What Are Runes
Recently, a new token protocol called Runes was unveiled for Bitcoin, it was created by Casey Rodarmor, same guy who created Ordinals. It’s meant to be a better way to create tokens on Bitcoin compared to the old BRC-20 standard. Runes is rallying considerable interest, specifically on the potential impact on meme coins inscribed directly on Bitcoin.
Runes emerge as a streamlined and more effective solution compared to the BRC-20 token standard. Operating as fungible tokens directly within the Bitcoin blockchain, Runes aim to declutter the network by minimizing unnecessary transaction outputs, commonly referred to as “junk” UTXOs (Unspent Transaction Outputs), which previously congested the system.
$145 Million— An Impressive Start
In a little more than 2 weeks, at the time of writing (5/7/24), Runes have generated 2,269 btc worth of fees or about ~$145 million! Source Dune Console. The network has processed almost 6 million transactions with +72k runes etched since launch!
The top 10 rune by trading volumen have transacted ~1,370 btc or $87 million on secondary markets like Magic Eden, with the top 3 projects by trading volume reaching $700 million market cap. Source Satscreener.
Ordinals A +$2 Billion Market
Bitcoin Ordinals are unique digital assets (NFTs) securely inscribed on the Bitcoin blockchain. The realm of Bitcoin has expanded significantly since then, introducing a variety of new token types, including fungible BRC-20 Tokens. With a combined value exceeding $2 billion, these tokens have become a substantial source of revenue for miners.
On March 3, 2024 one of the largest Ordinals with a size of 3.97 MB, was inscribed. The Runestone -with I#63,150,674- created by Leonidas has lead an impressive charge into Runes. On march 14th, the largest Ordinal airdrop occurred, 112,383 runestones were transferred creating the largest Ordinal collection in existence. On block 840,000 -at the Bitcoin halving-, Rune #3 DOG•GO•TO•THE•MOON was etched issuing 100 billion runes, then airdropped -for free- at a rate of 889,806 per wallet.
The Need for Bitcoin Tokenization
By design, Bitcoin’s base layer is extremely simple. It was made like this by Satoshi Nakamoto with a block size of 1 Megabyte to avoid centralization allowing for robust security. Segwit has allowed the block size to increase to about 4 M allowing inscriptions like Runestone.
The fact the block size is small means that Bitcoin Layer 1 is practically not programable, Layer 2 solutions like Stacks aim to provide the smart contract solution for Bitcoin. The reality is that everyone still want solutions directly on Bitcoin L1, thus the rise of Ordinals and now Runes.
Ultimately, trading and other DeFi-related activities will likely need to transition to Bitcoin layer 2 chains if they they want to compete with platforms as Ethereum & Solana. But the fact is that people want save in Bitcoin, and PLAY on it!
Runes is set to be poised as meme/utility token protocol by excellence. We envision a new suite of products and services storming Bitcoin looking to grab the attention of all those holders who want to transact and play directly on the strongest blockchain in the planet.
SPORT•RUNE•GODS — A Bitcoin Utility Token
Sport Rune Gods (SGR) is the first “sport” related Rune etched on the new protocol. It was inscribed on April 20 2024, on block 840,076 and its Rune #2,011.
The $GODS Token — Enabling Gaming on Bitcoin
Sport Rune Gods aims to provide utility to Bitcoin with a Rune Utility Token connected to a proprietary Fantasy Sport Platform.
Users will be able to deposit $GODS directly into the SGR Vault on the Bitcoin Network using their wallet. Once deposited, the SRG records it on the Transaction ledger for confirmation, after which the $GODS funds smoothly transfer to the User’s SRG Vault. The deposited funds will then be available for immediate use across the SRG ecosystem, enabling participation in various games without the high gas fees.
Transactions within the ecosystem, such as entry fees for tournaments, will be conducted using the $GODS utility token. Rewards for tournament, top performers on leaderboards, and special event prizes will also be distributed in the $GODS token, fostering competitiveness and engagement.
Once a user decides to withdrawal their $GODS funds, they can easily send a withdrawal transaction to the network to be recorded on the Ledger with their Rune funds directly transferred to the user’s wallet.
FREE Ordinal Collection — Rune Staking
As means to promote an approximation to a fair market launch for the $GODS token, the project will allow up to 10k users to mint SRG Ordinal Collection for FREE, it will then airdrop 2% of the total supply or 20,000,000 million $GODS tokens to Partners & distribute 10% of all tokens or 100,000,000 $GODS to its Ordinal Holders via their Staking Platform.
Interested on inscribing one of these Sport Ordinals for FREE? Or play their Fantasy Sports & Crypto Games? Here links to their Socials:
