What is the Bitcoin Runestone project? Runestone airdrop introduction

Bitcoin Runestone Project Runestone is a Bitcoin Ordinals project led by anonymous NFT expert and Ordinals developer Leonidas. It aims to reward players who participate in the Ordinals protocol in the first year. Due to its large-scale airdrops, Runestone has been It attracted much attention.

So, what kind of project is Runestone, and what is its relationship with the Runes protocol? This article will conduct an in-depth discussion of Runestone and look forward to its future ecology.

What is Runestone?

The soaring price of Bitcoin has also led to the recovery of Bitcoin NFTs. The most popular one recently is the Bitcoin rune project Runestone. Shortly after the airdrop, Runestone successfully entered the Bitcoin ecosystem. The second largest NFT project by market value.

Runestone is an experimental publishing project initiated by Leonidas, the developer of Bitcoin Inscription (Ordinals), aiming to reward players who participate in the Ordinals protocol in the first year. The total number of this NFT project is 112,383, which can be said to be the largest collection of father and son inscriptions in history.

What is the relationship between Runestone and Runes?

Unlike traditional NFT methods, Runestone is unique due to its historical significance, archive size, and inclusion in Bitcoin block 832,947. The Runestone Collection aims to redefine the standard NFT framework by supporting open source algorithms, community-driven projects, fair airdrops, and rewarding initial backers.

Additionally, Runestone is part of a broader plan to enhance the Ordinals ecosystem and introduce innovative elements such as the Runes protocol, which provides a UTXO-based alternative to existing token standards, aligned with Bitcoin’s infrastructure Seamless.

So, what is the relationship between Runestone and Runes? Is it a rune coin? Before understanding the relationship between the two, we need to know what runes are?

The BRC-20 token surged in popularity shortly after pseudonymous developer Domo launched the Bitcoin token standard in March 2023. About three months later, the value of the BRC-20 token soared, reaching a market cap of $1 billion.

Although the token standard allowed users to create Bitcoin-native fungible tokens for the first time, it also led to the overproduction of “junk” UTXOs, which clogged the network.

In order to solve this situation, Casey Rodarmor, the creator of Ordinals, proposed a new protocol-Runes (Runes) in September 2023, and regarded it as a fungible token experimental BRC-20 A better and simpler alternative to the standard.

That is, Runes attempts to make the process of creating fungible tokens on Bitcoin more efficient.

Like BRC-20, Runes will use Bitcoin and pay fees in Bitcoin to create new tokens. The main difference between Runes and BRC-20 is that Runes, like Bitcoin itself, uses an unspent transaction output (UTXO) model rather than an account model - the same model used by some layer 1 chains such as Ethereum.

Additionally, unlike Bitcoin’s other fungible token protocols, Rune does not require off-chain data or native tokens to operate.

Runestone's name meets the standards Rodarmor expects of rune tokens. Although it does belong to the Runes ecosystem, it is not yet a Runes token.

Leonidas explained the basic principles of the Runestone plan in a recent article by X. He pointed out: "The world's top blockchain should have the world's top meme currency." In other words, Leonidas believes that Runestone Rather than being an inscription or rune, it is more like a meme coin with no practical use.

Runestone Airdrop

According to the simple logic of Runestone, Leonidas believes that Runestone should be distributed through large-scale free airdrops without the need to allocate teams to the most basic community.

Therefore, Runestone took an airdrop snapshot on the first anniversary of the birth of Ordinals, and officially launched the airdrop on March 15. All inscriptions were distributed to 14,860 addresses in batches. Addresses holding 3 inscriptions can receive airdrops.

This is the largest Ordinals airdrop since Ordinals Inscriptions NFT was implemented on the Bitcoin network. It is worth noting that 112,383 addresses received Runestone in the airdrop.

Driven by the airdrop, Runestone’s trading was extremely hot, and its floor price continued to soar.

Coingecko data shows that the Runestone floor price exceeded 0.07 BTC in the early morning of today (4/8), setting a record high, with a 24-hour increase of nearly 50%. In addition, the current market value of Runestone has exceeded US$500 million, reaching US$536 million (7754 BTC).

This can be said to be very amazing.

The reason why Runestone became popular

The popularity of Runestone did not stop after the airdrop, but intensified. Why is this?

First of all, Runestone focuses on the concept of fairness. It adopts the same measures as many meme coins and does not conduct team distribution and pre-sales. Furthermore, to avoid the presence of giant whales, Runestone has set a rule for its airdrops, which is to airdrop 1 inscription to wallets with at least 3 non-text/JSON inscriptions.

Additionally, Runestone airdrops are completely free, with transaction fees covered by community donations and fees from Runestone auctions.

Runestone’s potential airdrop is also why so many players are still attached to the project. According to Leonidas, Runestone holders will receive three Runes meme coin airdrops in the future, one of which will take place this month. This increases the confidence of community users.

Finally, as the market's attention to Runestone increases, more and more projects are giving Runestone holders more rights and interests. For example, the Ordinals series THE PROPHECY recently whitelisted the addresses of unlisted Runestone orders. wait.

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