One article analysis, whether runes can still be saved?

Ordinals is dead, this is one of the widely circulated memes about Ordinals. Since the emergence of runes, this meme has developed into Runes is dead and the famous "Casey's seppuku".

Since its launch, the performance of runes has always been unsatisfactory. Currently, Rune's total market capitalization will remain above $1 billion. This is the famous "Casey's hara-kiri" and we are back to the old place. In the past five days, the total trading volume of the rune market has been a measly around $2 million, or even lower. Due to limitations in ticker naming, only about 87,500 rune tokens have been "etched (deployed)" since its launch at the end of April.

In comparison, more than 640,000 meme tokens have been deployed on Solana since April 1 this year. Not to mention the transaction volume, each of Solana’s top 30 meme tokens in terms of transaction volume in the past 24 hours can defeat the entire rune.

The summer solstice has passed, but the "Runes Summer" called by foreigners has yet to come.

In the eyes of many Chinese degens, Rune is simply a typical "CJB" - isn't it the consensus among foreigners? Don’t China and foreign countries accept each other’s orders? Foreigners are just thundering but not raining, so they got ahead of themselves...

In fact, I think this statement has a cognitive trap. Runes are indeed the consensus among foreigners at the Ordinals FT protocol level, but the circle of Ordinals itself is very small, and when it is subdivided into the group of foreigner rune players, it becomes even smaller. In contrast, in last year's Inscription craze, almost all players in the Chinese circle participated, and the Chinese circle had real experience and had a consensus that the Inscription track can make money.

This is actually a one-sided confrontation, the majority of Chinese degens VS the minority of foreigner degens.

The reason for Rune's inability to grow is that on the one hand, the current market has entered a relatively dull or even downturn stage, and on the other hand, the Bitcoin ecosystem, or the Ordinals ecology and even the Rune ecology, are still a small circle in the entire Crypto circle. .

The total number of rune holders is less than 730,000, and the number of rune holders is only over 480,000. Excluding the situation where one person controls multiple addresses, the actual number of independent players is even pitifully small

Rune has no shortage of good and sexy meme tokens. EPIC•EPIC•EPIC•EPIC, which has just completed its airdrop, can be called the Bitcoin version of $PEOPLE. Many Ordinals projects, communities and even individuals led by the Blob team raised 33.33 Bitcoins and achieved the first record of halving output this year. 4 "Epic Satoshis" "etched (deployed)" this rune on it and then airdropped it to more than 90,000 addresses for free.

This kind of story that gathers the power of ecology and gives back to ecology is sexy enough. However, cognitive thresholds also exist objectively. Bitcoin has been regarded as "currency" or "virtual gold" for so many years. Since the birth of Ordinals, controversy surrounding the Ordinals ecosystem has continued to exist. At the same time, many Crypto players still have the impression of Bitcoin as “currency”—Bitcoin? Oh, yes, it’s very expensive. You can’t make a huge fortune by investing in Bitcoin. I don’t play it.

The existence of this impression has led to the fact that the smallest unit of Bitcoin, "Satoshi", was bought by a group of Bitcoin ecological believers at a price of 33.3 Bitcoins. The spread of this story needs to actively break the circle to be heard by more people. First of all, many people don't know what "rare Satoshi" is. Secondly, they may be confused after hearing this story and cannot appreciate the charm of this story.

I must say that no cryptocurrency can have such cultural attributes. It is impossible for us to see a certain ETH on Ethereum with a value of 3.33 billion times its own value. What's more, there is no precedent for buying a "rare Satoshi" with 33.3 Bitcoins, which means that a group of fanatical explorers of Bitcoin culture are using 33.3 Bitcoins to find an answer - if 33.3 Bitcoins equals 1 Satoshi has proved the cultural value of Bitcoin, so can these 33.3 Bitcoins create greater value?

Previously, the BRC-20 version of $PUPS was bridged to Solana and caused a surge in popularity, which was a very good start. After $PUPS, I observed that the communication between the Solana ecosystem and the Ordinals ecosystem has become much closer. The most direct feeling is that the two NFT series of Bitcoin Puppets and OMB have many buyers from Solana.

Pulling the market, or skyrocketing prices, can certainly bring a lot of attention and new users to an ecosystem in the short term, but in order for them to stay, the ecosystem must be infectious, have a Vibe, and have a sense of belonging. own touching stories and even culture. After the birth of Ordinals, Bitcoin has gradually developed from a "value medium" itself to a "cultural medium". In other words, Bitcoin itself is a culture. It has been standing for so many years but has never relied on various application narratives until today. It has proven that it is the currency of our generation and the accumulation of beliefs of this generation. .

What is needed for the growth of runes? First of all, I think we need bridges from runes to other chains. Such infrastructure is being built by RuneMine, Beyond and MultiBit. I think the day when we have rune bridges is not far away.

In my opinion, liquidity is secondary. What is more important is to bring the stories of Rune and Ordinals ecology to users of other chains, so that they can see that Bitcoin has excellent native memes and touching native features. The story allows everyone to update their impression of Bitcoin. Just as young people rarely buy gold but speculate in shoes, game accessories, and NFTs, Bitcoin is also young now.

We need a Bitcoin renaissance, we need to challenge the public’s old impressions of Bitcoin, and let more people begin to appreciate the cultural diversity of Bitcoin.

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