Yesterday, Bitcoin broke through $72,000, hitting record highs on the same day, and the rest of the crypto industry rose in turn. The previous Nvidia conference, GDC Game Developers Conference, led to general gains in the AI and gaming sectors. Today, it is Inscription’s turn to see general gains.
According to Dune data , the cumulative fees for minting Ordinals inscriptions on the Bitcoin NFT protocol continue to rise. As of the time of writing, the cumulative fee income has reached 6321.8 BTC, which is approximately US$432,540,749. The total number of minted inscriptions currently exceeds 62.316 million.
According to tradingview data, the price of ORDI rose to $81.68, a 24-hour increase of 12.43%, and is currently experiencing a correction.
As the first inscribed token of BRC-20, the rise of ORDI has driven the general rise of the BRC-20 sector. Among them, MICE has a 24-hour increase of 18.9%, SATS has a 24-hour increase of 14.25%, RATS has a 24-hour increase of 10.9%, and BTCS has a 24-hour increase of 10.9%. Reached 16.23%.
The rune agreement is coming
Due to Casey's dissatisfaction with BRC-20, in September 2023, Casey released the concept of a new FT protocol Runestone, namely "Rune". Rune is native to Bitcoin’s Unspent Transaction Output (UTXO) model. This minimizes the generation of "junk" UTXOs, allowing for more responsible UTXO management and a smaller on-chain footprint.
On December 16 last year, Casey announced at the Taipei Blockchain Week event that the Runes protocol would be launched on the mainnet in late April. As the consensus of the Runes protocol becomes stronger and stronger, the value of assets has been realized in advance. As of the time of writing, according to Whales Market data, the highest transaction price of Runestone OTC has reached the US$1,300 range.
Related reading: " With an OTC price of $1,300, can Runestone become the top Meme in the Bitcoin ecosystem?" 》
At present, the Rune Protocol has not yet been officially launched, and Casey himself has tweeted that the first 10 "Rune" Tokens may be "hard-coded", that is, they will not be open for deployment but written directly in the code. . The first 10 "Rune" Tokens will be fair and open to casting, and there will be no pre-mining/pre-distribution.
But as the release of Runestone is just around the corner, and the date when the "Rune" protocol is planned to be launched on the mainnet(Bitcoin halving) is getting closer, the "Rune" project has received more and more attention. This time the inscription popularization How long can the rising market last?
Layer 1 Foundation launches new BRC20 governance structure
On March 11, the Layer 1 Foundation (L1F), led by BRC20 creator domo, announced the organization of a new BRC20 governance structure, including the appointment of several leading BRC20 indexers as collaborators.
Related reading: " Announcement of the new BRC20 governance structure, what is Domo's intention?" 》
Designing a fair and resilient governance structure for an index-based protocol (not connected to the blockchain consensus mechanism) is a difficult task and will have pitfalls. In this regard, governance resolutions and procedural standards for BRC20 development were formulated, and several leading indexing institutions and BRC20 stakeholders were required to publicly commit to upholding these principles, including Hiro, ALEX, Oyl, Allium, and UTXO Management. At the same time, Unisat and BestinSlot will serve as the joint main maintainers of the BRC20 protocol in the future.
In addition to supporting BRC20, L1F aims to provide public tools, educational resources, and open forums to open source developers building various meta-protocols on Bitcoin.
