The race for the first tokens of the new Bitcoin Runes protocol is on ๐
With the upcoming Bitcoin halving only hours away, developers are in a frenzy to mint the inaugural tokens on the freshly launched Bitcoin Runes protocol. Runes, a new fungible token protocol on Bitcoin, allows users to etch and mint tokens directly on the chain. This protocol is the brainchild of Casey Rodarmor, the inventor of the Ordinals protocol, and is expected to revolutionize token creation on the Bitcoin network.
Collectors and creators are vying for the earliest token mints ๐ฐ
Just like collectors covet first edition books, physical art, and rare NFT collections like CryptoPunks and Solana Monkey Business, there is immense value placed on the scarcity and age of collectible items. Project creators are eager to secure the first minted tokens on the Runes protocol to establish their projects as early adopters, enhancing their provenance and potential market value.
- Collectors and degens value low numbers
- Low inscription numbers signal early adoption
- Early NFT and Ordinals projects have reaped benefits from being early
- Developers aim to inscribe the first Runes
- Expect millions of dollars spent to secure low Rune numbers
- Projects like Runestone are investing heavily for early spot in the protocol
The allure of low Rune numbers and early adoption ๐
The rush to secure low Rune numbers has seen developers and collectors engage in high-stakes transactions to claim these coveted spots. Leonidas, a pseudonymous NFT historian, anticipates that significant amounts will be spent on fees to ensure early token mints, with projects like Runestone splurging over $100,000 in a single transaction to secure a low number for their upcoming meme coin launch.
Airdrops and collectible meme coins for Rune holders ๐
Holders of the 112,383 Runestone inscriptions are set to receive a special airdrop of Dog meme coins following the launch of the Runes protocol. These meme coins will be numbered based on the order of creation, adding a unique and collectible aspect to the offerings on the new token protocol.
- Airdropping Dog meme coins to Runestone inscription holders
- Coins numbered based on creation order
- Adding a collectible element to the tokens
In addition to competing for the first Runes, Bitcoin mining pools are also on the hunt for the elusive โepic satoshi,โ a limited edition of the smallest Bitcoin denomination. Projects that can obtain and inscribe an Ordinal on this epic satoshi are expected to command significant market premiums due to its rarity and unique status within the blockchain ecosystem.
- Battle for the epic satoshi intensifies
- Epic satoshiโs potential market value estimated at $4 to $6 million
- Rare sats fetching up to three Bitcoin in recent transactions
Hot Take: The future of token creation on Bitcoin ๐ฎ
As the race for the first tokens on the Runes protocol unfolds, the crypto community eagerly anticipates the impact of this new token protocol on the Bitcoin network. With projects vying for early adoption and collectors seeking rare minted tokens, the launch of Runes signifies a significant milestone in the evolution of token creation and collectibles within the crypto space.
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