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Magic Eden Launches Runes Platform in Beta
Magic Eden recently unveiled its latest platform, the Runes Platform, in beta mode. This platform allows users to engage in BTC swaps and purchase Runes and Ordinals using their Magic Eden wallets. Additionally, it features a Swaps View that enables users to reserve a specific amount of BTC for transactions while acquiring Runes.
Early Completion of Magic Eden Runes Platform
Originally scheduled for release on April 23, the Magic Eden Runes Platform was completed ahead of schedule. According to Zedd Yin, Co-Founder and COO of Magic Eden, their main focus was to ensure the highest quality exposure for Runes in the context of Bitcoin.
Bitcoin Ordinals serve as NFTs related to the Bitcoin network, with metadata-rich images and text minted on the smallest units of BTC, known as satoshis. Bitcoin Runes, on the other hand, represent an evolution of Ordinals and offer a more advanced approach to creating fungible tokens on the network.
Enhanced Security Through Runes
Runes have the potential to provide a secure and reliable platform for token development and transactions. By utilizing the UXTO for on-chain data storage, Runes leverage the robust security features of Bitcoin, thereby minimizing the risk of security breaches. UXTO, or Unspent Transaction Output, involves using the additional output of a Bitcoin transaction as input for generating a new one.
Since early 2023, Magic Eden has been supporting Bitcoin Ordinals through a Bitcoin NFT marketplace. The Magic Eden wallet also extends support to Ethereum, Polygon, Bitcoin, and Solana.
Impressive Daily Volume for Bitcoin Ordinals
As of now, Magic Eden has recorded a daily volume of $23.42 million in Bitcoin Ordinals transactions on NFT marketplaces, underscoring the platform’s growing popularity and market presence.
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