General
An innovative standard
- RUNES became an active protocol on Bitcoin on April 20, 2024, coinciding with Bitcoin’s fourth halving, which we told you about in this recent article.
- This protocol for creating streamlines transactions and greatly enhances the management of assets. One of its most significant aspects is its application in the development of new cryptocurrencies, which, according to some experts, could make the RUNES protocol a strong competitor to Ethereum and Solana at some point in the future.
In mid-April, Ord.io, the Bitcoin Ordinals explorer, concluded a $2 million pre-seed funding round, co-led by Bitcoin Frontier Fund and Sora Ventures. The platform enables users to search, browse, and engage with Ordinals inscriptions on the Bitcoin blockchain.
What is Runes and what is new about it?
- The Runes protocol serves as a standard for creating tokens on Bitcoin, facilitating the creation and transaction of tokens on this network. Similar to Ethereum’s ERC-20, it allows developers and users to generate NFTs, stablecoins, memecoins, or other DeFi assets.
- It also presents an alternative to replace the previous standard, BCR-20, which has raised concerns due to its tendency to generate spam information and transactions on the network.
- Unlike other token standards like Bitcoin’s BCR-20 or Ordinals, developers of RUNES-based tokens don’t need to inscribe their assets in a satoshi unit or transfer. Each token is registered in the unspent bitcoin balances of a transaction, known as UTXOs (Unspent Transaction Outputs).
- Using this approach, tokens are not tied to any particular address or linked to a transaction or specific satoshi. Instead, they are seamlessly integrated into the information within all Bitcoin transactions, being recorded without adding additional weight to their transfer.
A tip to keep in mind with airdrops:
- To get in early via pre-mining Runes tokens, consider these key points:
- Buying an Ordinal qualifies for a Runes token airdrop upon protocol launch or later, bypassing minting fees.
- Timing snapshots is crucial for airdrop eligibility. Holding Ordinals longer may yield more tokens.
How to Mint and Trade Runes Tokens on the OKX Runes Market
- OKX is one of the first platforms in the market to add support for the protocol. OKX hosts a specialized market where RUNES token holders offer their assets to the community.
- The top nine Runes tokens listed on OKX have a combined market capitalization of over $1,000,000.
- All you need is a wallet compatible with the RUNES protocol and bitcoins to pay the network fee.
We’ll guide you through the process step by step:
Buy:
- Navigate to the OKX Wallet, then proceed to the Marketplace section, and select Runes.
- Choose a token from the OKX Runes Market. Trending tokens by volume are available in the Hot Tab, while the full list of tokens can be found in the All Tab. Tokens that have been etched can be minted in the Minting Tab.
- Upon entering the token page, examine the various listings based on total tokens, unit price, and total price. Click on “Buy” for the desired order.
- Review the transaction summary, adjust network fees if necessary, and click “Confirm”.
- Wait for the block to be confirmed, and the acquired runes tokens will appear in your wallet.
Sell:
- Access the OKX Wallet and navigate to the Marketplace section, then select Runes. Alternatively, choose the token from your wallet to list.
- Click on the token you intend to sell and select “List”.
- It’s crucial to review the available UTXOs for sale. Tap on the UTXO you wish to sell. Set your desired price and click “List”. Review the transaction summary for the listing and click “Confirm”.
Mint:
- Access the OKX Wallet and navigate to the Marketplace section, then select Runes, and proceed to Etch Runes.
- Input the name of the token you wish to mint. Tap on the token name, specify the number of times you want to repeat the transaction, and then tap “Confirm”.
And that is all. We will continue to update you on the main crypto and DeFi trends. Happy trading!
