Ordinals is dead, this is one of the widely circulated memes about Ordinals. Since the appearance of runes, this meme has evolved into Dead Runes and the famous "Casey's seppuku".
Since launch, rune performance has always been unsatisfactory. For now, Rune's total market capitalization will remain above $1 billion. This is the famous "Casey's septuagenarian line" and we are back to where we were. In the past five days, the total trading volume of the rune market has only been around 2 million USD, or even lower. Due to limitations in ticker naming, only around 87,500 rune tokens have been "engraved (deployed)" since April's launch.
By comparison, more than 640,000 meme tokens have been deployed on Solana since April 1 this year. Not to mention the trading volume, one of the 30 meme tokens with the highest trading volume in Solana in the last 24 hours can beat the entire rune.
The summer solstice has passed but the "Runes Summer" that foreigners call for has not yet arrived.
In the eyes of many Chinese degens, Rune is simply a typical “CJB” - isn't that the consensus among foreigners? Don't China and foreign countries accept each other's orders? For foreigners, there is only thunder and no rain, so I pulled over first...
Actually, I think this statement has a cognitive trap. Runes are indeed the foreign consensus at the Ordinals FT protocol level, but the circle of Ordinals itself is already very small, and when divided into the foreign rune player group, it becomes even smaller. On the contrary, during last year's Inscription fever, almost all players in the Chinese circle participated, and the Chinese circle all had practical experience and agreed that the Inscription track could make money.
This is essentially a one-sided confrontation, Chinese majority degen VS minority degen.
Rune cannot take off. On the one hand, the reason is that the current market has entered a relatively dull, even recessionary period. On the other hand, the Bitcoin ecosystem or the Ordinals ecosystem and even the Rune ecosystem are still on a small scale. circle in the entire Crypto circle.
The total number of rune holders is less than 730,000 and the number of rune holders is just 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 attractive meme tokens. EPIC·EPIC·EPIC·EPIC, which just completed its airdrop, can be called the Bitcoin version of $ PEOPLE. Many projects, communities and even individuals Ordinals led by the Blob team raised 33.3 Bitcoin and achieved a historic halving. This year, 4 "Epic Satoshis" "engraved (deployed)" this rune onto it and then airdropped it for free to over 90,000 addresses.
This kind of story that brings together the power of ecology and gives back to ecology is sexy enough. However, cognitive thresholds also exist objectively. Bitcoin has been considered "currency" or "virtual gold" for many years since Ordinals was born, controversies surrounding the Ordinals ecosystem continue to exist. At the same time, many Crypto players still have the impression of Bitcoin as the "currency" Bitcoin? Oh, yes, it's very expensive. You can't make money by investing in Bitcoin, so I don't play it.
The existence of this impression resulted in a Satoshi, the smallest unit of Bitcoin, being purchased by a group of Bitcoin eco-believers at a price of 33.3 Bitcoins. Spreading this story requires actively breaking the circle to be heard. More people. First of all, many people don't know what a "rare Satoshi" is. Second, they may be confused after hearing this story and unable to appreciate the appeal of this story.
I must say that no other cryptocurrency can have such cultural attributes. We cannot look up to Ethereum being worth 3.33 billion times its own value. Furthermore, there is no precedent for buying a "Rare Soshi" for 33.3 Bitcoins, which means that a group of enthusiasts exploring Bitcoin culture are using 33.3 Bitcoins to find the answer - if 33.3 Bitcoin equals 1 Satoshi has proven the cultural value of Bitcoin, then can these 33.3 Bitcoin create greater value?
Previously, the BRC-20 version of $Pups was connected to Solana and caused a surge and stir, which is a very good start. After $PUPS, I noticed that the connection between the Solana ecosystem and the Ordinals ecosystem has become much tighter. The most direct feeling is that the two NFT series Bitcoin Puppets and OMB have many buyers from Solana.
Price pumps or price spikes can certainly bring a lot of attention and new users to an ecosystem in the short term, but for them to stay, the ecosystem must be viral, have Vibe, and have personal and even cultural touching stories. After the birth of Ordinals, Bitcoin has gradually evolved from itself as a “means of value” into a “means of culture”. In other words, Bitcoin itself is a culture. It has survived collapse for many years but has never relied on different application stories until today. It has proven that it is the currency of our generation and the accumulation of trust of this generation.
What does it take to develop a rune? 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's more important is to bring the stories of the Rune and Ordinals ecosystem to other Chain's users, so they can see that Bitcoin has excellent native memes and touching native stories. Bitcoin as young people rarely buy gold but speculate on shoes, game accessories and NFTs, Bitcoin is also young right now.
We need a Bitcoin renaissance, we need to challenge the public's old impressions of Bitcoin and for more people to start appreciating the cultural diversity of Bitcoin.
