Summary
TLDR: Developer announces new protocol called Runes to rival BRC-20 token standard, causing hype in the market. Tips from NFT historian Leonidas on mining Runes include paying high fees, being patient, and avoiding projects with greedy pre-mines. Traders urged to think about market cap before minting Runes to avoid FOMO.
Key Points
1. Pay the sky-high fees: To ensure your transaction gets squeezed in during the Rune minting process, be prepared to pay significantly higher fees than everyone else. Missing out on a block due to low fees could result in your transaction being left out and your Rune going unminted.
2. Be patient—if you can: With network fees expected to skyrocket, consider waiting for a more opportune time to mint your Runes. Fees often dip on weekends and late at night, so if you can afford to wait, you may be able to mint at a lower cost.
3. Mind the pre-mine: When selecting Runes to mine, be cautious of projects with a high pre-mine percentage. Look for projects with a pre-mine of 5% or less, or consider projects without any pre-mine at all to avoid potential dumping of tokens on the market after minting.