Summary
TLDR: BRC-20 tokens have been popular in the Bitcoin space, but a new fungible token standard called Runes is on the way. Runes protocol, created by Casey Rodarmor, aims to provide a more efficient way to mint and transact fungible tokens on Bitcoin. Leading wallet Xverse is gearing up to support Runes, with testnet support already added. Runes is set to launch on mainnet alongside the Bitcoin halving in April, offering a more elegant solution compared to BRC-20 tokens.
Key Points
1. Runes protocol, developed by Ordinals protocol creator Casey Rodarmor, is set to debut on mainnet alongside the Bitcoin halving in April. Xverse has added testnet support for Runes in anticipation of the mainnet launch.
2. BRC-20 token transactions have posed challenges due to the need for separate Ordinals inscriptions for each action, leading to network congestion. Runes protocol aims to offer a more efficient and elegant solution without the need for an indexer.
3. Xverse, a leading wallet, is gearing up to support the Runes protocol, adding to its existing support for various Bitcoin-related assets and protocols. The addition of Runes support signifies Xverse’s commitment to embracing the expanding Bitcoin ecosystem.