Original Author: Day
Original source: Vernacular blockchain
Due to the new expectations brought by the founder of Ordinals, the short-term popularity of "Runes Runes", which went live on the day of the Bitcoin halving, soared. It can be said that the Bitcoin chain was very lively on that day, and the Bitcoin fee skyrocketed, with hundreds or thousands of dollars in transactions abounding, which not only led to the congestion of the Bitcoin network, but also made Kuang's daily revenue exceed 100 million US dollars, a record high.
Since its launch after the halving, it has accounted for more than two-thirds of Bitcoin's trading volume, and many mainstream platforms such as UniSat, OKX, and MagicEden have also supported the rune market. As this period of fermentation continues, let's take a brief look at some of the current developments related to the Rune Track:
01
What exactly is a rune?
Runes as a new Bitcoin Token protocol was proposed by Casey, the founder of the Ordinals protocol. Its goal is to solve the problems associated with BRC-20 tokens, specifically the congestion on the Bitcoin network and poor user experience due to the large number of junk UTXOs (unspent transaction outputs).
Advantages of Runes:
1) Simplifies the process of creating fungible tokens on the Bitcoin blockchain and reduces the use of on-chain resources.
2) Compared to other solutions, such as BRC-20, RGB, and Taproot, Bitcoin Rune provides users with an easier way to create and manage tokens, which can improve the usability and exchangeability of tokens, while avoiding the generation of a large number of useless UTXOs.
3) The runes use the OP_RETURN model, which saves the resources of the Bitcoin network compared to the situation that BRC-20 Token takes up a lot of space.
4) Since Rune inherits Bitcoin's UTXO model and is highly compatible with the Bitcoin blockchain and can be seamlessly integrated with the Bitcoin ecosystem, Rune Token is able to enjoy the security and stability of the Bitcoin network.
Arguably, the Rune Protocol is more concise, efficient, and developer-friendly than the BRC-20 Protocol.
Others feel that the current rune names are too long and not enough for the four-character BRC-20 inscriptions, due to the fact that Casey deliberately designed them this way to prevent name squatting, before the naming was 1-26 characters long, but at first could only etch names of more than 13 characters, and with every 17,500 blocks, the minimum number of named letters was reduced by one character, and in about four years, all names could be used, thus creating a dynamic naming environment.
02
Several platforms that support runes
At present, the platforms that support minting runes are mainly concentrated in UniSat, OKX, and MagicEden, each of which has its own advantages and disadvantages, and it is generally enough to use these three.
Proportion of transactions in each market, source: https://geniidata.com/user/poshi/runes-market-overview
Unisat and MagicEden have batch scanning functions, and the depth is better than OKX in all aspects, the reason for this is that overseas users prefer to use Unisat, and the current popularity of runes overseas is higher than that in China. Personally, I generally use Unisat and MagicEden for comparison, and use OKX to make new deals.
Looking at the gas on the Bitcoin chain, it can be seen that the overall popularity of runes is not high at present. Recently, the sound of FUD (abbreviation of fear, uncertainty, doubt) has gradually sounded, and most KOLs have complained about the new system of rune protocols, high gas volume casting, and then rolling the floor after casting, and because the handling fee is more than a stop for most of the buyers who sweep the order, (when the gas is high, it may be bought that is, cut in half), resulting in only selling but not buying, and finally making its floor roll and rolling, and in the end it will only be cheaper.
As for whether the runes will be able to develop in the future, it is still unknown, after all, it took several months for BRC-20 to heat up from the time it came out.
03
Premium rune traits
At present, the gameplay of runes is actually similar to that of Meme, and the main thing is that traffic is king. Several judging criteria for reference:
1) Whether there are well-known KOLs with their own traffic: well-known artists and other celebrities support, such as Casey, and KOLs related to various top projects.
2) SPECIAL MEANING: LIKE SATOSHI NAKAMOTO, OR RELATED TO SOME TOP-NOTCH PROJECTS.
3) Public support from top project parties or communities: Top Bitcoin NFTs like SHIB or node monkeys and puppet monkeys have begun to support runes.
4) Number of Holder addresses: The number of addresses is generally related to the popularity, and how many people are involved.
5) Whether there is pre-mining: how much is the proportion, generally unless the concept is particularly good, otherwise the runes with pre-mining are relatively pitted.
All kinds of new things come out in a kaleidoscopic way, and many times it requires comprehensive judgment.
04
Rune classification
The current runes are divided into three main categories:
1) Airdrop type, led by the project team:
Ordinals OG(Original gangster,意指元老) 发的项目,像Runestone,RSIC 这种,直接快照给NFT持有者,一般快照结束NFT会迎来暴跌;
ETH or other well-known projects of the chain, Prometheans of the kind.
2) KOL shouting list, artist
Influential KOLs like Casey and LEO shout orders, and they need to have some understanding of KOLs here, and some people shout a new one every few days, which no one can stand it.
3) Specific special significance
Like the rune No. 0 UNCOMMON•GOODS, it takes four years to play, similar to the Sats of BRC-20, with a long time cycle, SATOSHI • NAKAMOTO (Satoshi Nakamoto), Satoshi Nakamoto concept, understand everything.
Runes 0–9 Runes 0 UNCOMMON•GOODS: Deployed by Casey, the founder of Ordinals, no pre-mining, no upper limit for 4 years, anyone can participate, a bit similar to the sats in BRC-20, the total amount is large, the time is long, and it can be laid out considering the bear market. The No. 1 rune is Z•Z•Z•Z•Z•FEHU•Z•Z•Z, with a total amount of 100 million, 99.99% pre-mining, a few days ago, retail investors gambled that the project party would destroy the pre-mining, but then the project party tweeted that the pre-mining part would be Airdrop. Rune No. 2 is DECENTRALIZED, which belongs to the old blue chip cyberkongz of Ethereum NFT, which is 100% pre-mined, and part of the Airdrop is 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-mined, has been Airdropped to runestone holders, the overall market value is about 400 million US dollars, even if the current rune leader, the founder is extremely active on Twitter, has been promoting DOG. Rune No. 4 THE•RUNIX•TOKEN, L2 project BVM's RuneChain project, 100% pre-mined, holders of its NFT Runer can mine kuang to obtain runes. Rune 5 DOG•DOG•DOG•DOG•DOG, anonymous team, 100% pre-mined, no details at the moment. No. 6 Rune SATOSHI • NAKAMOTO (Satoshi Nakamoto), 20% pre-mining, the popularity is relatively high, and some small institutes have been launched at present, and the only complaint is that the proportion of pre-mining on the project side is too high. Rune 7 MEME•ECONOMICS, ANONYMOUS TEAM, 20% PRE-MINED, CHIPS ARE TOO CONCENTRATED. Rune No. 8 RSIC•GENESIS•RUNE, belongs to RSIC, 100% pre-mining, has been Airdropped to previous RSIC mining users according to the proportion of points, the project team has chips in hand, and OKX Jumpstart was launched yesterday. Rune 9 LOBO•THE•WOLF•PUP, deployed by Buoyant Capital, 100% pre-mined, has been Airdropped to Runestone and Rune Doors holders, leaving a small portion for project operations. It can be seen that runes 0-9 are all led by the project party, most of which are 100% pre-mined, and then Airdropped to their project holders. Meme theme WANKO•MANKO•RUNES: Casey concept, after the rune is played, Casey comments and tweets to express his appreciation for the rune. In addition, Casey has retweeted tweets about the rune several times. ANARCHO • CATBUS: Casey concept, Casey Twitter mentions the related concept many times, and the Twitter introduction has always added a related tag, that is, the related rune Casey has never milked. ("Milk Project" is a crypto slang term for a high-risk investment in the cryptocurrency space that lacks real value and relies solely on bringing in new investor money to pay returns.) ）
SEPPUKU•IN•MAY•AND•GO•AWAY: Casey concept, on the day of the rune deployment, Ordinals founder Casey posted on social media platforms to express his concern about the rune, and the rune was rolled up in less than a few hours. The meme comes from Casey, who previously tweeted that if the market value of the rune ecosystem does not reach $1 billion in the first month of its launch, he is ready to commit suicide. Here are a few of the things Casey mentioned, and the founder of Runestone, Leo, has also milked several, such as ORDINALS•ARE•DEAD, CASEYS•MOM•HAS•GOT•IT•GOING•ON, etc., if you are interested, you can flip it up yourself. However, due to the fact that these people have too many milk runes, most of them end up performing mediocre, and here is just a direction for everyone to find runes. The community-led BITCOIN•PEPE•MATRIX:PEPE concept, the runes use the magical pepe meme and the 69 420 concept mentioned by Musk earlier, which has attracted a lot of attention, and the artist who shouted the order has painted the Rare Pepes series. At present, there are almost no community-led runs, so here is only one.
05
brief summary
The above is the relevant introduction of runes, it can be seen that the current development of runes is very rough, and it can also be seen from the recent on-chain fees of Bitcoin that the popularity of runes has dropped rapidly, but the Bitcoin ecology, which is the mainstream narrative of this round of big market, is still worth paying attention to.
Maybe after a while, the wind direction will change again, and players who play more on the chain should keep an open attitude towards this new thing. Of course, the handling fee is expensive, and you must pay attention to the risks, and many people are also "buried" in it.