Summary
TLDR: With the Bitcoin halving approaching, a new fungible token protocol called Runes is set to launch on Bitcoin, allowing users to mint tokens on top of the chain. Project creators are racing to secure early token mints, as collectors value low numbers. Runestone, the biggest Ordinals project, is spending over $100,000 to secure a low number for its upcoming meme coin launch. Bitcoin mining pools are also competing to nab an “epic satoshi” for potential market premium.
Key Points
1. Bitcoin halving is only hours away, leading to a race to mint the first tokens on the new Bitcoin Runes protocol set to launch alongside the event.
2. Runes is a new fungible token protocol on Bitcoin that allows users to “etch” and mint tokens on top of the chain, offering more efficiency compared to previous standards like BRC-20.
3. Project creators are eager to secure early token mints as collectors and traders value low numbers, indicating early adoption and provenance. Millions of dollars are expected to be spent on fees to secure low Rune numbers for projects like Runestone.