Understanding Bitcoin’s Blockchain Runes: A Rising Interest in Economics and Politics
The Rise of Bitcoin Runes in the Crypto Space
Bitcoin Runes are an evolution of the Ordinals, part of the broader Bitcoin Ordinals set, akin to NFTs but based on the Bitcoin network.
These tokens mint metadata such as images or text on the smallest units of BTC, known as satoshis.
Integration of Runes Protocol by Bitget Wallet
In response to the growing trend, Bitget Wallet has integrated support for the Runes Protocol into the wallet’s DApp browser, featuring a dedicated DApp category.
This development allows users to engage directly with DApps for rune engraving and trading through their Bitget Wallet.
On April 23rd, Bitget Wallet reported that within a 24-hour period, the transaction volume for the top ten most active rune projects had nearly reached 300 BTC, with a total market valuation of 39,000 BTC.
Leading Projects in the Bitcoin Runes Space
Key projects in this realm include RSIC-GENESIS-RUNE, SATOSHI-NAKAMOTO, WANKO-MANKO-RUNES, and BITCOIN-PEPE-MATRIX.
Bitget Wallet’s COO, Alvin Kan, emphasized several factors driving the swift rise of the Runes Protocol.
Its acceptance as a genuine protocol for issuing native Bitcoin assets garnered strong market support.
Pre-Runes projects like Runestone achieved valuations exceeding $500 million before the official launch of the Protocol Runes.
Despite short-term challenges due to network dynamics and liquidity issues potentially affecting on-chain trading fluidity, Alvin maintains a positive outlook on the long-term prospects of the Runes Protocol.
Recognized as the official protocol for issuing assets on the Bitcoin network, the protocol holds significant growth potential.
The thriving community of cryptocurrency enthusiasts, developers, and investors globally establishes a solid foundation for future expansion and innovation.
Ongoing support from major exchanges, now also integrating assets on the Runes Protocol, is expected to bring about increased liquidity and positively impact market development.
Alvin states, “I am confident about the future of the Runes Protocol.
This is just the beginning of a global phenomenon that will undoubtedly be a leading sector in Web3 for innovation.”
