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Runes Minting Dominates Initial Bitcoin Halving Fallouts

Published 20/04/2024, 11:04
© Reuters.  Runes Minting Dominates Initial Bitcoin Halving Fallouts
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Coin Edition -

  • Runes minting dominated the initial phase of reactions following the recently completed Bitcoin halving.
  • The novel protocol attracted 78.6 BTC in fees just nine blocks after the Bitcoin halving.
  • Runes creator, Rodamor, minted the first project on the protocol, UNCOMMON•GOODS.

Runes minting has dominated the initial phase of reactions following the recently completed Bitcoin halving. According to reports, the novel protocol on the Bitcoin network attracted 78.6 BTC in fees, equivalent to $4.95 million just nine blocks after the Bitcoin halving.

As a relatively new creation in the crypto space, Runes is similar to Ordinals, allowing people to “etch” and mint tokens on-chain. It is the brainchild of Casey Rodamor, the creator of Ordinals. The difference between both protocols is that Ordinals are non-fungible, while Runes will function more like memecoins.

With the timely explosion of Runes and how it exploded into the Bitcoin ecosystem, many crypto users already think it could become a boon to Bitcoin’s burgeoning fee economy. Most of such users already discussed which Runes to mint and trading ticker names before mining the halving block. They carried out the discussion in an X space hosted by Leonidas, a well-known Ordinals collector.

Runes creator Rodamor minted the first project on the protocol, UNCOMMON•GOODS. Like many other projects looking to etch themselves on the novel protocol, Rodamor announced the UNCOMMON•GOODS project long before the completion of the Bitcoin halving. Hence, even before the landmark halving took place, Runes’ awareness skyrocketed and perhaps led to the extraordinary results experienced shortly after the Bitcoin halving.

Notably, Runes’ arrival into the crypto space coincides with the growing awareness and unprecedented adoption of memecoins. Such a development has led to increased competition for scarce Satoshis among intending projects wanting to mint on the Runes protocol.

Crypto community members anticipate that users will mint more Runes over time. One highly anticipated project is Taproot Wizards, the Ordinals project co-created by Bitcoin OG influencers Eric Wall and Udi Wertheimer. Users also look forward to the creation of Satoshi Nakamoto, named after Bitcoin’s creator.

The post Runes Minting Dominates Initial Bitcoin Halving Fallouts appeared first on Coin Edition.

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