With a market value of over US$300 million and becoming a “golden shovel”, what’s the origin of Runestone? "BTC Ecosystem"

Original | Odaily Planet Daily

Author | Asher

Editor | Qin Xiaofeng

In addition to the recent popularity of the SOL Ecosystem's "Dog Donation", there are also extremely popular projects in the BTC Ecosystem that have led to the recovery of the entire BTC NFT sector. That is Runestone, currently recognized by the community as the leader in the rune sector.

On March 15th, Runestone was launched with a floor price of only 0.012 BTC (approximately 1,000 USDT). In the past few days, the floor price continued to surge to a maximum of 0.047 BTC (approximately 3,400 USDT). Runestone’s market value once surpassed Pudgy Penguins (Fat Penguins). Community sentiment He shouted out the heroic words of "Beyond BAYC".

What kind of project is Runestone, and why is it so popular?

Initial distribution is more fair

The initiator of Runestone is the Ordinals protocol developer of Leonidas, which naturally brings attention to the project.

According to the introduction, Runestone is an open source, transparent, spontaneous and decentralized protocol designed to reward players who participated in the Ordinals protocol in the first year. In order to make Runestone more equitable distribution, Leonidas chose a snapshot to judge the wallet activity based on the activity on the BTC chain before block height 826,600, which happened to be the height one year after the release of Ordinals. Runestone has the following features:

• Fairness: no team assignment, teams organized by volunteers;
• Large total amount: 112,383 addresses receive free airdrop opportunities;
• Has narrative: Two of the largest blocks in Bitcoin history were mined.

Runestone is not only very popular in European and American communities, but also has many hard-core players in the NFT circle in the Chinese community. In a Space session yesterday afternoon, you can see that many BAYC holders have changed their avatars to "rune stones". As follows:

Runestone Chinese District Space

In this Space, Leonidas also analyzed several of his core views on Runestone:

• BTC is the future, especially L2 and Runes protocols. Runestone will lead the Runes protocol;
• Don’t think of Runestone as an NFT. It will develop in the direction of Meme currency in the future. The current market value is still very low;
• Any tokens issued in the future will only be given to Runestone holders, and tokens will not be sold through other methods.

OTC trading was hot before going online

Although the total amount of Runestone airdrops is so large, before Leonidas officially released the airdrops, there were people in the over-the-counter market who were constantly "sweeping goods".

According to data from the Pre-Market section of the Whales Market platform, the highest transaction price of Runestone before listing exceeded US$1,700, and the total trading volume was nearly US$4 million; based on the average transaction price of US$1,500 in the last two days, its market value before the secondary opening was as high as 1.68 100 million US dollars, which shows how popular it is.

Source: Whales Market

On the morning of March 15, Leonidas announced on the X platform that the airdrop of Runestone has begun and everyone will receive it within the next 24 hours. Since then, the number of content discussing Runestone in the community has continued to increase, and the popularity has continued to increase.

After the Runestone airdrop, holders once pushed the price to around 0.012 BTC, but soon there was continued strong buying, which steadily pushed the floor price up, reaching a maximum of above 0.047 BTC. It has now fallen back to around 0.038 BTC. The total trading volume is nearly 660 BTC.

Source: Magic Eden

Due to the changing hands of strong buying in the past few days, the chips began to concentrate, and the number of held addresses has also reduced from over 110,000 at the beginning to less than 86,000 currently. **According to OKX data, there are currently 16 addresses holding more than 101 Runestones, 31 addresses holding 51 to 100 Runestones, 364 addresses holding 11 to 50 Runestones, and 2 to 10 There are 5,210 addresses holding one Runestone, and 80,890 addresses holding only one Runestone. **

Source: OKX

The next “golden shovel” of the BTC ecosystem

As the popularity of Runestone soars, project parties in the BTC ecosystem are also attracted to it, and the "welfare" of holders also follows. As a community member said: * "Holding Runestone feels like collecting money in DeFi. You only need to collect, and there is no risk." *

The first "collection of vegetables" work began. At 5:30 a.m. on March 19, CEO trevor.btc of Pizza Ninjas, a popular NFT project on the BTC chain, announced on the All users can mint for free, and the mint time is from 5:30 a.m. on March 19 to 5:30 a.m. on March 20. Currently, THE PROPHECY has Mint more than 35,000.

Mint website

In the secondary market, the floor price of THE PROPHECY shot up to around 0.002 BTC (approximately $130) and then fell back. The current floor price is 0.00096 BTC (approximately $60). When the BTC rate is around 30, Mint’s cost is about $14. , secondary selling also has a good rate of return.

Source: Magic Eden

Currently, in addition to THE PROPHECY being launched in Mint, there are also many projects that are planning to issue "benefits" to Runestone holders. **Odaily Planet Daily compiled the following projects based on feedback from multiple community members (Note: Due to the lack of Runestone official certification, users must pay attention to the risks): **

• Runeshield: Create the second largest Meme on the chain, driven by Runes, pay tribute to Runestone, and reward Runestone holders. The project is currently discussing Mint costs and other issues, and Mint has not started yet;
• Ordinals Bricks: All Runestone holders will be entitled to one free Mint. Mint has not started yet;
• The project team of Merlin Chain also issued a document stating that it will provide bridges, DEX, indexers, minting services and more incentives for the Runestone and Runes protocols.

If the floor price of THE PROPHECY, the first to issue "benefits" to Runestone holders, can continue to rise, I believe that more and more projects in the BTC ecosystem will give priority to these "Runestone holder" addresses.

Summary

After all the Runestone airdrops were distributed, Leonidas opened a poll on the X platform to ask everyone about the total amount of Meme tokens issued through Runestone. More than 10,000 people participated in the poll, and the total number of tokens with the most supporters was 21,000,000.

It can be seen that a deterministic airdrop for holding Runestone is the Meme token that will be issued in the near future, coupled with the Merlin chain and other projects to boost the development of Runestone. Perhaps, the potential income gained from holding a "rune stone" exceeds its own secondary market price.