0
0
The Rise of Runes: A New Fungible Token Standard for Bitcoin
BRC-20 tokens have taken the Bitcoin community by storm in recent months, with the Ordinals protocol allowing users to create NFT-like assets on the blockchain, while also enabling the launch of fungible tokens. However, a new Bitcoin fungible token standard, known as Runes, is on the horizon, and leading wallet Xverse is preparing to fully support it.
Runes, developed by Casey Rodarmor, the creator of Ordinals protocol, aims to offer a more efficient method for minting and transacting fungible tokens on the Bitcoin network. The protocol is slated to launch on mainnet concurrently with the upcoming Bitcoin halving event in April.
Xverse Prepares for Runes Support
Xverse recently revealed that it has integrated testnet support for Runes in anticipation of the impending mainnet release. This move allows Xverse users to engage with Runes tokens and Runes-based applications on the testnet ahead of the official launch. Xverse is committed to rolling out full support for Runes on mainnet once the protocol goes live.
Ken Liao, the founder and CEO of Xverse, expressed enthusiasm about the integration, stating, “We’re thrilled to be the first wallet offering comprehensive support for the highly awaited Runes protocol. The introduction of testnet support empowers developers to begin testing their Runes applications and sow the seeds for a new layer-1 Bitcoin ecosystem.”
Enhancements of Runes Over BRC-20 Tokens
Despite the success of BRC-20 tokens, there have been notable challenges along the way. BRC-20 token transactions necessitate a separate Ordinals inscription for each action, causing network congestion and accumulating unspent transaction outputs (UTXOs) on Bitcoin nodes. Furthermore, inconsistencies among various BRC-20 token indexers have created potential issues for traders and platforms.
In contrast, the Runes protocol, endorsed by Ordinals creator Rodarmor, promises an efficient and streamlined iteration of the token standard. Unlike BRC-20 tokens, Runes eliminate the need for an indexer. The protocol is poised to launch on mainnet coinciding with the Bitcoin halving event, a significant milestone in the network’s history.
Xverse’s Expanded Bitcoin Ecosystem
Xverse has been at the forefront of supporting diverse Bitcoin-related assets and protocols, including Ordinals, BRC-20 tokens, rare satoshis, and the Stacks layer-2 network. Notably, Xverse was the pioneer in enabling users to interact with decentralized applications via a web interface, akin to MetaMask on the Ethereum network.
The addition of Runes support, initially on testnet and later on mainnet, represents Xverse’s commitment to embracing the full spectrum of opportunities within the evolving Bitcoin ecosystem. Elizabeth Olson, Xverse’s Head of Growth, emphasized the significance of Rodarmor’s involvement in shaping the future of Bitcoin through Runes.
Olson remarked, “Rodarmor’s vision has been instrumental in the success of Ordinals, and we anticipate that Runes will further elevate the ecosystem. With the rapid expansion of Bitcoin over the past year, integrating Runes aligns with our mission to unlock the full potential of the network.”
Image/Photo credit: source url
