic pepe emoticons and Musk’s previously mentioned concept, which attracted a lot of attention. The artist who called the order once drew the Rare Pepes series.
At present, there are almost no community-led people, so here is only one.
05. Summary
The above is the relevant introduction to runes. It can be seen that the development of runes is very rough at present. It can also be seen from the recent on-chain fees of Bitcoin. Runes are declining rapidly. However, as the mainstream of this round of market conditionsThe narrative Bitcoin ecosystem is still worth paying attention to.
Maybe after a while, the wind direction will change again. Players who play more on the chain should be open to this new thing.Of course, the handling fee is expensive, so you must pay attention to the risks, and many people are also “buried”.
