This year’s highly anticipated fourth Bitcoin halving event has been left on the backburner after a surprise launch. This development was the unveiling of the Runes protocol by leading Bitcoin developer Casey Rodamor. This new development has attracted the attention of even those in the blockchain community who are skeptical of altcoin projects. Here are the details…
Runes protocol became operational: New altcoin projects appeared
Rodamor, known for its Ordinals protocol that allows data to be scraped into individual satoshis (Bitcoin’s smallest unit), has created a new wave of excitement. Similar to Ordinals, Runes allow users to “mint” tokens directly on the Bitcoin Blockchain. However, unlike Ordinals’ non-fungible tokens (NFTs), Runes operate more like meme coins, a category that has been growing in popularity lately.
The first project to mint runes was Rodamor’s own UNCOMMON•GOODS, which was announced well before the halving. This was a sign of a trend. Many projects were eager to settle on these coveted satoshis. Although it is impossible to predict which projects will find a place in the limited supply, hundreds of them are already being printed and looking for buyers. Just nine blocks after the halving, the enthusiasm surrounding Runes was clearly visible. Users paid a staggering 78.6 BTC (about $4.95 million) to secure the rarest Runes. This increase in fees shows that Runes, like Ordinals, can significantly benefit Bitcoin’s fee economy.
Other projects on the Bitcoin Blockchain
The value proposition of a Runes project is subjective. Since DOG•GO•TO•THE•MOON has the distinction of “Rune No 3”, it seems advantageous to be an early adopter. But the “quality” of the ticker symbol also affects buyers. According to runebtc.xyz, projects such as DOG•DOG•DOG•DOG•DOG, MEME•ECONOMICS, SHORT•THE•WORLD, and PEPE•WIT•HONKERS were among the first to appear. Even before the halving block, discussions were ongoing in online spaces about which Runes to mint and trade. Names like Taproot Wizards (co-created by Bitcoin masters) and Satoshi Nakamoto (which had over 5,000 owners at press time) were floating around.
The long-term value of these projects remains uncertain. While some traders have expressed skepticism about the meme, others are still trying to understand the space. Another factor to consider was “pre-mine”, where project creators reserve tokens for potential future release. Before the halving, guidelines suggested that projects with more than 10% pre-mined tokens were “greedy.” Some believe that pre-mined tokens will hold more value due to the 13-character limit in their names, making it harder to create catchy memes within that restriction.
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