Runes Protocol Runes Rising, Quickly Understand Relevant Principles and Notable Projects
The release of Runes provides an excellent opportunity to participate in a vast new ecosystem.Original source: AlΞx Wacy X account
Author: AlΞx Wacy
Compiled by: Deep Tide TechFlow
The $STAMP I shared earlier has yielded a 900x return, and the related BRC20 tokens I previously shared have yielded a 300x return.
Now, there is a new opportunity to capture 1000x within the $BTC ecosystem, which is Runes.
Many may overlook the growth of the $BTC ecosystem, which has expanded over the past year to include significant infrastructure, various sectors, and numerous projects.
Bitcoin is no longer just a token or a financial tool; it has transformed into a massive ecosystem.
Additionally, the development of the ecosystem has been significantly influenced by Ordinals and BRC-20, a topic I discussed at the beginning of last year.
Stamps (SRC-20) already have a large community, recently highlighted in an article by Binance.
These ecosystems have brought substantial profits to early adopters.
For example, investing $10-50 in gas fees to mint 100,000 $STAMP and then selling it for $10,000 - $20,000 after 5-7 months.
So today, I want to share the Runes protocol created by @Rodarmor.
Runes: A new fungible token protocol for Bitcoin introduces a new way to issue fungible tokens on the Bitcoin network.
The protocol was developed as an alternative to the BRC20 standard, aiming to simplify token creation and management while easily coordinating with Bitcoin infrastructure.
In his blog, @Rodarmor describes Runes as a simple protocol with minimal impact on the chain and responsible handling of UTXOs.
UTXO (Unspent Transaction Output) is a single unit of Bitcoin value associated with an address on the blockchain, representing unspent funds for new transactions.
Runes differ from the BRC-20 token standard, which is not UTXO-based and leads to excessive junk UTXOs clogging the Bitcoin network.
Runes aim to replace the inefficient Ordinals-based BRC-20 token standard.
Furthermore, the Runes protocol aims to surpass other existing fungible token protocols on Bitcoin, such as RGB and Taproot Assets, which rely on off-chain data.
If you want to explore more technical details, you can refer to the blog.
The genesis Rune is hardcoded and called UNCOMMONGOODS.
Casey has only hardcoded the first Rune. Therefore, the Runes numbered from 1 to 1,000 will likely be minted by one of the large Bitcoin mining companies like Foundry or Marathon.
The genesis Rune token UNCOMMONGOODS will open for minting at the start of the halving block and will end at the next halving event (4 years later).
This token is indivisible, with no decimals, and each free minting/claiming entitles you to 1 token.
The Runes protocol will launch on April 20, Bitcoin halving day.
Currently, many Ordinals projects are in the "pre-Runes" stage and will provide airdropped Runes to their holders.
Additionally, the Runes ecosystem is actively being built, with various projects, launchpads, tools, and more emerging continuously.
Now, let's delve into some notable projects, including those in their infancy.
Runestones
An important OG project is @LeonidasNFT's Runestones.
Initially, these Ordinals were distributed as giveaways to the active community through airdrops.
Subsequently, it transformed into one of the pioneering projects in the "Pre-Runes" phase and is expected to become one of the most significant OG projects in the Runes ecosystem.
Moreover, recently @LeonidasNFT announced that stone holders will receive 3 Rune meme airdrops.
In just a few weeks, the topic of Runes has sparked heated discussions, and stones have become a major catalyst for the entire community, showing no signs of slowing down.
Many projects have drawn inspiration from here, announcing airdrops of Runes for holders. Infrastructure is being built, and more work is underway.
The stone project is undoubtedly full of potential!
Runecoin ($RSIC)
These Ordinals allow users to mine tokens at the launch of Runes.
21,000 RSIC miners were airdropped to over 9,000 wallets containing various Ordinals series, for more details, check this post.
Essentially, you can purchase RSIC miners, join a mining pool, and start mining tokens that will be used for Runes.
RSIC is currently traded over-the-counter at @WhalesMarket.
With its recently added "Runes" section, I expect many exciting releases in the future.
Pups ($PUPS)
This project has gained widespread recognition and is currently in the Pre-Runes phase.
Current supply: 10 million.
7.7 million tokens can be purchased on @unisat_wallet or @JupiterExchange. These tokens will be used to purchase Pups Runes on April 20.
2.3 million tokens will be airdropped to Rune Pup ordinal holders (available for purchase on ME). Rune Pups can burn about 210 Pups.
When the total market cap of Runes reaches 1,000,000,000, the tokens will be burned and redeemed at a ratio of 100:1.
RunesTerminal ($RUNI)
Runes Terminal provides tools for token launching and distribution, including a browser called RunesScan and a launchpad.
The project aims to enhance the accessibility of DeFi, NFTs, and RWAs to the Runes Token Standard on the BTC platform.
Products include:
Runes Scan
Runes Board
Runes Engraver
Runes Book
As the core of the Runes Terminal community, the $RUNI token grants exclusive access to architectural features and investment opportunities within the innovative Runes Protocol.
The project will launch soon and looks like a very promising infrastructure.
More Pre-Runes Projects
Due to the Ordinals community's heated discussions about Runes, many projects have begun announcing Runes airdrops to holders.
Therefore, with the support of @MagicEden, monitoring these projects is easy.
MagicEden has added new tags that display confirmed collections that will distribute Runes to holders, all conveniently centralized in one place.
So how should we participate? Here are some actionable ways :
Download @XverseApp / @unisat_wallet
Deposit some $BTC
Purchase pre-Runes projects on @MEonBTC
Wait for the airdrop of Runes meme coins after the halving
Choose robust projects that you believe have lasting strength and continuous growth. After the release of Runes, Ordinals may experience greater volatility.
With many projects available, I have listed some worth considering to save you time:
@btcordinal: Building an MMORPG using Ordinals. $ZBIT is their BRC-20 token; it will migrate to Runes at the protocol launch.
@OpalBTC: Building a robust ecosystem on Bitcoin powered by $BLIF
@InventOnBTC: Upcoming crowdfunding platform for Bitcoin-based projects
@RuneX_Tech: Pre-mining for Runes
@lfg: Building a Runes DEX, with mysterious Runes for $LFG holders.
My Thoughts
The release of Runes presents an excellent opportunity to participate in a massive new ecosystem.
Here are two tracks to pay attention to:
Infrastructure (a crucial aspect of any ecosystem)
Memecoins (a key driver of community development)
I expect both tracks to perform strongly, as fundamentals and memes always hold value.
Deciding whether to purchase Ordinals for airdrops is a personal choice.
Keep in mind that this is optional, as many strong new projects will launch on Runes, and you can participate in them.
