Runes Protocol Ignites Interest in Bitcoin as BTC Quarterly Halving Approaches

by time news

2024-04-20 05:06:29

  • Runes Protocol Activated When BTC Quarterly Halving Goes Live
  • Market Audience Demand Ranges Will Follow Orders and Interest Renewal in Bitcoin

Bitcoins [BTC] The fourth half is here, implementing the long-awaited Runes protocol. Like Bitcoin Ordinals, market watchers hope that the new protocol will rekindle interest in Bitcoin and attract more users to the network.

Runes is the new fungible Bitcoin token standard, as is ERC-20 Ethereum [ETH]. This means it can be used to create a wide range of assets, from memecoins to governance tokens on the Bitcoin network.

Reacting to the upcoming protocol, $1.5 trillion asset manager Franklin Templeton recently noticed,

“We’re excited to see if Runes can do for the fungible Bitcoin and DeFi token market what Ordinals did for the non-fungible Bitcoin token market.”

For perspective, Bitcoin Ordinals saw explosive growth after its launch in December 2022. In fact, Bitcoin network activity and fees increased exponentially shortly thereafter.

Casey Rodarmor, the Bitcoin developer behind the Ordinals protocol, is also the creator of the Runes protocol. However, the question: is it possible to repeat the success of the Ordinals and increase the value of BTC?

Will Runes repeat Ordinal’s success after Bitcoin’s halving?

Bitcoin Ordinals market capitalization is now worth more than $2 billion and is being called a “cultural shift” in the Bitcoin network. However, it is worth noting that the protocol He also had resistance on a regular basis. For example, another Bitcoin developer, Dashjr, asked for instructions and inscriptions “

spam” red.

However, market watchers are optimistic about the positive impact of Runes on Bitcoin. For his part, the cryptanalyst Ansem opinions Runes as part of the altcoins Bitcoin even owns.

“I still have a strong Solana + giga spot in Bitcoin, not through leverage but through Bitcoin altcoins, I’m pretty sure this is just a standard pullback in the bull market and we’ll stay here. Run of the Summer.”

On the contrary, some see Runes as part of a growing Bitcoin L2 ecosystem that could revolutionize the DeFi sector and compete with Ethereum and happy [SOL]. One of the BTC L2 enthusiasts is Imran Khan of Alliance DAO, a network to advise crypto founders. he fixed,

“For those who missed Eth defi summer 2020, I expect something like Bitcoin. The upcoming release of Runes, L2, memes/ordinals and defi protocols is the perfect storm brewing.”

It’s worth noting that Ordinals and Runes creator Casey Rodarmor isn’t sure how Bitcoin maxis will react to Runes after Bitcoin’s half-life. he clay,

“I don’t want them (Bitcoin Maxis) to like the inscriptions or the runes, but I think they shouldn’t care. Bitcoin is money for your enemies.”

The Runes protocol is primarily designed to create memecoins and bring “degens” to the Bitcoin network. It’s close to how meme mania ignited activity on the Solana network.

However, it remains to be seen how the public will react and whether the value of Bitcoin will appreciate after the semi-final.

This is an automatic translation of our English version.


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