Summary
TLDR: Bitcoin’s new Runes fungible token standard launched alongside the halving event, leading to a rush to mint tokens and higher network fees. Gate.io has listed early Runes tokens, sparking speculation on which tokens centralized exchanges will add. Binance hinted at interest in Runes, and OKX is dabbling in the protocol. Runes allows for non-unique tokens on the Bitcoin blockchain, potentially gaining broader appeal if more exchanges embrace it.
Key Points
1. Bitcoin’s new Runes fungible token standard launched alongside the quadrennial halving event, pushing network fees to unprecedented levels on the original blockchain network.
2. Gate.io, a centralized exchange, has already listed three of the earliest Runes tokens on Bitcoin, including SATOSHI•NAKAMOTO, MEME•ECONOMICS, and WANKO•MANKO•RUNES.
3. The rush to launch Runes tokens led to high network fees, with some creators aiming to establish provenance and value by securing early slots, similar to the pattern observed with NFT-like Ordinals on Bitcoin last year.