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    Experience the Excitement of Runes Protocol’s Bitcoin Launch with Surging Token Minting Fees!

    The highly anticipated Bitcoin halving event had taken place recently, but it was not what captured the most attention in the crypto world. It was the release of a new project by Bitcoin developer Casey Rodamor called Runes that truly turned heads, even among those who have been in the blockchain industry for a long time and have a deep disdain for the creation of new digital tokens on the platform.

    Rodamor, who had previously gained recognition for his protocol Ordinals that allows data to be “inscribed” on the smallest unit of Bitcoin, known as satoshis, creating unique and valuable assets on the network. This innovation is credited to inspiring a new wave of development on Bitcoin.

    Runes, similar to Ordinals, allows people to mint and “etch” tokens on the blockchain, with the main difference being that Ordinals are “non-fungible” while Runes function more like meme coins, which have been causing a frenzy in the crypto markets lately.

    The first project to be minted on Runes was Rodamor’s own UNCOMMON•GOODS, which had been announced well in advance of the halving. However, many other projects had also planned to take advantage of the scarce satoshis and etch themselves into the blockchain.

    It was impossible to predict which projects would end up securing a spot on these coveted satoshis. Currently, there are already hundreds of Runes projects being minted and seeking potential buyers.

    Just nine blocks after the halving, Runes projects had already paid a massive 78.6 BTC in fees (equivalent to approximately $4.95 million) to obtain the rarest of the rare. This hints at the potential for the Runes protocol to be a driving force behind Bitcoin’s growing fee economy, just like Ordinals.

    The criteria for determining a potentially successful Runes project is rather subjective: being an early project to list, such as DOG•GO•TO•THE•MOON which holds the title of “Rune Number 3”, is one way. Buyers are also taking into account the “quality” of the project’s ticker.

    Many projects had already started to mint before the halving event, including DOG•DOG•DOG•DOG•DOG, MEME•ECONOMICS, SHORT•THE•WORLD, PEPE•WIT•HONKERS, and dozens of others, as reported by runebtc.xyz.

    Prior to the halving, in a discussion held by Leonidas, a respected Ordinals collector, users and speculators were exchanging ideas on which projects to mint and trading ticker names.

    Among the projects mentioned were Taproot Wizards, an Ordinals project co-created by influential Bitcoin personalities Eric Wall and Udi Wertheimer, and a project named after Bitcoin’s founder, Satoshi Nakamoto, which at the time had over 5,000 holders and had minted around 19,000 tokens.

    It is challenging to predict which projects will have long-term value. As one trader put it, “I don’t see any good memes yet, I mean, I’m just trying to figure it out.” Another added, “I’m still trying to understand the space in general. These projects are like early Runes. Do you guys think they will be the most valuable?” to which someone responded, “It all depends on how they perform.”

    An important factor to consider is how many tokens were “pre-mined” and held in reserve by project creators to potentially release on the market at a later date. Leonidas had stated guidelines before the halving, stating that projects with a pre-mined supply of more than 10% were considered “greedy”.

    One trader said, “I think the ones with pre-mines will have the upper hand. It’s just so hard to come up with a good meme with a limit of 13 characters,” referring to the naming system imposed by Rodamor to prevent “ticker squatters”.

    Over time, Runes tickers will be allowed to have shorter names. In three years, we may see projects with three-letter tickers. However, it is uncertain whether this strategy will be successful. As reported by Ordiscan, one forward-thinking developer has already reserved a series of tickers, including ZZZZ (which will be the “first four-letter Rune” to mint in two years), ZZ and Z (the first two-letter and one-letter Runes to mint in three years), and A (the last single-character Rune to mint in four years).

    With something so new, it is challenging to determine what to value. “As everybody is scrambling to figure out what the hell’s going on, I want to just take a moment to say it’s awesome being here with all of you,” Leonidas said in a X Space session. “This is essentially the start of a new protocol that kicked off about 30 minutes ago. So let’s see what happens. I think it’s going to be very chaotic.”

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