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Bitcoin’s new Rune Fungible Token Standard It was launched late Friday in conjunction with the quadrennial halving event, and immediate demand has led to network fees rising. A level never seen before It is on the original blockchain network. Already, at least one centralized exchange (or CEX) has noticed this and taken action.
Cayman Islands-based exchange Gate.io has already listed its first three Rune tokens. Bitcoin: Satoshi Nakamoto (It has nothing to do with ~. Anonymous Bitcoin Creator), MEME·Economicsand Wanko, Manko, Runes.
WANKO·MANKO·RUNES is a strange token, but the other two have something in common other than the strange naming scheme with the middle part between words (due to protocol naming conventions). Rune Protocol.
there was Mad rush to release rune tokens It helped boost Bitcoin network fees for the first few halving blocks to a combined millions of dollars on Friday when the protocol went live.
why? As some creators said decryption Snatching one of the early slots last week would lend the project provenance and make it look more attractive and valuable to traders. Ultimately, this same pattern NFT-good night ordinal number Last year in Bitcoin, initial inscription numbers made a lot of money on the secondary market.
It can also give these tokens some credibility, with enough buzz to drive the project to mint quickly after launch, with funds available to immediately pay sizable network fees. This can serve as a way for centralized exchanges to add rune tokens that they wish to list.
There is speculation on social media that the first 10 Rune tokens (some of which have not yet been physically distributed) are the biggest targets for exchange listings. That said, WANKO·MANKO·RUNES is already bucking the trend. Perhaps because it built hype for being inspired by a story written by Runes Protocol creator Casey Rodarmor.
Other notable Runes tokens issued on the Bitcoin blockchain in the first set of 10 projects include Rodarmor’s uncapped UNCOMMON•GOODS (with infinite supply) and the soon-to-be-airdropped DOG•GO•TO•THE•MOON. Included. Tied to a rune stone The Ordinals project and RSIC•GENESIS•RUNE are also connected. Airdropped Ordinals CollectionRSIC.
Centralized exchanges legalize assets and “dough” It will potentially put it in front of a wider audience than just one side of the cryptocurrency world. These exchanges are mainstream platforms that require ID and details about the customer, unlike decentralized exchanges where anyone can buy or sell tokens.
The biggest players like Coinbase and Binance are centralized platforms. Binance’s Weekend Tweetsinterestingly Some merchants took it As a sign of interest in exchanging runes.
Binance announces listing of Rune
They didn’t add the BRC-20 to the list until several months after launch.
But when they did, the deal size reached hundreds of millions of dollars. $ORDI Achieved $1 billion valuation pic.twitter.com/ut7hVx3B7t
— trevor.btc (@TO) April 22, 2024
Although this is purely speculation at the moment, Binance has supported Bitcoin as a foundation. BRC-20 Token. And while centralized exchange OKX is dabbling in Runes through its “Web3 Marketplace” that enables peer-to-peer trading, the core CEX does not yet have the Runes token listed.
Gate.io in particular has a habit of emerging as the hottest new product in the digital asset space. First listed on the exchange last year Ordi, the industry’s first and ultimately largest BRC-20 token. Binance, OKX, and other centralized exchanges now list ORDI, making it one of the top 100 most valuable cryptocurrencies overall by market capitalization. Will Rune become a pioneer again and take on the responsibility for other exchanges to eventually follow?
Rune is a new standard for creating tokens on the Bitcoin blockchain. The protocol comes from the creator of Ordinals, another craze launched last year that allows people to mint NFT-like assets on the Bitcoin blockchain.
Runes are different from ordinal numbers, but rather than a unique asset, the protocol allows people to create tokens that are exchangeable but not unique like NFTs. Think of the major networks like this: Ethereum and SolanaWe host new cryptocurrencies that are created every day.
The idea is that with Runes, you can do the same with even the largest and oldest crypto networks. Last year’s experimental BRC-20 standard did much the same thing, but Runes says it’s a more efficient implementation, and some Bitcoin users believe it’s possible. Wider appeal. This could prove to be true if more centralized exchanges accept Loon soon.
Editor Guillermo Jimenez