Xverse wallet publishes a comprehensive manual on Runes and prepares for the upcoming Bitcoin halving event.
Xverse Wallet has released an extensive guide on Bitcoin Runes, offering valuable insights into efficient token management on the Bitcoin blockchain after the halving event. The guide explains that Runes are fungible tokens issued on Bitcoin using the Runes protocol, which was introduced by Casey Rodarmor as a streamlined alternative to the BRC-20 standard. The protocol aims to prevent network congestion by avoiding junk UTXOs and has gained strong support from the community. The first Rune token, RUNE, was issued immediately after the announcement, and there have been further developments, including a significant grant and a new issuance tool.
With the halving event approaching, there is increasing anticipation surrounding the Runes ecosystem. The guide highlights that Bitcoin builders are already preparing for the launch by building the necessary infrastructure for Runes tokens, indicating the growing interest and development within the sector. Marketplaces and launchpads like Magic Eden and BitX enable users to trade and launch various Rune-related tokens. Additionally, platforms such as Fluid Tokens are working on decentralized applications for lending runes, showcasing the expanding functionality and utility of the ecosystem.
According to the guide, Runes have a minimal on-chain footprint and improve overall efficiency. In contrast, BRC-20 tokens, which are derived from Ordinal Theory and not native to Bitcoin, increase network congestion due to UTXO proliferation. The Runes protocol integrates Bitcoin’s UTXO model and operates on Bitcoin Layer 1, enhancing base blockchain interaction without excessive UTXO production. Unlike BRC-20, Runes also penalize errors by burning tokens, ensuring careful UTXO management.
Investors and holders of Ordinal and BRC-20 projects have the opportunity to accumulate Runes through a runic miner, allowing them to invest in this new technology before its official launch. For example, the BRC-20 project Runestone has airdropped 100,000 tokens to the Ordinals community, which currently has a floor value of 0.078 BTC, equivalent to $5,100, and will enable its holders to accumulate Runes.
In other news, the dominance of Bitcoin has reached its highest level of 2021, boosted by the introduction of ETFs. Additionally, a miner has moved nearly $3.3 million in Bitcoins for the first time in 14 years. For more updates, follow us on Google News.
