Chainfeeds Introduction:
With the Bitcoin halving just days away, the Bitcoin ecosystem is buzzing with activity. DWF Ventures writes about the current state and recent developments in Ordinals and Runes.
Article Source:
https://twitter.com/dwfventures/status/1779733900815966604
Article author:
DWF Ventures
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DWF Ventures: Ordinals was launched by Casey in January 2023, increasing the amount of data that can be stored on the chain, thereby popularizing inscriptions and prompting a series of innovations such as BRC-20 and Runes. With the Bitcoin halving and the launch of the Rune Protocol, Ordinals trading volume has grown exponentially. In the past month, Bitcoin inscription trading volume has been almost comparable to Ethereum NFTs, with the main markets being OKX and Magic Eden. The most famous NFT series on Ordinals are NodeMonkes, Bitcoin Puppets, and Quantum Cats. In addition to having a strong community, these NFT holders have also received various airdrops such as Runestone, Runecoin, and Pups. Some of these airdrops are of quite high value, creating a wealth effect for the Ordinals/Runes ecosystem and creating a loyal community. Runes Protocol, also developed by Casey, aims to be an alternative to Ordinals and attract users/developers in the long term by: using a UTXO-based model to reduce complexity (closer to Bitcoin); lower data and storage requirements compared to BRC-20. Recently, Pre-Rune projects that provide early access to protocols have attracted much attention. Runecoin holders can mine RSIC runes, boost/merge their positions with other miners, and potentially get more runes after the halving. RSIC pre-market trading is currently open on Whales Market; Pups is the leading meme coin for runes, and has built a strong community from the beginning by airdropping part of the supply to Bitcoin Puppets/OPIUM holders. Interoperability with Solana through MultiBit is conducive to increasing its attention. We expect that many protocols will launch or migrate to Runes as the halving approaches. Although there are still issues with fragmentation/lack of unified standards, we believe this lays a solid foundation for enhanced use cases and will attract widespread attention like BRC-20 did when it was launched. 【Original text in English】
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