Summary
TLDR: The Runes token protocol has launched on the Bitcoin network, with over 8,000 tokens created. The protocol has a minimum name length requirement to prevent name squatting. The names are dynamic and must be unique. Runes aim to solve issues with the BRC-20 token standard. The market is still in its early stages, but improvements are expected.
Key Points
1. The Runes token protocol went live on the Bitcoin network after the Bitcoin halving, with over eight thousand “etchings” created on the blockchain.
2. Runes tokens have long and uniquely formatted names to prevent name squatting, where names are registered for profit based on recognized brand value.
3. The minimum name length for Runes tokens decreases over time, creating a dynamic naming environment, and each Rune must have a unique name between 1 and 28 characters long.