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The launch of Rune, the latest creation by the renowned Bitcoin builder Casey Rodamor, has attracted attention, even among long-time developers who disdain blockchain. Digital tokens that can be minted on the platform.
Rodamor gained fame for releasing Ordinals, a protocol that allows people to write data to the smallest unit of Bitcoin (satoshis), creating high-value assets on Bitcoin. Ordinals has been praised for sparking updates to the Bitcoin developer ecosystem.
Rune is similar to Ordinals in that it allows people to "etch" and mint tokens on-chain—the main difference being that Ordinals are "non-fungible" (i.e., unique), while Rune's functionality is more akin to meme coins, which have recently swept the cryptocurrency market.
The first minted Rune project is Rodamor's own UNCOMMON•GOODS project, which was announced before the halving, and many projects are hoping to etch themselves onto these coveted satoshis.
However, we cannot know in advance what space other projects will find on these scarce satoshis. Currently, hundreds of Rune projects are being minted and seeking potential buyers.
Approximately 9 blocks after the halving, Rune minters have paid fees of 78.6 BTC (approximately $4.95 million) to purchase the rarest things. This suggests that, like Ordinals, the Runes protocol may be a boon for Bitcoin's burgeoning fee economy.
A factor that makes the Rune project potentially viable is a subjective measure: being an early listed project (such as DOG·GO·TO·THE·MOON, which was fortunate enough to become Rune number 3) is a metric. But buyers will also judge projects based on the "quality" of their stock.
According to runebtc, many Rune projects have begun minting before the halving, including dozens of projects like DOG•DOG•DOG•DOG•DOG, MEME•ECONOMICS, SHORT•THE•WORLD, and PEPE•WIT•HONKERS.
Before the halving blocks were mined, potential buyers, users, and speculators in X Space, hosted by the famous Ordinals collector Leonidas, were discussing which Runes to mint and trading stock names.
Deleted names include Taproot Wizards, the Ordinals project created by Bitcoin OG influencers Eric Wall and Udi Wertheimer, and a project named after Satoshi Nakamoto, the creator of Bitcoin, which has over 5,000 holders at the time of writing and has minted approximately 19,000 tokens.
It's difficult to judge which projects will actually prove to have long-term value.
"I'm just trying to get a general understanding of this space," another answered. "These projects are like early Runes. Do you think these will really be the most valuable?
Another aspect to consider is: how many tokens are "pre-mined" or reserved for project creators to release later on the market. Before the halving, Leonidas shared guidelines suggesting that projects pre-mining more than 10% of the token supply are "greedy."
Over time, Rune stock names will be able to be listed with shorter names. For example, within three years, Rune projects with three-letter names may appear.
Although the effectiveness of this strategy is currently unclear. According to the data source Ordiscan, a foresighted developer has already locked in a series of codes, including ZZZZ (the "first four-letter Rune" to be minted within two years), ZZ and Z (the first two-letter and one-letter Runes to be minted within three years), and A (the last single-character Rune to be minted within four years). |
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Post time 26-4-2024 12:27:15