- Runes protocol launched immediately after Bitcoin halving on block 840,000 on April 20th.
- Runes couldperform better than Ordinals but the impact on Bitcoin fees could be higher.
- Several pre-rune ordinal projects will be airdropping to rune holders.
The highly anticipated Bitcoin halving event of 2024 is over. It was accompanied by the introduction of an innovative token standard – the Runes protocol. Launches of fully new token standards on Bitcoin are extremely rare. Hence, this could represent the final chance for multiple 1000xs on the Bitcoin Ecosystem. Let’s dive in.
Runes Protocol
Runes is a new token standard on Bitcoin from Casey Rodarmor, the mind behind Bitcoin Ordinals. It is a new Fungible Token Protocol for Bitcoin with a fresh method for issuing fungible tokens.
This protocol came about as an alternative to the BRC20 standard in order to simplify token creation and administration while harmonizing effortlessly with Bitcoin’s infrastructure.
According to Casey, Runes is a simple protocol with minimal impact on the chain and responsible handling of UTXOs.
Runes will be different, enabling the buying and selling of smaller token units (increased fungibility).
What Are UTXOs?
UTXOs (Unspent Transaction Outputs) are individual units of Bitcoin value linked to addresses on the blockchain, representing unspent funds for new transactions.
Runes token standard is distinct from the BRC-20 token standard, which does work on UTXO basis and leads to excessive junk UTXOs congesting the Bitcoin network.
Runes should perform much better than Ordinals due to its low on-chain footprint.
Additionally, the Runes protocol aims to outperform other existing fungible token protocols on Bitcoin, such as RGB and Taproot Assets, which rely on off-chain data.
The Genesis Rune
The genesis Rune is hardcoded and referred to as UNCOMMONGOODS. It is the only Rune that has been hardcoded. The effect of this is that Runes 1 to 1,000 are likely to be minted by one of the major Bitcoin mining companies such as Foundry, Marathon, and others.
The genesis Rune will be available for open minting starting at the halving block and concluding (4 years later) at the next halving event. It is indivisible, with no decimal points, and each free mint/claim entitles you to receive 1 token.
Potential Airdrops for Runes Holders
Runes protocol will launch on Bitcoin’s halving day, April 20th with numerous Ordinal projects in the “Pre-Runes” stage offering airdrop runes to their holders.
Here are some of the various projects, launchpads, and tools to come on the Runes ecosystem.
1. Runestones
Created by Leonidas, Runestones ordinals were distributed to the active community as a tribute through an airdrop.
However, it transitioned into one of the pioneering projects in the “Pre-Runes” stage and is poised to become the most significant pioneer project within the Runes Ecosystem.
Runestones holders will also receive 3 Runes in a memecoin airdrop.
2. Runecoin
Runecoin is an ordinal on the Bitcoin network that allows users to mine tokens for when Runes launches. 21,000 RSIC miners were airdropped to over 9,000 wallets containing various Ordinals collections.
https://twitter.com/Blutoshi/status/1776855416036614419
However, you can purchase an RSIC miner on Whales Market OTC, join the pool, and begin mining tokens that will be used on Runes.
3. Pups
With a total supply of 10 million PUP tokens, Pups has gained significant popularity and is currently in the Pre-Runes stage.
7.7 million tokens (77%) are available for purchase on Unisat or Jupiter and will be used to acquire Pups Runes on 4/20 when the Rune protocol launches.
Rune Pup ordinal holders will receive the remaining 2.3 million tokens (23%) in an airdrop. Moreover, Rune Pups will have the ability to burn for approximately 210 Pups and will be redeemable in a 100:1 split, as the total market capitalization on runes reaches 1,000,000,000.
4. RunesTerminal
Runes Terminal offers tools for token launch and distribution, including an explorer named RunesScan and a launchpad (RunesPad), an NFT minter (RunesEtcher), and an information platform for all things Runes (RunesBook).
The project aims to enhance accessibility for the Runes Token Standard in DeFi, NFTs, and RWAs on the BTC platform, secured by RUNI, Runes Terminal’s native token.
RUNI token grants exclusive access to architectural features and investment opportunities within the innovative Runes Protocol primitives.
How To Take Advantage of This Opportunity
Due to the buzz around Runes in the Ordinals community, numerous projects have begun announcing Runes airdrops to holders. You can monitor which projects are doing this using the Magic Eden platform.
A new tab is live on Magic Eden and it features a collection of projects that have confirmed they will distribute Runes to holders, all conveniently located in one place.
To get in on the action:
- Download Xverse or Unisat Wallet and create a wallet.
- Deposit some BTC from any centralized exchange.
- Buy the pre-runes project on Magic Eden on Bitcoin.
- Wait until after the halving to receive the Runes memecoin airdrop.
As the hype intensifies, scammers will flock to the Bitcoin blockchain to capitalize on the liquidity. Some more noteworthy projects to check out include BTC Machine, Opal Bitcoin, Invent on BTC, RuneX, and LFG.
Final Thoughts
The Runes protocol is expected to hit a $1 billion marketcap soon after launching based on the sheer amount of hype and building going on, in addition to the Bitcoin halving event.
Runes may offer the 1000X opportunity missed on Bitcoin Ornidals and Stamps.