Original author: Asher
Original source: Odaily Planet Daily
With the halving of BTC mining rewards, the popularity of the rune sector remains high, and once the BTC network was congested due to the high popularity of participating in minting, and the rune gas fee was tens of thousands of dollars. However, according to community feedback, because most novice users don't know how to participate even if they know what the tools are (this article lists 10 rune tools), they can only hope that the project can only be purchased on a centralized exchange, making it impossible to participate in the first place. In short, "how to participate" is the topic that novice users are most concerned about at the moment.
Therefore, Odaily Planet Daily started from the creation of mainstream Web3 wallets, and took everyone to participate in the minting of rune-related projects, secondary transactions, and analysis of the popularity of rune projects on the chain.
OKX Wallet
Wallet creation
STEP 1. Download the OKX Wallet add-on in the Google Play Store ().
STEP 2. Create a wallet, enter your password, and save your seed phrase.
At this point, OKX Wallet has been created. If you want to deposit BTC from the exchange to the newly created wallet, switch the wallet network to BTC and obtain the wallet address information according to the following figure.
Minting & Secondary Trading
STEP 1. Go to OKX Web 3 () and connect your wallet.
STEP 2. Select "Market" and click on the Runes section.
How to mint
STEP 1. Select "Minting" and follow the prompts to start minting runes (you can also look for the runes you want to mint in the search bar).
STEP 2. SELECT ONE OF THE RUNE PROJECTS, TAKE MEMEPOOL•SPACE AS AN EXAMPLE IN THE FIGURE BELOW (ONLY FOR DEMONSTRATION NEEDS, NOT INVESTMENT SUGGESTIONS), CLICK "MINT" AND SELECT THE NUMBER OF REPETITIONS.
Secondary transactions
The secondary market buying and selling of runes is similar to NFT trading, with floor prices ranked from low to high. For novice users, it should be noted that the "purchase" rune needs to pay for gas on the chain, while the "listing" pending order does not need to pay Gas.
Source: OKX Web 3 Rune Marketplace
At the same time, the OKX Web3 rune section has a "Data Analysis" section, where you can view information such as the rune price, transactions, and the number of holders.
UniSat Wallet
Wallet creation
The operation is similar to that of UniSat Wallet, so the introduction is simplified.
STEP 1. Download the UniSat Wallet add-on in the Google Play Store ()
STEP 2. Create a wallet, enter your password, and save your seed phrase.
Minting & Secondary Trading
foundry
STEP 1. After going to the Runes section of the Unisat official website () and connecting your wallet, select "Explorer" to select the runes you want to mint (you can also look for the runes you want to mint in the search bar).
STEP 2. Select one of the rune items, take MEMEPOOL•SPACE as an example in the figure below (only for demonstration needs, not investment advice), click "Mint Directly" and select the number of repetitions.
Secondary transactions
Enter the trading market section, and select the runes you want to buy or sell in the same way as OKX Web 3 Marketplace ("buying" runes requires paying gas to be completed on the chain, while "listing" orders do not need to pay gas).
According to the above introduction, it is believed that novice users can also carry out first-level casting or second-level trading according to the order of their participation time on the premise of knowing the rune project. However, due to the fact that the time required for the chain on the BTC network is much slower than that of the commonly used ETH network, how to find transaction information? At the same time, in addition to community information, how to discover and participate in popular rune projects on the chain for the first time?
On-chain monitoring tools are used
mempool: BTC mempool browser
Tool Links:https://mempool.space/zh/
mempool is a must-have tool for every user who participates in the first-level trading of the BTC ecosystem, with two main advantages:
- On the one hand, you can check the real-time speed of the BTC network through this website, and then judge whether the current BTC network is congested. Therefore, in order to make your BTC chain transactions complete on the chain as soon as possible, when you actually mint runes, you can set it according to the BTC network fees at that time.
Real-time gas fee monitoring
- On the other hand, check your wallet address and the current transaction status. The transaction shown in the figure below is currently waiting to be on-chain, with a rate of 191 satoshis/byte and an estimated on-chain time of 9 minutes.
Source: mempool
GeniiData: Find popular rune items
Tool Links: https://geniidata.com/ordinals/home
GeniiData is arguably the most commonly used tool for finding popular BRC-20 projects on the chain, with two main advantages:
- On the one hand, check out the current BTC network top projects. The BRC-20 plate heat map in the picture below is no stranger to you, and when you cast the inscriptions, you will see the various communities sending them. This heat map allows you to know what the current hot projects are. As shown in the figure below, the larger the area, the more transactions related to the rune in the previous trading pool, which means that many people are buying or trading the rune.
BRC-20 plate heatmap
- On the other hand, look at the basic information of a certain BRC-20 project. You can click on the heatmap to view the basic information of the corresponding project. As you can see in the image below, the rune item Z•Z•Z•FEHU•Z•Z•Z started minting at 08:09:27 on April 20 (Block height is 840000), and is currently minted at 44.24%. At the same time, in the lower part of the page, you can see the current holders of the rune and other information.
Basic information about specific rune items