Author: Biteri
X/Tweet: @lilyanna_btc
1. The number of characters is too long, and the words are complete, but it is difficult to understand
Due to the character length limit of the Runes protocol, most of the tickets are 13 characters or longer, and various gameplays such as names, domain names, and slogans have emerged. Many people have adapted to the concise 4 characters of BRC-20, and are not used to such a long Tick name for a while, but in fact, there is more room for creativity, especially many OGs in the Western community, who have a lot of fun playing with all kinds of memes. Runes will slowly evolve its own Tick meme culture
🔸When issuing new tokens, in addition to researching the background of the tokens, you can also do an initial screening at the parameter level.
🔸Is the premine ratio reasonable? Be cautious if the insider trading is too serious
🔸Is the Cap (total number of sheets) enough? Be cautious if the number is too small
🔸Are there enough holders? I am almost done with the number of holders, so be cautious. If the progress is over 90%, be cautious. The rate has fluctuated too much recently and it is easy to be buried.
🔸If you prefer to play with assets that have a Eastern and Western consensus, check whether the name of the token is in line with Western culture. Chinglish may be difficult to understand at first glance.
2. On-chain fees have skyrocketed, and many people are confused
The network fee for transferring money, the network fee for scanning orders in the trading market, the network fee for preparing the wallet to open the Dummy UTXO...
These fees have always existed, but they were only a few U or a dozen U before. Recently, the rates have increased 10 times, and network fees have climbed to the order of hundreds of U. People have suddenly become aware of these fees.
I released a tutorial some time ago for everyone to prepare their wallets. When transferring money to a new wallet, you can also open a few 600 satoshi Dummies. The tutorial was so long that many people didn't pay attention to this part.
A friend of mine on WeChat went to the market to buy at a fee of 2000+, but was prompted to prepare his wallet. He spent 800U of network fees just to dismantle Dummy, and he hadn't even entered the formal order-scanning process. When I saw it, I felt sorry for him, but the network fee is for miners, which is the rule on the BTC chain, so I can only take it as tuition.
And as I mentioned before, when the fee rate reaches above 300, the network fee alone for scanning orders on Magic Eden is 100U+. Some brothers have not yet realized the wear and tear of network fees, and they go back and forth, operating like a tiger, but where is my balance?
There is no way to circumvent these fees. Either you wait for the rates to drop before taking any action, or you go to the second layer where the gas is lower!
3. Can I transfer money? How do I place an order? Can I split it?
1️⃣ Common wallets such as Unisat Wallet and OKX Wallet already support Runes transfers, so you can use them with confidence.
2️⃣Currently , the order placing experience in most markets is still relatively basic. You can directly select the UTXO where the rune is located and place an order in UTXO. I guess it is more for security reasons. Basic functions will be launched first, and more complex and flexible markets will definitely appear in the future.
3️⃣ Split and merge: The Runes protocol itself has very useful split and merge operations, but as with the previous point, early infrastructure platforms may not directly support it for security reasons (after all, Runes has a cenotaph setting, and if it is not handled properly, all runes in the Input will be burned).
In the short term, if you want to merge your Runes balance into one large UTXO, you can do so through wallet transfers.
For example, if you have 8 x tokens, each with 100 x tokens, and they are on 8 UTXOs respectively, then you can transfer 700 x tokens to yourself in your wallet and merge them into one UTXO. After the transfer is completed, you will have 1 UTXO with 700 x tokens and 1 UTXO with 100 x tokens in your wallet, and you can place orders for them separately.
(! Note: The transfer process also requires network fees! And the more UTXOs you transfer, the higher the network fee!)
The same goes for splitting. Just transfer the desired number of tokens to yourself.
4. The Runes protocol is just like this, nothing special, let’s disband it
The Runes protocol has only been officially launched for 2 days. Due to the relatively conservative early infrastructure, people have not yet experienced the reuse of utxo, batch airdrops, flexible orders, and various advanced operations. Come back and check in two weeks.
BTW, the Rsic dev has already implemented the elegant operation of efficiently airdropping runes to thousands of addresses in one transaction!
Watch the portal: https://mempool.space/tx/0a0d73b38bf4dedbf108f4196618a7ae4b1b5c0600af4d384fba03d8932e428d
5. Share some personal experience in choosing rates
First look at the Mempool. If it has been more than 5 minutes since the last block was produced, and the progress of my ticket is less than 60%, I will probably choose the fee rate at position ① in the figure (that is, the level of the recommended fee rate in the middle and a little bit to the right, about 70%). If the last block in the Mempool has just been produced for less than 5 minutes, then it will take a long time to produce the next block, so I may choose position ②, which is about 90%. If the progress of my ticket has exceeded 70%, and there is still a lot of Fomo on the chain, I may directly give 150% of the recommended fee rate (for example, if the recommended fee rate is 100, I will directly give 150 or even higher). I would rather pay more fees than be stuck in the memory pool or buried.
Disclaimer: This article is for reference only and should not be used as legal, tax, investment, financial or any other advice, and does not represent the position of RunesCC.
