Written by Jaleel, BlockBeats

The short-term investment asset that has not been officially released now has a market value of US$143 million.

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.

Ordinals developer is also Runestone Leonidas, the founder of the project, posted on social media that block 832849 and the Runestone parent inscription (parentinscription) have been completed in cooperation with OrdinalsBot and MarathonDigitalHoldings. As the airdrop process progresses and Leonidas promotes the Runestone project, the price of Runestone OTC has been rising even though the airdrop has not yet landed.

According to the Runestone price trend line compiled by Doggfather, it can be seen that the highest price of Runestone OTC was close to US$1,600 on March 5, setting a new record for the highest valuation of Runestone. .

Source: Doggfather

Most of the active Bitcoin community may have heard of this large-scale airdrop of the Runestone project, but Runestone's expectations are so high, obviously not only because of its large-scale airdrop.

Want to be the top Meme on the Runestone protocol

Many early users of the Bitcoin ecosystem know this , Casey has always been somewhat dissatisfied with BRC-20, the FT protocol that is parasitic on the Ordinals protocol. So in September 2023, Casey released his idea for this new FT protocol Runestone.

This new token protocol hoped to be built on Bitcoin was later called "Rune" by the Chinese community. 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.

Related reading: "Before the Bitcoin Runes protocol is launched, these contents need to be understood in advance》

The consensus of the Runes protocol has been reflected in advance

On December 16 last year, Casey announced the time when the Runes protocol would be launched on the main network at the Taipei Blockchain Week event, which was released at the Bitcoin block height of 840,000. , which is the fourth halving of BTC, which will probably be in late April.

As the "singularity" of the "Big Explosion" of the Bitcoin ecosystem, Casey's influence is unparalleled in the entire Bitcoin ecosystem. The Runes protocol itself is Have a strong consensus.

As the consensus of the Runes protocol becomes stronger and stronger, the value of assets has been realized in advance.

According to Casey, Runes will have two distribution methods in the future: fixed total amount (project parties can pre-mine) and Open Mint (fair launch, project cannot be pre-mined).

In order to prevent the first Rune from being snatched or pre-mined by VCs or project parties, Casey decided to hard-code the first 10 Runes (Rune 0 - Rune 9) In the Runes protocol, only open mint is supported so that everyone can participate fairly. At the same time, it also solicits interesting and memeble token names, units and minting rules from the community. Here Casey mentioned several names that he thought were interesting, such as COMMUNISTRUNE, ANARCHISTRUNE, CYPERPUNKRUNE, etc.

The name of Leonidas’ Runestone project is the same as the Runestone protocol. At this point, Runestone already outperforms most projects.

According to Leonidas on social media, after being replaced with tokens, Runestone’s goal is simple: to create the world’s top memecoin on the world’s top blockchain .

Compared with the existing companies with the highest market value Meme, Doge has a market value of US$21 billion, Shib has a market value of US$18 billion, and PEPE has a market value of US$2.8 billion. Looking at the Meme inscriptions with the largest market value in Bitcoin, ORDI has a market value of US$1.5 billion and SATS has a market value of US$1.3 billion. If Runestone wants to become a top Meme, it is expected to have 10 times the space.

There is Cook in the front and RSIC in the back

Although many community members will say that this None of them were issued by Casey himself, and they do not have "orthodox" pedigree. But we have also seen the price support of the Runes concept, even though the projects and assets of the Runes concept currently on the market do not have "legitimacy."

For example, the Runealpha protocol was released in December last year. As a fork version of the Runes protocol, Runealpha was very popular at the time. The price of Runealpha’s first token, Cook, was very high for a long time until Casey issued a clarification that neither Runealpha nor Cook had anything to do with him.

If the performance of Cook and Runealpha is not outstanding enough, then RSIC can explain this problem to a great extent.

RSIC is the abbreviation of Rune Specific Inscription Circuits. A total of 21,000 Ordinals NFTs, 90% of the RSIC were airdropped to holders by the project party at their own expense, costing more than 3 BTC. Due to the wide scale of airdrops and innovative airdrop forms, RSIC was even speculated by the community to be issued by Casey.

Although the specific airdrop rules and standards have not been announced, community speculation is mainly based on the blue-chip NFT held by the wallet. After RSIC is activated, it starts "mining", and the locked profit is the token share of a certain token that the project party will deploy in Runes in the future.

In the recent RSIC single The price has remained above 0.1 BTC, and its current market value exceeds US$150 million, firmly ranking among the top five Bitcoin NFTs. At the same time, as of now, the total trading volume of Runestone has reached US$1.6 million, with a total of 110,000 pieces. Based on the current price of US$1,300, Runestone has a market value of US$143 million.

This also means that the market value of Runestone was close to that of RSIC before the airdrop was officially released.

Refreshing the record for the largest block in Bitcoin history

In terms of momentum and marketing, Leonidas also did a lot of work.

On March 3, Leonidas posted on social platforms that earlier today, Runestone mined the largest block in Bitcoin history, refreshing Taproot. Wizards reached a record of 3.96MB and a block size of 3.97 MB.

After that, TO is also This was confirmed on social media. He said that a top-level Bitcoin Core developer sent him a DM and he was very sure that the 3.97 MB rune stone inscription was the largest block currently.

Thinking back to February last year On the 1st, Taproot Wizards purposefully planned the largest block and transaction in the history of Bitcoin, which also caused great shock to the Bitcoin ecosystem.

Blockstream CEO Adam Back, Bitcoin Core developer Luke Dashjr and others are opposed to this, believing that this will cause the size of the Bitcoin blockchain to rapidly expand and run the full The equipment requirements of nodes have increased significantly, resulting in fewer nodes in the entire network and reduced censorship resistance. At the same time, unexpectedly huge transactions and huge blocks will impact ecological facilities such as wallets, mining pools, and browsers, causing abnormalities in some facilities, such as certain transactions failing to be parsed normally.

At that time, Udi Wertheimer, founder of Taproot Wizards, said that Bitcoin maximalists need to put down their high opinions and prejudices and accept that blockchain can be used for more than just Simple transaction. Bitcoin should not only be used for simple transactions, but can also achieve more functions through technological upgrades, and NFT is just one of them.

Interestingly, unlike Udi Wertheimer who received strong opposition at the time, now Leonidas has set a new record for the largest block in Bitcoin history through Runestone without much opposition. Sound.

The artist who carved marble came into Bitcoin

In addition, the Runestone project has received great attention The reason is the team.

Founder Leonidas Needless to say, early members of the Bitcoin ecosystem are all familiar with him. Leonidas can be said to be the big OG of the Bitcoin ecosystem, and played a key role in the early promotion process. He has made great contributions and has great influence.

Recently Leonidas also announced their designer Léo Caillard, an artist from Paris who is famous for his carved marble sculptures. The fact that a marble carving artist came to carve the rune stones on the Bitcoin chain is very interesting in itself.

Leonidas is carving

blockquote>

In his social media, Léo Caillard expressed his thoughts on Bitcoin NFT and Runestone: "Not much different from the lasting properties of marble, I know Using Bitcoin blocks as my medium will allow me to create something that our descendants can appreciate."

Just as the great marble sculptures of antiquity have been preserved for centuries The rune stones will also be preserved for thousands of years.

Details of the rune stone

blockquote>

Under this tweet, the Bitcoin Wizard NFT official Twitter commented: "They told me before that there are no real artists on the Bitcoin blockchain" to express Their recognition and tribute to art.

Gift to all early users

Runestone’s airdrop rules basically cover all Ordinals Active users.

It is reported that the airdrop rules of Runestone are: the address with 100 blue chip inscriptions at the snapshot will receive 1 runestone; the address contains 3 random runestones at the snapshot JPEG, you will get 1 runestone. Obviously, the algorithm of the runestone airdrop is not conducive to whales, but it is hoped to cover all early Bitcoin users as much as possible.

No pre-sale, no team allocation, no preemption, fair launch, this is the spirit that Bitcoin NFT has had from the very beginning. As the OG of the Bitcoin ecosystem, Leonidas adhered to this when launching Runestone and carried out fair and inclusive distribution.

So can Runestone, currently 1300U outside the market, really become the top Meme on the Runes protocol?

This answer is difficult to say before the Bitcoin halving and the official launch of the Runes protocol. But even if the airdrop has not yet fallen, we can indeed see the influence of Runestone in the market. Runestone has the conditions to become a top-level project on multiple levels.

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia