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Panda Research Report No. 18: Runes, from initial understanding to preparation, just read this article.
Today we are going to talk about Runes, a new protocol built on top of Bitcoin. The Runes protocol is about to be launched, and here are some key points about Runes for those who don’t know much about it:
1. Quickly understand the characteristics of the Rune Protocol /glimpse
📌 Main features of Runes:
Purpose: Issue non-fungible tokens (NFTs).
Creator: @rodarmor , who was a key figure in the development of ordinarys.
Model: Based on UTXO, efficient, fast and low-cost.
Design: Simple, only involves the entry and exit of BTC blocks.
Lightning Network Compatibility: Supported, more tightly integrated with Bitcoin.
Error: Not allowed.
Open Casting: Yes, every rune can be cast publicly.
🚀 Advantages of Runes:
Increase in users: Allows the issuance of multiple tokens to attract more users and enjoy fast and low-cost transactions.
Increased revenue: As interaction increases, transaction fees rise, incentivizing miners to protect the network.
Technological innovation: Encourage developers to innovate and bring unprecedented Bitcoin blockchain experience.
Effective token issuance: Improve existing token protocols, reduce negative impacts, and design better than the BRC-20 standard.
🔍 The Future of Runes:
Direct trading: We plan to enable direct transactions between users in the future to reduce reliance on centralized exchanges.
Solving the RBF problem: Reducing the problem of replacement fee (RBF) through direct transactions.
Layer 2 Network Bridging: It is expected that once the OP_CAT Bitcoin Improvement Proposal (BIP) is approved, Rune tokens will be able to bridge to the Layer 2 network.
Rune's goal: to help Bitcoin achieve widespread adoption while providing a stable, secure public blockchain platform for developers and users.
2. Quickly understand high-quality rune-related projects
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1/RuneStone
Runestone is one of the current blue-chip NFTs in Rune Ecology. The current reserve price is 0.082BTC (about 5000U each), and the total quantity is 112,400. One advantage of holding Runestone is that you can enjoy the whitelist and airdrops of other projects in Rune Ecology. Sometimes a stone can get various other Rune Ecology NFTs worth hundreds of U. In the future, Runestone will also have THE DOG AIRDROP airdrops, so everyone is holding it. Currently, the number of MEs on the shelves is only 1,600, and the shelf rate is less than 5%.
Rune Founder: @LeonidasNFT
2/RSIC
RSIC, also one of the blue chips in the Rune ecosystem, will calculate your previous holding period and provide an airdrop corresponding to the holding period when the Rune protocol is launched, which is called "holding chart mining".
The total circulation is 21,000, and the current reserve price is 0.065 BTC, about 4,000U each. Only 665 are on the shelves, and the listing rate is also less than 5%. Basically everyone is holding them.
RSIC project owner: @rune_coin
3/Rune Pups
Pups is a memecoin on the world's largest blockchain, Bitcoin. Pups is migrating to Runes and using BRC20 and Ordinal pre-runes for mint/burn:
BRC20 - 77%
Runes - 23%
The total circulation is 10,800, and the current reserve price is 0.125 BTC per coin, about 7750U per coin. Currently, only 396 coins are on the market.
Additionally, Pups are also available on Solana as a 1:1 bridge token.
Solana CA：PUPS8ZgJ5po4UmNDfqtDMCPP6M1KP3EEzG9Zufcwzrg
Pups project official Twitter: @PupsToken
4/ANN Rune Star
AINN Rune Star is also very popular. The project's feature is that the project team cast the largest single inscription and gave it to the Ordinals team. The project team is very good at marketing. In addition to this gift, they also actively cooperate with other projects. Previously, Rune Bored Ape airdropped to AINN. Currently, the public mint price of Rune Bored Ape is 25.55U per piece, which is equivalent to almost making back the investment.
The total circulation of AINN Rune Star is 94,400, and the current reserve price is 0.0005BTC per unit, which is about 32U per unit. Currently, only 848 units are on the market.
The current project partners cooperating with @AINNRuneStar are:
@Bitverse_Pro
@RuneBoredApe
@BitmanBW
@composprotocol
AINN Rune Star’s journey to become Satoshi Nakamoto continues.
5/Grok42 & Grok Inscription
As my personal favorite BTC ecological project, Grok42 comes from @sull. As an old OG of Bitcoin, he proposed to work on Satoshi earlier than Casey, that is, he discovered the feasibility of inscriptions early. As early as 2008, SULL himself expressed his love for the word Grok on Twitter.
The word grok comes from Robert Anson Heinlein's 1961 science fiction novel Stranger in a Strange Land. In the context of the book, 'grok' is a Martian word that means to understand something or someone so completely that the observer becomes part of the observed - to merge, fuse, intermarry, lose identity in the group experience. It is a profound, almost metaphysical understanding.
As a word that Musk likes, this word is naturally endowed with a meme aura and was used by Musk's artificial intelligence company xAI to name its first artificial intelligence product, Grok.
Among the current projects related to the Grok ecosystem, my favorite one is @GROK42_. This project was deployed by SULL on the NAT protocol a long time ago, but it was not launched before. It was not minted until March 21st. At that time, I shared it with everyone in the small group.
Another one is the grok inscription, which currently has a total market value of only one million. I personally think it is seriously undervalued. It can currently be purchased directly on the Ouyi wallet.
SULL himself often interacts with LeonidasNFT. Will there be any linkage between Runestone and Grok project in the future? Let's look forward to it.
3. Specific practices
1/Prepare your wallet
It is recommended to prepare the following three wallets: unisat wallet, okx wallet and Xverse wallet.
However, the BTC in the Tap address in the Xverse wallet cannot be used as gas. The wallet will treat all the BTC in the Tap address as rare satoshis, so when using this wallet, you need to use the BTC in the traditional BTC address as gas fee, which requires special attention.
2/Manage UTXO
Since a UTXO can only etch 25 runes in the first block, for example, if you want to etch 1,000 runes, the block needs to confirm 25 runes first, and the remaining 975 runes can be confirmed. In other words, these 1,000 runes require a total of two blocks to confirm. However, if 40 available UTXOs are prepared in advance, the total is 40*25=1,000, and 1,000 runes can be passed in one block at a time. This is very helpful for those who need to rush in the early stage, but the split also requires costs, so it is recommended to prepare in advance when the gas is low.
In general, large UTXOs affect the number of transactions, because of the characteristics of Bitcoin UTXO, you need to complete the previous transaction before the next transaction. Too few UTXOs increase the probability of CPFP, that is, your second transaction will share the gas fee with the first transaction, which will slow down the speed of your two transactions at the same time, especially when you need to rush to mint. However, if UTXO is divided too finely, it will also increase the network fee cost. It is recommended to prepare 3 to 5 large wallets to divide UTXO, and each wallet contains at least 500U of BTC.
3/How to divide UTXO?
method one
reference:
twitter.com/lilyanna_btc/s…
Original author: @lilyanna_btc
Use wizz.cash/btc/send to send BTC, connect the wallet, fill in the amount and receiving address, and generate UTXO.
The detailed steps are as follows:
1. Connect your wallet in the upper right corner (connect your wallet with money, open utxo or transfer money, and pay from this wallet)
2. Fill in the amount and receiving address according to your needs. Each line will generate a utxo to the corresponding address.
3. The total amount of all lines must be less than your current wallet balance
Then click confirm and sign.
Method 2:
Enter the UTXO splitting tool ordinaryswallet.com/wallet to split, the steps are similar to the above.
In addition, if you do not have the conditions to build your own full node, you can also consider using some proxy platforms.
1、Rune Alpha
RuneAlpha is a proxy platform worth paying attention to. The Chief NFT of the project can be etched with runes 0-9 deployed by Casey first. Those who are interested can learn about it in advance.
Website: runealpha.xyz
2. Professional BTC engraving tool BTCtool
Website: btctool.pro (pay attention to website security)
3. OKX web3 wallet also stated that it will connect to Runes and may launch the etching function in the future.
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