After the Bitcoin halving occurred last Friday, Bitcoin miners enjoyed a productive time despite a 50% decrease in mining rewards. This was due to heightened interest in the Runes protocol, which significantly increased Bitcoin transaction fees. The Bitcoin Web 3 community has been actively engaged in April, primarily due to Runes and Bitcoin’s BRC20 Ordinals.
Bitcoin Ordinals Vs Runes
Around the beginning of April, there was a significant increase in Ordinals trading on multiple platforms, according to QCP Capital’s reports. This increase can be attributed to several factors such as higher transaction volumes, more daily users, and a greater number of Inscriptions being traded compared to ETH NFTs.
A major factor fueling this revival is the buildup of inscriptions. These inscriptions will dispense runes to eligible holders once the halving occurs. In the past few months, prominent blue-chip ordinal holders like Nodemonkes and Bitcoin Puppets have been gifted ordinals through airdrops, making them qualified to receive runes during the halving event.
Furthermore, the strong showing of well-known ordinal tokens continues, as people keep searching for airdrops where they could potentially receive rune privileges.
Floor Price of Runes Projects Takes A Hit
Rune tokens are a unique type of digital asset that operates natively within the Bitcoin system, setting them apart from other token standards like BRC20s. By using Bitcoin’s own UTXO model, Rune tokens create a smaller impact on the blockchain, leading to improved efficiency and reduced congestion compared to BRC20s.
leading up to the halving, there’s been a lot of buzz in the Twitter sphere about runs as an intriguing niche. Notable projects like Runestones, RSICs, and RuneX have drawn substantial attention, with a surge of new rune-focused initiatives debuting over the last 1-2 months.
Despite the accomplishment of well-known rune initiatives, an unexpected incident took place on April 19th. The cost floor of Runestone suddenly dropped by approximately 20% within a brief 3-hour span. This decrease occurred after the project’s founder, @LeonidasNFT, made an unanticipated announcement about a crowdsourced fundraising event. This news generated apprehension and doubt (FUD) amongst the Runestone community.
At 840,269, the DOG Rune snapshot was finished, leading to a significant drop in the floor price of Pre-Runes Ordinal NFT Runestones – now at 0.03 BTC – marking a decrease of over 60% within the last 24 hours. In contrast, Bitcoin Puppies and NodeMonkes have experienced an uptick in their floor prices by approximately 20% and 7%, respectively.
— Wu Blockchain (@WuBlockchain) April 22, 2024
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2024-04-22 10:29