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Bitcoin Ordinals Project Runestone Sent to Satoshi Nakamoto’s Wallet
The creators of the renowned Bitcoin Ordinals project, known as Runestone, recently made a significant move by sending the original “parent” inscription valued at 8 BTC, approximately $525,000, to a wallet believed to belong to the mythical Bitcoin creator Satoshi Nakamoto. This transaction occurred on Wednesday, marking a pivotal moment in the project’s history.
Largest Inscription Mined
The Runestone—Ordinals inscription numbered 63,026,232, stands as the largest inscription mined thus far, spanning around 4MB in size. The transfer to the Satoshi wallet was orchestrated by Leonidas, an esteemed project contributor and pseudonymous NFT historian. Initially, Leonidas feigned the transfer as a mistake, claiming there was no way to retrieve the Ordinals inscription. However, the reality behind the purported blunder soon became clear.
It was revealed that the tweet announcing the mistake was in fact a clever jest, similar to a recent incident involving the developer of a Solana meme coin called Slerf, where large portions of the token allotment were mistakenly burned. Crypto enthusiasts on Twitter soon detected the satirical nature of Leonidas’ post, recognizing it as nothing more than a meme.
Significance of Burning the Inscription
Leonidas elaborated that the primary motive behind sending the valuable Ordinals asset to Satoshi’s wallet was to effectively “burn” or render the inscription inaccessible. This act sealed the collection on-chain, establishing a fixed total of 112,384 Runestones. By eliminating the parent inscription of the Runestone collection, no future or “child” inscriptions can be generated from or linked to it, ensuring the integrity of the series.
Collaborative Efforts
The process of transferring the Runestone to Satoshi’s wallet was a joint endeavor involving OrdinalsBot and Marathon Digital Holdings, who combined efforts to mint the Runestone inscription. Despite the inscription requiring two Bitcoin blocks to create, the transaction itself mirrored a standard transfer due to the mechanics of the Ordinals protocol, emphasizing the seamless nature of the operation.
Bruffstar, co-founder of OrdinalsBot, clarified that the transfer was seamlessly integrated into the protocol’s design, enabling the secure movement of the block to Satoshi’s wallet upon completion. This strategic decision was reinforced by Toby Lewis, Head of Strategy at OrdinalsBot, highlighting the meticulous planning behind the process.
Post-Airdrop Statistics
Following the highly-anticipated Runestone airdrop, which distributed 112,383 inscriptions to eligible wallets as a reward for early participation in the Ordinals movement, over 83,000 wallets now hold a Runestone inscription. The collection boasts a current floor price of 0.0526 BTC, equivalent to approximately $3,445, with a total trading volume of 882 BTC ($57.8 million) on Magic Eden’s Bitcoin marketplace.
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